no cash offer10 Feb 2011 16:48
Further to the announcement by Geo-Alliance Oil-Gas Public Limited ("Geo-Alliance") on 18 January 2011 and the statement by the Panel Executive on 7 February 2011, the Boards of Geo-Alliance and Heamoor Limited confirm that they do not intend to make an offer for Regal.
The Boards of Geo-Alliance and Heamoor continue to believe that a combination of Regal and Geo-Alliance via a reverse takeover structure, based on a fundamental analysis of the two companies, would offer Regal shareholders the potential of significantly greater value than that provided by the Energees Partial Cash Offer. Subject to the Energees Partial Cash Offer having lapsed, the Board of Geo-Alliance would be prepared to re-engage with the Board of Regal with respect to a reverse takeover transaction.
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), Geo-Alliance and Heamoor reserve the right to announce or participate in an offer or possible offer, including a reverse takeover, for Regal and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within 6 months of the date of this announcement, subject to the Energees Partial Cash Offer having lapsed: