Sound Oil PLC Withdrawal of Intended Offer for Antrim Energy Inc (9636B)
January 13 2015 - 2:00AM
UK Regulatory
TIDMSOU TIDMAEY
RNS Number : 9636B
Sound Oil PLC
13 January 2015
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
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
13 January 2015
Sound Oil plc
("Sound Oil" or the "Company")
Withdrawal of Intended Offer for Antrim Energy Inc.
On 24 November 2014 Sound Oil announced its intention to launch
a public offer (the "Intended Offer") for 100% of the share capital
of Antrim Energy Inc ("Antrim").
Sound Oil confirms that following the continued deterioration of
the oil price and the resultant reduction in global appetite for
deep water exploration, the Company has decided, having
re-evaluated Antrim's assets, not to proceed further with an offer
for Antrim at this time.
Further information on Sound Oil may be found on the Company's
website: www.soundoil.co.uk
For further information please contact:
Sound Oil j.parsons@soundoil.co.uk
James Parsons, Chief Executive
Officer
Vigo Communications - PR Adviser Tel: +44 (0)20 7016 9573
Patrick d'Ancona
Chris McMahon
Peel Hunt - Financial Adviser Tel: +44 (0)20 7418 8900
and Broker
Richard Crichton
Charles Batten
Smith & Williamson - Nominated Tel: +44 (0)20 7131 4000
Adviser
Azhic Basirov
David Jones
Ben Jeynes
Peel Hunt LLP, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as financial
adviser to Sound Oil and no one else in connection with the
Intended Offer and will not be responsible to any person other than
Sound Oil for providing the protections afforded to clients of Peel
Hunt LLP, nor for providing advice in relation to the Intended
Offer or any matters referred to herein.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities, or the solicitation of any
vote or approval in any jurisdiction, pursuant to this announcement
or otherwise. Any offer will be made solely by certain offer
documentation, which will contain the full terms and conditions of
any offer, including details of how it may be accepted.
The distribution of this announcement in jurisdictions other
than the United Kingdom and Canada and the availability of the
Intended Offer to shareholders of Antrim who are not resident in
the United Kingdom or Canada may be affected by the laws of
relevant jurisdictions. Therefore any persons who are subject to
the laws of any jurisdiction other than the United Kingdom or
Canada or shareholders of Antrim who are not resident in the United
Kingdom or Canada will need to inform themselves about, and
observe, any applicable requirements.
This announcement contains forward-looking statements regarding
the Intended Offer, expected future earnings, revenues, cost
savings, operations, and other such items, based on Sound Oil's
plans, estimates and projections. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those predicted in any such forward-looking
statements. Such factors, include, but are not limited to, the
possibility that the Intended Offer will not be pursued, failure to
obtain necessary regulatory approvals or required financing or to
satisfy any of the other conditions to the combination, adverse
effects on the market price of Sound Oil's shares and on Sound
Oil's operating results because of a failure to complete the
combination, failure to realisethe expected benefits of the
combination, negative effects of announcement or consummation of
the combination on the market price of Sound Oil's shares,
significant transaction costs and/or unknown liabilities and
general economic and business conditions that affect the combined
companies following the combination. Sound Oil disclaims and does
not undertake any obligation to update or revise any
forward-looking statement in this announcement except as required
by applicable law or regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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