Lamprell PLC (LSE:LAM, OTC:LMPRF) shares have been temporarily suspended after an Abu Dhabi-based 19.1% shareholder said he was potentially looking at making a takeover offer, a week after the board received a lowball bid from another shareholder.
Sami Al Angari, who owns the stake, said he and his Al Gihaz Holding Company are “in the very early stages of evaluating a possible transaction that may involve an offer” for the London-listed oilfield services provider.
In a statement, Al Angari, who is CEO of Al Gihaz, also known as Algihaz, said this potential offer would be “alongside a financing package to support the repayment of Lamprell's existing debt facilities and other working capital requirements”.
Last Friday, Lamprell said it had received a bid approach from 25.06% shareholder Blofeld Investment Management at a "very significant discount to the prevailing share price".
With Lamprell felt to be over a barrel as it needs to meet funding requirements of US$75mln over the next two months, the shares crashed 80% to 4.5p in early trading on the day.
Al Angari said he had not yet made an approach or held any discussions with the board of Lamprell regarding a potential offer.
“A further announcement will be made as and when appropriate.”