Deltic’s board backed by largest shareholder

Deltic’s board backed by largest shareholder

On 21 July 2020, Deltic Energy’s largest shareholder, IPGL, a company held by Tory billionaire Michael Spencer, confirmed its support of the board, in rejecting the £12.34 million offer for the company from Reabold Resources.

This follows Deltic’s assessment of Reabold’s offer, in which it stated that the value was not appropriate, did not take into account Deltic’s significant non-cash assets, and ‘does not even reflect the existing cash balance’. Reabold responded that a valuation lower than the reported cash balance as of March 31 2020 was in fact justified, as Deltic is and will continue to ‘burn through cash’ due to its share in drilling costs.  The company stat

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