Phoenix Global Resources to Delist as Major Shareholder Takes Control; Share’s Rise

By Joe Hoppe

Shares in Phoenix Global Resources PLC rose Wednesday after it said that it plans to delist from London’s Alternative Investment Market, as 84% ​​shareholder Mercuria Energy Group Ltd. intends to buy out the minority shareholders and take the company private.

Shares at 0708 GMT were up 0.95 pence, or 15% at 7.15 pence.

The oil-and-gas company said Mercuria will offer remaining shareholders an exit opportunity at a purchase price of 7.5 pence, or around 9.1 US cents, for each share. This represents a 25% premium to Phoenix’s closing price on June 21, the closing mid-market price the day before Phoenix initially said it was in discussions with Mercuria.

The company will cancel the admission of its ordinary shares from trading on the AIM and also delist from public offer and trading on the Buenos Aires Stock Exchange in Argentina, it said.

The exit opportunity will remain until Sept 7.

Write to Joe Hoppe at [email protected]

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