(Energy Analytics Institute, 19.Sep.2024) — The Touchstone board of directors revealed that Trinity‘s announcement on 18 Sep. 2024 its board is seeking the permission of the Court to formally withdraw the scheme at a Court hearing which has been scheduled for 25 Sep. 2024.
Notwithstanding withdrawal of the Scheme, the Touchstone board does not intend to exercise its right to implement the acquisition by way of a takeover offer for the Trinity shares as an alternative to the scheme, Touchstone said 19 Sep. 2024 in an official statement.
Consequently, the Touchstone board has requested the takeover panel’s consent for the acquisition to lapse upon withdrawal taking effect, which consent has been granted.
As stated in the announcement, assuming the court grants its permission for withdrawal at the withdrawal hearing, the withdrawal will take effect immediately following the withdrawal hearing, at which time the acquisition will also lapse with immediate effect, Touchstone said in the statement.
“We are disappointed with the outcome of this process, and the fact that UK takeover rules make it possible for our offer not to complete at such a late stage in the process despite having obtained both shareholder and regulatory approvals. We believe our offer represented compelling value for all stakeholders,” Touchstone CEO Paul Baay said in the statement.
“However, Touchstone remains committed to maintaining strict discipline in all corporate activities. We will only pursue investments that align with our strategic and financial goals, ensuring they deliver value to our shareholders,” Baay said. “As we continue to advance our operations to tie in the Cascadura-2ST1 and Cascadura-3ST1 wells towards their first production, along with our upcoming fourth-quarter drilling program, we look forward to updating our shareholders on our strategic and operational progress in the coming months. We will soon provide an updated presentation and host an investor forum to share our developments.”
____________________
By Editors at Energy Analytics Institute. © Energy Analytics Institute (EAI). All Rights Reserved.
