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Viaro Energy makes recommended cash offer for RockRose Energy


06 Jul 2020

Photo - see caption
Photo - see caption

Viaro Energy and RockRose Energy have agree the terms of a recommended all cash offer whereby Viaro Energy will acquire the entire issued and to be issued ordinary share capital of RockRose. Viaro Energy is a UK registered company, headquartered in London and is a wholly owned subsidiary of the Viaro Group of companies.

The recommended all cash offer represents

  • a premium of 64 per cent. to the Closing Price of 1,130 pence per RockRose Share on 3 July 2020 (being the last Business Day prior to the date of the Announcement);
  • a premium of 91 per cent. to the volume weighted average Closing Price of 970 pence per RockRose Share for the three-month period ending on 3 July 2020 (being the last Business Day prior to the date of the Announcement);
  • a premium of 69 per cent. to the volume weighted average Closing Price of 1,098 pence per RockRose Share for the six-month period ending on 3 July 2020 (being the last Business Day prior to the date of the Announcement); and
  • a value of £247,575,824.50 for RockRose's issued and to be issued ordinary share capital.

It is intended that the Acquisition will be effected by means of a Court-sanctioned scheme of arrangement of RockRose pursuant to Part 26 of the Companies Act 2006. However, Viaro Energy reserves the right to implement the Acquisition by way of a Takeover Offer (with the consent of the Panel and RockRose).

Source: RockRose Energy





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