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Angus Energy Plc shares soar as ‘for sale’ sign goes up

It has had offers for both the company and its stake in the Saltfleetby gas field asset.

Angus Energy PLC (AIM:ANGS) shares soared as the company launched a strategic review which could lead to the sale of the company.

The company, in a statement, said that a ‘valuation mismatch’ – which it says are ‘also experienced by many other smaller energy companies’ – has resulted in a series of series of approaches including an indicative non-binding offer for the company’s 51% stake in the Saltfleetby gas field asset. The offer is under consideration.

Also, it has received indications that certain parties may be interested in making an offer for the company.

“Whilst not wishing to be distracted from our immediate aims we must meet our responsibility to shareholders to evaluate any proposals. As such, the board has been considering options for the company with its advisers,” Angus said in a statement.

“In light of these developments, and to better position the company for further growth, and to maximise value for existing shareholders, the board has now determined to undertake a review of the strategic options.

“These options include, but are not limited to, a sale of the company which will be conducted under the framework of a “formal sale process” in accordance with the Takeover Code.”

Angus noted that its board is unanimous in its support for such a strategic review and has appointed broker Beaumont Cornish as its financial adviser.

In London, Angus shares were up 25% changing hands at 0.98p.

Read More: Angus Energy Plc shares soar as ‘for sale’ sign goes up

2022-01-06 04:52:00

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