Lamprell Receives Cash from Blofeld Investment

Source: www.gulfoilandgas.com 6/24/2022, Location: Middle East

The Board of Lamprell PLC announces that it received a non-binding indicative cash offer from Blofeld Investment Management ("Blofeld"), a 25.06 per cent shareholder in Lamprell, regarding a possible offer to acquire the entire issued and to be issued share capital of Lamprell (the "Possible Offer").

The Board is considering the Possible Offer in light of the Group's liquidity position and the Company's funding requirements of $75 million over the next two months. Blofeld's proposal in respect of the Possible Offer is at a very significant discount to the prevailing share price and any acceptable offer would need to include an interim funding solution or bridge financing. The parties have been in discussions for more than two months but have not reached agreement on the price or conditions of a Possible Offer (or in relation to the interim funding solution or bridge financing). The parties will continue to work together to try to reach a workable solution by way of an updated offer, which also provides a solution to the immediate liquidity needs of the Group.

There can be no certainty that any offer for the Company will be forthcoming nor as to the terms of any such offer, nor any certainty as to agreement on the interim financing solution with Blofeld, particularly in the time available.

In accordance with Rule 2.6(a) of the Code, Blofeld must, by not later than 5.00 p.m. (London time) on 22 July 2022, either announce a firm intention to make an offer for Lamprell in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made.

This announcement has been made without the consent of Blofeld.

A further update will be made as and when appropriate.


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