Reabold Resources PLC (AIM:RBD) told investors it has received, via email, what it described as a ‘highly preliminary’ approach to potentially buy the company.
The North Sea and onshore UK investor, in a brief stock market statement, said the approach from Kamran Sattar on behalf of Portillion SPV O&G - believed to be an affiliate of Portillion Capital - significantly undervalues its portfolio of assets.
“This highly preliminary approach was made yesterday at 4.46pm via a succinct email, with no details included, save for it referring to a possible offer price at a 10% premium to yesterday's closing price, implying a value of 0.2035 pence per ordinary share.
“Even in the absence of further information, the Board believes that the possible offer price significantly undervalues Reabold's investment portfolio, the company as a whole, and its future prospects. Shareholders are advised to take no action in respect of the possible offer at this stage," Reabold said.
The receipt of the approach triggers an ‘offer period’ under stock exchange rules, the company added.
Reabold noted that this morning’s announcement was made without the consent of the potential offeror, and, said that it intends to make a further announcement in due course.