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Reabold Resources PLC on Wednesday said it has received an unsolicited takeover proposal from Kamran Sattar on behalf of Portillion SPV O&G.
The investment company, which focuses on oil and gas, says the ‘highly preliminary approach’ was made via email on Tuesday afternoon and offered few details besides an offer price at a 10% premium to Reabold’s 0.18 pence closing price on Tuesday.
This would imply a value of 0.2035p per share, the company said.
Reabold shares were up 6.5% to 0.20p in London on Wednesday afternoon.
‘Even in the absence of further information, the board believes that the possible offer price significantly undervalues Reabold’s investment portfolio, the company as a whole, and its future prospects. Shareholders are advised to take no action in respect of the possible offer at this stage,’ said the company.
Reabold said it believes Portillion SPV O&G to be an affiliate of the financial advisory firm, Portillion Capital Ltd.
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