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Worldview closes in on Petroceltic with further debt acquisition

Published: 14:45 08 Apr 2016 BST

cashinhand
Petroceltic owes around US$232.5mln (face value).

In a stock market statement Worldview Capital has confirmed that it is closing in on its acquisition of Petroceltic International PLC (LON:PCI).

The activist shareholder already owns 29% of Petroceltic’s shares, and recently acquired the majority of the company’s debt.

Sunny Hill, a company wholly owned by Worldview’s Economic Recovery Fund, has now acquired a further 30.56% of Petroceltic’s outstanding debt at a discount to face value.

Subsequently, Worldview owns 68% of Petroceltic’s debt.

Petroceltic owes around US$232.5mln (face value), and it previously failed to secure a refinancing.

Worldview in March acquired 69.44% of Petroceltic’s debt under its senior bank facility at what it described as a ‘significant discount’ to face value.  And last week it sold 32% to of the debt to an independent third party investor.

Petroceltic on Wednesday recommended that shareholders accept Worldview’s 3p per share offer, which valued the group’s equity at just £6.4mln.

The oil and gas firm had previously dismissed the offer.

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