Starvest PLC Investee Company Cash acquisition by United Energy (2728V)
05 April 2019 - 7:02PM
UK Regulatory
TIDMSVE
RNS Number : 2728V
Starvest PLC
05 April 2019
05 April 2019
Starvest Plc ("Starvest" or the "Company")
Investee Company Kuwait Energy, Cash acquisition by United
Energy Group
Starvest PLC (LON:SVE), the London Stock Exchange AIM-listed
specialist mining and resources investment business, is pleased to
announce that investee company Kuwait Energy plc (KEC) has been
acquired by Hong Kong listed United Energy Group Limited (UEG) in
an all-cash transaction. Starvest realised a total return of
approximately 25% on its investment in KEC, which Starvest
initiated in 2005 through a stake in Concorde Oil and Gas a company
which was eventually taken over by Kuwait Energy in 2011.
Highlights:
-- UEG has paid US$1.464 per share, or a total consideration of
approximately US$477 million
-- Transaction received all regulatory approvals in late March
2019
-- Starvest has received approximately GBP123,800
Callum Baxter, Chairman and CEO, commented: 'We welcome
completion of the acquisition of Kuwait Energy as approved by KEC
shareholders late last year. This closes our share holding in KEC
and funds have been received in full by Starvest. We plan to use
the funds to add to our existing portfolio of mining and resource
stocks.'
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Callum N Baxter
Chairman & Chief Executive
05 April 2019
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 020 7769 6876
info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Seamus Fricker 020 7383
5100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500
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END
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