Petroleum Africa
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Monday, July 3, 2017
San Leon Energy received a conditional offer to purchase all the entire issued and to-be-issued shares in the company. The offer comes from China Great United Petroleum (Holding) Ltd. China Great United stated that it is in the process of retaining GMP Securities as its financial advisor for the proposed transaction. China Great United signed a non-disclosure agreement in order to discuss the San Leon assets.
China Great United has proposed an indicative purchase price of approximately 67-76 pence per share. It states that the offer is conditional on it completing final due diligence to its satisfaction, and it expects to be in a position to make a formal offer within 45 days.
This announcement does not constitute a firm intention to make an offer under Rule 2.5 of the Takeover Rules.
There can be no certainty that an offer will be made or as to the terms on which any offer might be made, San Leon stated in a statement.
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