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New offer 'undervalues' Dragon
06 Jul 2015 17:05
An improved offer from Emirates National Oil Company (ENOC) for Irish-listed oil explorer Dragon Oil “significantly undervalues” the company, according to an asset management company acting on behalf of minority shareholders.
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Setanta Asset Management Limited, whose clients currently own 15.2m shares of Dragon Oil, equivalent to 3.1% of the company’s ordinary share capital, said it noted the recent offer by majority shareholder ENOC to buy the interests of the company’s minority shareholders for 750p per share.
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Setanta urged ENOC to “to consider an increased offer that would more reasonably reflect the long-term value of the business”.
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Earlier this month Dragon announced that it had reached a deal with ENOC, as part of which ENOC increased its offer to 750 pence in cash per share, valuing the company at approximately 3.7 billion pounds.
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