A potential offer may be in the offing for Lamprell, which announced recently it was seeking a buyer to help it solve its liquidity issues.
Sami Al Angari, who owns around 19.19% in Lamprell, and Al Gihaz Holding are considering a “possible transaction”, Lamprell said. This would involve an offer for the company and a financing package.
Lamprell said no approach or discussions had taken place with its board. The announcement from Al Angari came without Lamprell’s consent and does not constitute a firm offer.
Al Angari and Al Gihaz have said they will either make a firm offer by the end of July 29 or announce they will not make such an offer. Should the offer come together, it will be priced at not less than 8.5 pence per share.
Lamprell said it was facing “severe liquidity” issues as a number of problems were coming to a head in the near term. In particular, it needs $75 million this month to meet a number of obligations, including for rig construction at the Saudi Arabia-based IMI joint venture.
Given the urgency of its financing needs, any offer would need to involve some degree of bridge financing.
The company reported an indicative cash offer last week from Blofeld Investment Management. This company owns a 25.06% stake in Lamprell. It did not disclose the price of the offer, but did say this was at a “very significant discount” to its share price.
Lamprell also has commitments of $164mn coming due by the end of 2023.
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