Serica’s board remains unmoved by the new terms
Serica unmoved by sweetened Kistos offer
Improved terms fail to sway UK producer
AIM-listed Kistos has boosted its offer to peer Serica by 11pc, to 425p/share, but has immediately been again rebuffed by the latter’s management. And a leading analyst continues to back the rejection. The revised terms offer Serica shareholders for each of their shares 0.4 shares in Kistos and 213p in cash, of which 67p will be a distribution and 146p a cash consideration per Serica share. The cash element of the offer is reduced by 33p/share, but Serica shareholders’ share of the combined entity would increase from c.50pc to c.58pc compared with the first offer Kistos submitted in late May. The new deal represents reduced leverage in the combined company of c.£93mn ($112mn) relative to the
Also in this section
13 January 2025
With Namibia, Guyana and Brazil playing starring roles and important innovations being developed, business as usual has never looked so good
13 January 2025
Regional cooperation over the development of gas resources has the potential to bring peace and prosperity to the East Mediterranean
13 January 2025
Significant expansions are underway in both liquefaction and regasification capacity as LNG firms up its position as a long-term solution for the world’s energy needs
10 January 2025
New Petroleum Economist OPEC+ oil survey sees group improve compliance to ensure oil market stability going into 2025
