Offer for Petroceltic Shares Lapses

Cayman Islands-based fund Worldview said on April 15 its offer of £0.03 per share in Ireland-based Petroceltic has lapsed, as fewer than 90% of qualifying shares took up its offer.

Worldview and its advisor already owned just under 30% of Petroceltic shares, so the offer applied to the remaining 70% -- and with the condition that 90% of the latter had to vote in favour.

Worldview said it received valid acceptances in respect of 82,329,157 Petroceltic Shares by the deadline of 1pm on April 14 – representing 54.6% of shares not already owned by Worldview, and 38.5% of Petroceltic’s total share capital.

Therefore Worldview declared its acceptance condition “not satisfied” and said the offer had lapsed.

On April 11, the High Court of Ireland appointed Michael McAteer of Grant Thornton as Examiner to Petroceltic. Earlier this month, reversing its earlier position, Petroceltic advised shareholders to accept the £0.03/share offer as the Examiner might cancel their shares without any compensation.

AIM-listed Petroceltic’s remaining main asset is a 38.25% equity interest in the Algerian Ain Tsila gas-condensate field development, where drilling of development wells is now underway.

Mark Smedley