Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) issued a statement regarding Trinity Exploration & Production PLC (AIM:TRIN), after a rival bid was recommended by the Trinity board late last week.
Following the news of the offer by Lease Operators Limited, Touchstone said it is currently evaluating its position.
Touchstone, in a statement, noted that it previously secured irrevocable undertakings covering approximately 38.9% of Trinity’s share capital, and, similarly had a commitment from Andrew Byles, representing around 2.58% of Trinity’s share capital – altogether commitments representing 41.45% of the share capital.
The company noted that for its offer, both the Trinity Court Meeting and General Meeting had already occurred.
Touchstone has the option to lapse the scheme on 22 August 2024, the 22nd day following the initial Court Hearing on 31 July 2024, if it chooses to do so. Further announcements from Touchstone will be made as appropriate.