Serica verified on Friday that it remains in talks with EnQuest regarding a feasible mix.
Responding to current media conjecture, it claimed: âThe board of Serica believes there are substantial potential benefits to the possible transaction, including increasing scale and diversification, unlocking significant synergies and providing a stronger platform for further growth.â
The AIM-listed oil and gas firm claimed that although conversations are recurring, it is presently imagined that the possible deal will certainly be structured as an all-share deal by EnQuest for Serica using a reverse requisition under UK providing regulations.
This would certainly entail a return of resources to existing Serica investors conditional upon conclusion of the feasible bargain which Serica investors would certainly hold a bulk of the shares in the bigger firm, with shares detailed on the ESCC market of the London Stock Exchange.
There can be no assurance either that a deal will certainly be made, neither regarding the terms on which such deal will certainly be made, Serica included.
At 0955 GMT, Serica shares were up 6.3% at 128.08 p, while EnQuest was 9.4% greater at 11.92 p.
