Trinity Exploration & Production Formal Sale Process and restructuring update (1320E)
July 14 2016 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 1320E
Trinity Exploration & Production
14 July 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Formal Sale Process and restructuring update
14 July 2016
Trinity, an independent E&P company focused on Trinidad and
Tobago, today provides an update on its formal sale process ("FSP")
pursuant to the City Code on Takeovers and Mergers in the light of
its announcement yesterday in relation to its ongoing discussions
with Citibank.
On 13 June, the Company announced that it was in detailed stage
discussions with a number of interested parties in relation to the
FSP; these discussions have continued to make further progress. The
Board still believes that the opportunities available represent the
best approach for Trinity and its stakeholders, but Trinity
shareholders are advised that, whilst the Board is encouraged with
progress made to date, there can be no certainty that any offer or
other transaction will result from these discussions or as to the
terms on which any offer or other transaction may be made. In
addition, any financial solution will need to involve all
stakeholders.
The Company will issue further announcements in the event that
any further action is taken by Citibank or by the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Trinity Exploration & Tel: +44 (0)131 240 3860
Production Plc
Bruce Dingwall, Executive
Chairman
Tracy Mackenzie, Head
of Corporate Development
SPARK Advisory Partners Tel: +44 (0)203 368 3550
Limited
NOMAD & Financial Adviser
Mark Brady
Miriam Greenwood,
Sean Wyndham -Quin
Cantor Fitzgerald Europe Tel: +44 (0)207 894 7000
Broker
David Porter
Sarah Wharry
About Trinity
Trinity is an independent E&P company focused solely on
Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its licences and has 2P reserves of 21.8
mmbbls according to management estimates. Trinity is listed on the
AIM market of the London Stock Exchange under the ticker TRIN.
This information is provided by RNS
The company news service from the London Stock Exchange
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July 14, 2016 02:00 ET (06:00 GMT)