Petroceltic Gets Buyout Offer from Largest Shareholder

Reuters

Feb 26 (Reuters) - Oil producer Petroceltic International Plc's largest shareholder, WorldView Capital Management, offered to acquire the company for 6.42 million pounds ($8.98 million) in cash, a month after Petroceltic said it was considering an offer.

Sunny Hill Ltd, a unit of WorldView, said it would pay 3 pence for each Petroceltic share in issue, representing an 83 percent discount to the stock's closing price on Thursday.

Sunny Hill said it believed Petroceltic's equity value was close to zero, given its financial position.

Earlier this week, Petroceltic said it had received a waiver of repayments under its senior bank facility until March 4.

Shares in the company fell about 56 percent on Friday morning in London. They have lost 92 percent of their value since October 2014 until Thursday, while Brent oil prices have fallen by more than 60 percent.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Gopakumar Warrier)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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