Exillon Energy Terminates Formal Sale Process

Source: www.gulfoilandgas.com 12/5/2013, Location: Asia

On 18 September 2013, the Board of Exillon announced that it had decided to conduct a strategic review of the Company's options, including a potential sale of the Company, where any discussions relating to such a sale would be conducted under the framework of a "formal sale process" under the City Code on Takeovers and Mergers.

Given the announcements this week (i) by Seneal International Agency Ltd ("Seneal"), a company ultimately controlled by Alexei Khotin who is the ultimate beneficial controller of the RusOil group, that RusOil group is currently reviewing potential opportunities, which include the possibility of making an offer for Exillon, and (ii) by Hanberg Finance Limited ("Hanberg"), a company ultimately owned by Mikhail Gutseriev, that it is currently in the process of considering making an offer to acquire the shares in the Company not already owned by Hanberg, the Company is terminating the formal sale process. However, Exillon continues to work on delivering an offer for the entire issued share capital of the Company outside the framework of the formal sale process. As such, the Company urges shareholders to take no action.

The Board of Exillon reserves the right to reject any approach or to terminate discussions with any interested party or participant at any time. There can be no certainty that any offer will be made, any sale concluded, nor as to the terms on which any offer might be made.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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