5 Apr 2019 09:02
05 April 2019
Starvest Plc ("Starvest" or the "Company")
Investee Company Kuwait Energy, Cash acquisition by United Energy Group
Starvest PLC (LON:SVE), the London Stock Exchange AIM-listed specialist mining and resources investment business, is pleased to announce that investee company Kuwait Energy plc (KEC) has been acquired by Hong Kong listed United Energy Group Limited (UEG) in an all-cash transaction. Starvest realised a total return of approximately 25% on its investment in KEC, which Starvest initiated in 2005 through a stake in Concorde Oil and Gas a company which was eventually taken over by Kuwait Energy in 2011.
Highlights:
• UEG has paid US$1.464 per share, or a total consideration of approximately US$477 million
• Transaction received all regulatory approvals in late March 2019
• Starvest has received approximately £123,800
Callum Baxter, Chairman and CEO, commented: 'We welcome completion of the acquisition of Kuwait Energy as approved by KEC shareholders late last year. This closes our share holding in KEC and funds have been received in full by Starvest. We plan to use the funds to add to our existing portfolio of mining and resource stocks.'
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Callum N Baxter
Chairman & Chief Executive
05 April 2019
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 020 7769 6876 info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Seamus Fricker 020 7383 5100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500