San Leon announces that it received yesterday a conditional offer to purchase all the entire issued and to-be-issued shares in the Company. The offeror is China Great United Petroleum (Holding) Limited (“China Great United”), which has stated that it is in the process of retaining GMP Securities as its financial advisor for the proposed transaction.
China Great United signed a non-disclosure agreement on 16 May 2017 in order to discuss the Company’s assets. China Great United has proposed an indicative purchase price of approximately 67-76 pence per share. It states that the offer is conditional on it completing final due diligence to its satisfaction, and it expects to be in a position to make a formal offer within 45 days.
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Rules. There can be no certainty that an offer will be made or as to the terms on which any offer might be made. A further announcement will be made, as appropriate, in due course.
Source: Press Release