Lamprell mulls takeover offer from Blofield at a "very significant discount"

4C Offshore | Tom Russell
By: 24/06/2022 Lamprell PLC

The Board of Lamprell PLC announced that it received a non-binding indicative cash offer from Blofeld Investment Management (Blofeld), a 25.06 per cent shareholder in Lamprell, regarding a possible offer to acquire the entire issued and to be issued share capital of Lamprell (the Possible Offer).

The UAE shipyard's Board is considering the Possible Offer in light of the Group’s liquidity position and the Company’s funding requirements of $75 million over the next two months. In a statement it outlined that Blofeld’s proposal in respect of the Possible Offer is at a "very significant discount" to the prevailing share price and any acceptable offer would need to include an interim funding solution or bridge financing.

Lamprell revealed the parties have been in discussions for more than two months but have not reached agreement on the price or conditions of a Possible Offer (or in relation to the interim funding solution or bridge financing). The parties aim to continue to work together to try to reach a workable solution by way of an updated offer, which also provides a solution to the immediate liquidity needs of the Group.

Blofeld is expected, by not later than 5.00 p.m. (London time) on 22 July 2022, either announce a firm intention to make an offer for Lamprellor announce that it does not intend to make an offer.