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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Seaenergy | LSE:SEA | London | Ordinary Share | GB0007219479 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSEA
RNS Number : 4315Y
SeaEnergy PLC
17 May 2016
SeaEnergy PLC
("SeaEnergy", the "Company" or the "Group")
EXCLUSIVITY AGREEMENT
Further to the announcement on 26 April 2016, SeaEnergy, the innovation-led offshore energy services business, provides an update on the progress of the potential disposal of the Return to Scene business ("R2S") (the "Potential Disposal").
SeaEnergy and its advisers KPMG, have been in detailed discussions with a number of potential purchasers of R2S. The Company has now selected a preferred bidder and entered into an exclusivity agreement with this party (the "Preferred Bidder"). Under the agreement, the Preferred Bidder has made a non-refundable payment which will help to fund the Group though May.
The Preferred Bidder has indicated that it intends to acquire all aspects of the R2S business and it is planned for the disposal to be completed within a short timeframe.
However, there can be no guarantee that the Potential Disposal will be completed. The Directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the Group's secured debt and a proportion of amounts owing to unsecured creditors.
The Group has other assets, including an 18.67% interest in Lansdowne Oil & Gas plc (the shares of which are currently suspended from trading) and two UK royalty interests. Any value for shareholders is likely to depend on the realisation of these assets.
Further updates will be made in due course and the shares of the Company remain suspended from trading pending clarification of the financial position.
ENDS
John Aldersey-Williams Chief Executive Officer Tel: +44 1224 748480 Claire Fleming Corporate Communications & Research Manager Tel: +44 7880 358920 Tim Feather/Liam Gribben Nominated Adviser and Broker WH Ireland Limited Tel: 0113 394 6600
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFEEESIDLIR
(END) Dow Jones Newswires
May 17, 2016 02:01 ET (06:01 GMT)
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