The shareholders, represented by Cornhill Capital, believe the offer materially undervalues the company.
Together, the shareholders’ holdings total 60.9mln shares and represent 20.37% of Lochard’s shares.
Earlier this month, Parkmead agreed a recommended takeover of Lochard though a share deal which at that time valued the company at £14.5mln.
Under the terms of the deal investors would receive 0.385 Parkmead shares for every Lochard share they own.
If successful, the deal will give Parkmead a 10% stake in the Ithaca Energy (LON:IAE) - operated Athena oil field, which began production last year and currently yields up to 11,000 barrels per day (gross).
Lochard’s dissenting shareholders agree that the company needs to be run by an experienced and proven operator.
But they believe that the offer doesn’t adequately value Lochard, which they believe will become a profitable entity as revenue from Athena pays off the group’s debts.
Parkmead’s offer already had irrevocable acceptances for 41.4% of Lochard shares, according to the most recent stock market update on May 24.
For the takeover to go through Parkmead will have to get the backing of the majority of Lochard’s outstanding shares.
Parkmead needs to secure acceptances for 75% of Lochard’s shares, so, in other words, the rebel shareholders only need another 4.63% to scupper the proposed merger.
If it completes the deal, Lochard’s stake in Athena will increase Parkmead’s revenues by around 400% and it will help fund ambitious growth plans.