At the time of the announcement, Amerisur is holding 1,215,467,768 ordinary shares of 0.1 pence each in issue and admitted to trading on the AIM market of the London Stock Exchange
Image: The Amerisur Board holds the rights to alter any aspect of the process. Photo: Courtesy of Anita starzycka from Pixabay.
UK-based oil and gas producer and explorer Amerisur Resources announces its plan to carry-out a formal review of various strategic options available to maximise value for its shareholders.
Amerisur has decided to review options following the receipt of acquisition interests from other industry participants, and increased recent activity in the Colombian E&P sector.
The company said that the options may include its possible sale by starting a ‘formal sales process’ as outlined by The City Code on Takeovers and Mergers or the farm-out or sale of the assets.
In addition, it confirms that it has secured a non-binding proposal for its potential sale and various other indicative proposals for the sale of certain assets.
BMO Capital Markets to serve as financial adviser for the formal sales process
Amerisur board has selected BMO Capital Markets to serve as the financial adviser for the formal sales process and as an independent financial adviser for the purposes of Rule 3 of the Code, in addition to Stifel Nicolaus Europe to serve as joint financial advisor.
Amerisur said that parties who are interested in making purchase proposals to contact BMO Capital Markets.
The company said that any party interested to participate in the formal sales process has to sign a non-disclosure agreement with reasonable terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process.
In addition, it intends to provide interested parties with information on the company, following which, such parties will be invited to submit purchase proposals.
The company stated: “The Board reserves the right to alter any aspect of the process as outlined above or to terminate it at any time and will make further announcements when appropriate. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.
“Shareholders are advised this is not a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that any offers will be made as a result of the formal sales process, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made.”