Another one bites the dust. Egdon Resources PLC (AIM:EDR) became the latest in a long line of companies waving goodbye to the UK public market after agreeing to be taken over.
The deal values the AIM-listed UK onshore oil producer and explorer at £26.6mln, or a 96% premium to its valuation at the close of play on Tuesday.
Unsurprisingly, the shares rocketed – up more than 80% to 4.2p, leaving them 0.3p below the offer price.
The buyer is a company called Petrichor, which a few steps removed can be traced to Explorers Petroleum Corp of the US, controlled by George Yates (whoever he is).