Energees’ Regal Petroleum offer still being considered by shareholders

Ekonomichna Pravda reported yesterday, citing an undisclosed minority shareholder, that the fight for control of Regal Petroleum (LSE: RPT LN) is still underway, with shareholders yet to approve a partial cash offer from Energees Management Ltd, the principal holding company of Smart Holding, contrary to news reports speculating otherwise. Energees reported on February 18 that it received acceptances from 51.7% of Regal shareholders, and acceptances in respect to 9.68% of Regal shares that are subject to irrevocable undertakings procured by Energees from Regal directors and other shareholders to both approve and accept the offer. In accordance with UK laws on acquisitions, the Energees offer must still be approved by entities representing 50% of shares after it received acceptances totaling more than 50% of shares on February 18.