Trinity Exploration & Production (TRIN)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

43.50p
   
  • Change Today:
    -1.50p
  • 52 Week High: 99.00
  • 52 Week Low: 35.00
  • Currency: UK Pounds
  • Shares Issued: 38.80m
  • Volume: 125,921
  • Market Cap: £16.88m

Touchstone to snap up rival Trinity in £24m deal

By Abigail Townsend

Date: Wednesday 01 May 2024

LONDON (ShareCast) - (Sharecast News) - Shares in Trinity Exploration & Production soared on Wednesday, after it agreed to be taken over by rival Touchstone Exploration.
Under the terms of the recommended all-share offer, Trinity shareholders will receive 1.5 new Touchstone shares for every Trinity share they hold. Both companies are listed on Aim.

The deal is valued at £24.1m, based on Touchstone's closing price of 41.25p on 30 April.

Touchstone called the tie-up a "compelling" opportunity for both companies and shareholders.

Paul Baay, chief executive, said: "We believe this acquisition represents a compelling strategic opportunity which will deliver enhanced scale, balance sheet strength and growth opportunities.

"The business combination will create an upstream oil and gas company of increased sale in Trinidad, enhancing our ability to deliver growth in reserves, production and cash flows."

The deal would also allow the combined group to benefit from greater economy of scale and recurring annual cost synergies, Touchstone added.

Jeremy Bridglalsingh, Trinity chief executive, said: "Our two companies have operated in close proximity over many years. The premium offered demonstrates the value Touchstone sees in Trinity's team and operations and its confidence in the future potential of the enlarged business."

Trinity is one of the largest Trinidad and Tobago-focused independent exploration and production companies, with both onshore and offshore assets. Canada's Touchstone is similarly focused on Trinidad.

As at 1000 BST, shares in Touchstone had eased 3% at 40.12p, while Trinity had soared 50% to 54p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

TRIN Market Data

Currency UK Pounds
Share Price 43.50p
Change Today -1.50p
% Change -3.33 %
52 Week High 99.00
52 Week Low 35.00
Volume 125,921
Shares Issued 38.80m
Market Cap £16.88m

TRIN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average
57.89% above the sector average57.89% above the sector average57.89% above the sector average57.89% above the sector average57.89% above the sector average
Price Trend
59.81% below the market average59.81% below the market average59.81% below the market average59.81% below the market average59.81% below the market average
22.5% below the sector average22.5% below the sector average22.5% below the sector average22.5% below the sector average22.5% below the sector average
Income
49.31% below the market average49.31% below the market average49.31% below the market average49.31% below the market average49.31% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average
Growth
19.71% below the market average19.71% below the market average19.71% below the market average19.71% below the market average19.71% below the market average
56.86% below the sector average56.86% below the sector average56.86% below the sector average56.86% below the sector average56.86% below the sector average

TRIN Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Oct-23 n/a
Paid 26-Oct-23 n/a
Amount 0.50p 0.000¢

Trades for 14-Jun-2024

Time Volume / Share Price
16:31 20,000 @ 43.00p
14:29 1,841 @ 43.00p
12:49 6,688 @ 43.16p
11:22 7,100 @ 43.68p
11:13 1 @ 43.16p

TRIN Key Personnel

CEO Jeremy Bridglalsingh

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