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Response to DNO Announcements

4 Apr 2018 18:20

RNS Number : 8724J
Faroe Petroleum PLC
04 April 2018
 

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 OR REGULATIONS OF THAT JURISDICTION

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

4 April 2018

 

Faroe Petroleum plc

 

Faroe Petroleum ("Faroe," "Company") notes the purchase of 56,355,825 shares in the Company representing 15.37% of the Company's share capital by DNO ASA ("DNO") from Delek Group Ltd ("Delek") at a price of GBP 1.25 per share and DNO's subsequent statement that it has no intention of making an offer for the Company. Faroe also notes the announcement by DNO of an intention to acquire up to 10% of the outstanding shares in the Company through a reverse book building process.

The Faroe Board has not had any discussions with DNO in relation to its purchase of the shares in the Company and its intention to acquire an additional shareholding in the Company.

The Faroe Board further notes that it has had no discussions with Delek in relation to the sale of its shares in the Company.

The Faroe Board considers that the GBP 1.25 per share price at which DNO purchased the Faroe shares from Delek substantially undervalues the Company and its prospects.

 

Links to the DNO announcements:

http://www.dno.no/en/investor-relations/announcements/2018/dno-announces-acquisition-of-minority-shareholding-in-faroe-petroleum/

http://www.dno.no/en/investor-relations/announcements/2018/rule-2.8-statement-no-intention-to-bid-statement/

http://www.dno.no/en/investor-relations/announcements/2018/dno-tenders-for-shares-in-faroe-petroleum-/

 

 

For further information please contact:

Faroe Petroleum plc

Graham Stewart, CEO

Tel: +44 1224 650 920

 

N M Rothschild & Sons Limited

David Hemmings

Tel: +44 20 7280 5616

 

Stifel Nicolaus Europe Limited

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

Tel: +44 20 7710 7600

 

BMO Capital Markets

Neil Haycock / Tom Rider / Jeremy Low

Tel: +44 20 7236 1010

 

FTI Consulting

Edward Westropp / Emerson Clarke

Tel: +44 20 3727 1000

 

N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Faroe and no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Faroe for providing the protections offered to its clients or for providing advice in connection with the subject matter of this announcement or any other matters referred to in this announcement.

Publication on a website

A copy of this announcement will be available at http://www.fp.fo/

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RSPUGUQGCUPRGMC
Date   Source Headline
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14th Jan 201912:00 pmRNSForm 8.5 (EPT/RI) - Faroe Petroleum plc
14th Jan 201911:44 amRNSReplacement 8.5 (EPT/NON-RI) Faroe Pertroleum Plc
14th Jan 201911:30 amRNSForm 8 (DD) - Faroe Petroleum plc
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11th Jan 20194:34 pmPRNForm 8.3 - Faroe Petroleum
11th Jan 20193:34 pmRNSDirectorate Change
11th Jan 20193:31 pmRNSDirector/PDMR Shareholding
11th Jan 20193:20 pmRNSForm 8.3 - Faroe Petroleum PLC
11th Jan 20193:07 pmRNSHolding(s) in Company
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11th Jan 201912:09 pmGNWForm 8.3 - [Insert name of offeree or offeror]
11th Jan 201911:30 amRNSForm 8 (DD) - Faroe Petroleum plc
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10th Jan 20193:26 pmRNSForm 8.3 - Faroe Petroleum plc
10th Jan 20193:20 pmRNSForm 8.3 - Faroe Petroleum plc
10th Jan 20193:02 pmRNSForm 8.3 - Faroe Petroleum plc
10th Jan 20192:47 pmRNSForm 8.3 - Faroe Petroleum PLC
10th Jan 20192:37 pmRNSForm 8.3 - Faroe Petroleum plc
10th Jan 20192:07 pmGNWForm 8.3 - AXA INVESTMENT MANAGERS: Faroe Petroleum Plc
10th Jan 201912:00 pmRNSForm 8.5 (EPT/RI)
10th Jan 201911:42 amBUSForm 8.3 - FAROE PETROLEUM PLC
10th Jan 201911:34 amRNSForm 8 (DD) - [Faroe Petroleum plc]
10th Jan 201911:30 amRNSForm 8 (DD) - Faroe Petroleum plc
10th Jan 201911:23 amRNSForm 8.3 - Faroe Petroleum plc
10th Jan 201911:20 amGNWInvesco Ltd.: Form 8.3 - Faroe Petroleum PLC
10th Jan 201910:56 amRNSForm 8.5 (EPT/NON-RI) - Faroe Petroleum plc
10th Jan 201910:09 amRNSForm 8.3 - Faroe Petroleum plc
10th Jan 20199:22 amRNSForm 8.3 - Faroe Petroleum plc

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