Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

AIM-listed South America-focused oiler <a href="https://www.smartkarma.com/entities/amerisur-resources-plc" target="_blank" data-smartkarma-citation="entities:23299:1" rel="noopener">Amerisur Resources (AMER LN)</a><a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/xz2yeox" target="_blank" rel="noopener">announced</a> a strategic review, including a formal sale process (FSP) on the 19 July, following the receipt of interest in the company.On the 22 July, AMER <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/w3359dw" target="_blank" rel="noopener">announced</a> a possible offer from <a href="https://www.smartkarma.com/entities/etablissements-maurel-et-prom" target="_blank" data-smartkarma-citation="entities:24885:1" rel="noopener">Etablissements Maurel Et Prom (MAU FP)</a> for 17.5 pence, comprising 12.5 pence in cash and 4.5 pence in MAU shares.Following updates on the <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/rn6m6kw" target="_blank" rel="noopener">9 August</a> and <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/wk0j91x" target="_blank" rel="noopener">11 October</a>, AMER <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/w33e0dw" target="_blank" rel="noopener">announced</a> on the 15 November a recommended cash acquisition from <a href="https://www.smartkarma.com/entities/geopark-ltd" target="_blank" data-smartkarma-citation="entities:27360:1" rel="noopener">Geopark Ltd (GPRK US)</a> of 19.21 pence, in cash, for all shares.The Offer price represents a 58.8% premium to the undisturbed price on the 8 July.A condition to the Scheme requires 75% of AMER shareholders approve the transaction.AMER's directors have unanimously recommended the Offer to its shareholders. Directors holding 4.9% of shares out have given an irrevocable to vote in favour of the Scheme. An additional 18.9% (from Canaccord Genuity Limited and Michinoko Limited) have also provided irrevocable undertakings, taking the irrevocable total to 23.8%.Faced with various interested parties, AMER undertook a relatively lengthy FSP, arriving at an all-cash Offer - 13% above MAU's cash/scrip bid - which has the support of AMER's board and the backing of two major shareholders.Pricing appears fair and the acquisition provides an attractive bolt-on for Geoparks' existing adjacent assets. We recommend getting involved at 19 pence or below.

AIM-listed South America-focused oiler Amerisur Resources (AMER LN)announced a strategic review, including a formal sale process (FSP) on the 19 July, following the receipt of interest in the company.On the 22 July, AMER announced a possible offer from Etablissements Maurel Et Prom (MAU FP) for 17.5 pence, comprising 12.5 pence in cash and 4.5 pence in MAU shares.Following updates on the 9 August and 11 October, AMER announced on the 15 November a recommended cash acquisition from Geopark Ltd (GPRK US) of 19.21 pence, in cash, for all shares.The Offer price represents a 58.8% premium to the undisturbed price on the 8 July.A condition to the Scheme requires 75% of AMER shareholders approve the transaction.AMER's directors have unanimously recommended the Offer to its shareholders. Directors holding 4.9% of shares out have given an irrevocable to vote in favour of the Scheme. An additional 18.9% (from Canaccord Genuity Limited and Michinoko Limited) have also provided irrevocable undertakings, taking the irrevocable total to 23.8%.Faced with various interested parties, AMER undertook a relatively lengthy FSP, arriving at an all-cash Offer - 13% above MAU's cash/scrip bid - which has the support of AMER's board and the backing of two major shareholders.Pricing appears fair and the acquisition provides an attractive bolt-on for Geoparks' existing adjacent assets. We recommend getting involved at 19 pence or below.

In A Light, Sweet Spot As Geopark Bids For Amerisur

France

Etablissements Maurel et Prom is a mid-size oil and gas company.  The Company has operations in Africa and Latin America.

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Etablissements Maurel et Prom (MAU FP)

In A Light, Sweet Spot As Geopark Bids For Amerisur

AIM-listed South America-focused oiler Amerisur Resources (AMER LN)announced a strategic review, including a formal sale process (FSP) on the 19...

David Blennerhassett

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