Cadogan Petroleum Possible combination with Ascent Resources plc
01 April 2016 - 3:07AM
UK Regulatory
TIDMCAD
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
CADOGAN PETROLEUM PLC
Statement regarding possible combination with Ascent Resources plc
31 March 2016
Further to its announcement on 29 March 2016, Cadogan Petroleum plc ("Cadogan"
or the "Company") notes the recent appreciation in the share price of Ascent
Resources plc ("Ascent"), which as at the close of business yesterday was at a
658% premium to the closing share price of 0.93 pence on 23 March 2016, being
the business day immediately prior to the announcement by Ascent regarding the
possible combination of Cadogan and Ascent.
Cadogan has conducted extensive due diligence on Ascent and the Petisovci Gas
Project, however this share price rise has taken Ascent's enterprise value
above a level that Cadogan was prepared to consider for a potential
transaction. As a result, Cadogan confirms that it does not intend to make an
offer for Ascent.
This announcement is made in accordance with Rule 2.8 of the UK City Code on
Takeovers and Mergers (the "Code"). As a result of this announcement Cadogan
will, together with any party acting in concert with Cadogan, be bound by the
restrictions contained in Rule 2.8 of the Code.
Cadogan reserves the right to announce an offer or possible offer or make or
participate in an offer or possible offer for Ascent (and/or take any other
action which would otherwise be restricted under Rule 2.8 of the Code) within
the next six months following the date of this announcement in the
circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on
Takeovers and Mergers.
In accordance with Rule 30.4 of the Code a copy of this announcement will be
available at http://www.cadoganpetroleum.com/
The content of the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
Enquiries:
Cadogan Petroleum plc +380 (44) 594 5870
Guido Michelotti, Chief Executive
Officer
Marta Halabala, Company Secretary
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Sarah Wharry
END
(END) Dow Jones Newswires
March 31, 2016 12:07 ET (16:07 GMT)