Further to the Company's announcements of 23 October 2023, the Board of Upland provides an update concerning the unsolicited, very preliminary approach it received regarding a possible offer for Upland (the "Approach") and which the board unequivocally rejected.
The Board of Upland now advises that it has received information that has cast significant doubt on the veracity of the Approach and identity of the potential offeror. In particular, the Company has now received communication from Mr William G Bollinger, the co-founder of Egerton Capital, whom the Company was led to believe was associated with the Approach and the potential offeror. This communication from Mr William G Bollinger has clarified that he has no connection to the Approach or any offeror vehicle known as SEC Capital.
In light of these circumstances, the Company has agreed with the Takeover Panel Executive that, with effect from the time of this announcement, the offer period in respect of the Company shall be terminated, and the relevant parties will be removed from the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk.
Bolhassan Di, Upland Chairman and CEO commented:
"The Upland Board is now fully committed to advancing our activities in Sarawak, in particular completing the Joint Technical Study on Block SK334. Focus is now firmly on finalising our work programme which leads to the next phase of development."