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Phoenix Global Resources PLC - London-based upstream oil and gas company focused on Argentina - Proposes delisting from AIM and the Buenos Aires Stock Exchange, providing a ‘cash exit opportunity for shareholders’ in the process. Major shareholder Mercuria Energy Group Ltd, which holds an 84% stake, proposes purchasing shares at 7.5p each under the exit opportunity, a 25% premium to its closing price on June 25, the day before it discussed a potential delisting with Mercuria and a 21% premium to Tuesday's closing price of 6.20p.
Will hold general meeting on September 1 to gain at least 75% shareholder approval for the delisting and the scheme.
Current stock price: 7.25 pence, up 17% on Wednesday
12-month change: up 39%
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