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Lamprell shareholder Sami Al Angari evaluating takeover offer

By Michele Maatouk

Date: Friday 01 Jul 2022

(Sharecast News) - Shares in Lamprell have been temporarily suspended after Sami Al Angari - the chief executive of Al Gihaz Company - confirmed on Friday that he and Al Gilaz are in the very early stages of evaluating a possible offer for Lamprell.
Al Angari, who owns a 19.2% stake in Lamprell, is also considering a financing package to support the repayment of the company's existing debt facilities and other working capital requirements.

"As of today, no approach or discussions have taken place with the board of Lamprell regarding a potential offer for the company," he said, adding that a further announcement will be made as and when appropriate.

Under UK takeover rules, Al Angari and Al Gihaz have until 1700 BST on 29 July to either announce a firm intention to make an offer for Lamprell or walk away.

Last month, Lamprell revealed that shareholder Blofeld, which owns a 25% stake, had made a non-binding indicative cash offer for the rest of the company at "a very significant" discount. This came alongside news that Lamprell was exploring funding options, and sent the shares crashing.

The company said at the time that it was "urgently pursuing" options to deliver a funding solution that will resolve its "immediate and severe liquidity concerns".

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