Last checked at 31 Mar 2016 17:07
CADOGAN PETROLEUM PLC - Possible combination with Ascent Resources plcCADOGAN PETROLEUM PLC - Possible combination with Ascent Resources plc
PR Newswire
London, March 31
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
CADOGAN PETROLEUM PLC
Statement regarding possible combination with Ascent Resources plc
31 March 2016
Further to its announcement on 29 March 2016, Cadogan Petroleum plc (“Cadogan” or the “Company”) notes the recent appreciation in the share price of Ascent Resources plc ("Ascent"), which as at the close of business yesterday was at a 658% premium to the closing share price of 0.93 pence on 23 March 2016, being the business day immediately prior to the announcement by Ascent regarding the possible combination of Cadogan and Ascent.
Cadogan has conducted extensive due diligence on Ascent and the Petisovci Gas Project, however this share price rise has taken Ascent’s enterprise value above a level that Cadogan was prepared to consider for a potential transaction. As a result, Cadogan confirms that it does not intend to make an offer for Ascent.
This announcement is made in accordance with Rule 2.8 of the UK City Code on Takeovers and Mergers (the "Code"). As a result of this announcement Cadogan will, together with any party acting in concert with Cadogan, be bound by the restrictions contained in Rule 2.8 of the Code.
Cadogan reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Ascent (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on Takeovers and Mergers.
In accordance with Rule 30.4 of the Code a copy of this announcement will be available at http://www.cadoganpetroleum.com/
The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Enquiries:
| Cadogan Petroleum plc | +380 (44) 594 5870 |
| Guido Michelotti, Chief Executive Officer Marta Halabala, Company Secretary | |
| Cantor Fitzgerald Europe | +44 (0) 20 7894 7000 |
| David Porter Sarah Wharry |