Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
A round up of key developments in corporate transactions covered by Lexis®PSL Corporate and Market Tracker this week, including a summary of the possible offer for Independent Oil and Gas by Rockrose Energy and a look at the volume of secondary offers in 2018.
On 1 March 2018, oil and gas company RockRose Energy plc (RockRose) made a possible all cash offer for the entire issued and to be issued share capital of Independent Oil and Gas plc (IOG). The possible offer has been valued at £26.6 million with 20 pence for each IOG share. If made, it would represent a premium of 51% to the closing price of IOG on 26 February.
IOG rejected the unsolicited offer, a move that was fully supported by major stakeholder London Oil & Gas Limited (LOG).
RockRose announced that, on 21 March 2019, it had made a formal approach to Smith & Williamson LLP (acting as joint administrators for LOG) to acquire the entire debt due to LOG from IOG, with accrued interest, for the sum of £40 million in cash after making initial and enhanced offers to the Administrators on an informal basis during the past 10 days.
Andrew Austin chairman of RockRose commented ’The continued lack of clarity and failure of IOG (and its direct and indirect lenders, both now in administration) to disclose the key terms of its indebtedness and the very material extent of the dilutive instruments is unusual in the current circumstances. We sincerely hope and expect that both the LCF administrator will provide feedback on our offer and that IOG will take steps to make full disclosure of the position of the dilutive instruments’.
IOG responded that the debt offer made by RockRose could not reasonably be described as ‘fair and generous’. Instead, ‘it demonstrated RockRose's intention to acquire the loans at substantially below not only
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234