Cornhill Capital Limited Group To Reject Parkmead Offer For Lochard Energy (8980F)
May 30 2013 - 6:00AM
UK Regulatory
TIDMLHD TIDMPMG
RNS Number : 8980F
Cornhill Capital Limited
30 May 2013
Shareholder Group Intention To Reject Parkmead Offer For Lochard
Energy
A consortium of investors being represented by Cornhill Capital
Limited and accounting for 20.37% of the outstanding shares in
Lochard Energy (LHD) are not intending to accept the offer of 0.385
Parkmead Group (PMG) shares for 1 LHD share.
Whilst the consortium fully agrees that the company needs to be
run by an experienced and proven operator, the company has been
consistently revenue generative from its 10% stake in The Athena
field. This revenue has enabled it to pay down its Senergy
settlement in full and the majority of its outstanding Gemini loan
arrangement, to the extent that repayments to Gemini should now be
at 20% of gross revenues, further increasing LHD's cash position
and making it a profitable entity. As such the group believes that
the offer of 0.385 PMG shares for 1 LHD share materially
undervalues the company.
The following have given written consent to Cornhill Capital to
the issuance of this announcement and that they do not intend to
support the deal:-
Private Clients of Cornhill (Jarvis Investment Management as
Custodian) - 8,185,000 (2.74%)
Peter Ross - 7,813,930 (2.61%)
Gardner Marketing PTY (Haydn Gardner) - 17,528,421 (5.86%)
Barby RJ & Associated Entities (Roger Barby) - 27,376,128
(9.16%)
These combined parties total 60,903,479 shares representing
approximately 20.37% of the company.
Cornhill Capital
7(th) Floor, One Angel Court
Copthall Avenue
London
EC2R 7HJ
Contact:
Adam Dziubinski
+44 (0)20 7710 9619
AdamD@cornhillcapital.com
Cornhill Capital Limited is authorised and regulated by the
Financial Conduct Authority, and a member of the London Stock
Exchange. Registered address: 7(th) Floor, 1 Angel Court, Copthall
Avenue, London, EC2R 7HJ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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