The Thunderball Group, an entity created by Blofeld Investment Management Limited, AlGihaz Holding and other individuals, claims to own 45.2% of Lamprell’s shares, and to have pledges of a further 5.4%, bringing the total to just over 50%, the threshold required for “satisfaction of the acceptance condition.”
The 21-day offer period under the takeover code passed on 2 September, however, the offer remains open for acceptance.
“Lamprell shareholders are strongly encouraged to accept the offer, which remains open for acceptance,” a statement said. “The delisting and re-registration of Lamprell as a private limited company would significantly reduce the liquidity and marketability of … Lamprell shares … [not owned by the consortium].”
Thunderball aims to delist Lamprell from the London Stock Exchange and will seek shareholder approval at an Extraordinary General Meeting on 28 September.
The offer values the company at a paltry $42.7m today, less than two years after it claimed a bid pipeline of $6bn.
Commenting on the takeover bid Fazel Fazelbhoy, Synoff CEO, said he did not think Lamprell had too many choices at the moment. "Clearly, they need a cash injection and a sale is probably the only way to attract the kind of investment that they need."
Lamprell said in August its net loss for 2021 widened to $60m compared to a $53.4m loss in 2020. According to a Lamprell filing, in July, its board recommended accepting a takeover offer from Blofeld and AlGihaz, which included a $145m bridge financing loan.
In June, Lamprell faced funding requirements of $75m over the next two months, after missing an initial $26.4m milestone repayment on $45m UAE Export Credit Agency-backed revolving trade loan, reports said.
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