AIM-listed Jadestone Energy and together with its subsidiaries, 'Jadestone' or the 'Group'), an independent upstream production and development company focused on the Asia-Pacific region, announces that it has been formally notified by PT Prima Petroleum Energi ('Prima Energy') that Prima Energy has acquired 154,094,444 ordinary shares of £0.001 par value in the Company (the 'Sale Shares'), representing approximately 28.3% of the Company’s issued share capital (the 'Sale').
The Sale Shares were held by Tyrus Capital Special Situations Master Fund Sarl, SICAV-RAIF, TC Six Limited and TC Special Private Equity Opportunities IV Limited. Following completion of the Sale, funds managed by Tyrus Capital S.A.M. ('Tyrus') hold no ordinary shares in the Company, and Prima Energy holds 154,094,444 ordinary shares, representing approximately 28.3 per cent. of the Company’s issued share capital.
The Sale was bilaterally arranged between Tyrus and Prima Energy. The Company received no proceeds from the Sale. There is no change to the Company’s issued share capital, with 544,936,979 shares currently in issue.
Dr. Adel Chaouch, Executive Chairman of Jadestone, commented:
'Tyrus was a significant shareholder in Jadestone for over a decade, and the Company would not have established itself as a leading independent in the Asia-Pacific region without Tyrus’ support and engagement. We thank the Tyrus team and wish them well in the future.
We are pleased to see the sale of Tyrus’ holding completed at what we understand to be a very substantial premium to the average share price over the last month. It is a clear endorsement of the value in our Asia-Pacific platform and assets by a notable regional strategic investor, and we look forward to engaging constructively with Prima Energy to deliver on our strategic objectives.
Since I joined Jadestone and with the efforts of a refreshed and revitalised management team, we have deepened and strengthened our relationships with the national oil companies, regulators and contractors in our core jurisdictions in Asia-Pacific. The significant progress we have made this year on commercialising our Vietnam gas discoveries is clear evidence of strategic delivery for our shareholders. We look forward to redoubling those efforts to deliver further value and benefits for all stakeholders over the coming months and years.'
Source: Jadestone Energy
