2011-06-24-2011-06-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
24MM
Description

Launched unsolicited bid to acquire remaining 40.72% stake in company with six contracts in Colombia & Peru.

British Virgin Islands-based Lyford, a company controlled byBritish Virgin Islands-based investment holding company Brean, has joined a consortium of companies that has made an unsolicited bid to acquire the remaining shares in Global Energy Development Plc, London, (London Aim: GED) for a cash offer of US$24.4 million.

Lyford recently acquired 3.56 million shares of Global at approximately US$0.96 each for $3.4 million, bringing its total stake in Global to 24.88%. Lyford has joined a concert party including Brean, British Virigin Islands-based Evansville, and HKN Inc., Southlake, Texas, (Amex: HKN) which together hold a 59.28% stake in Global.

The consortium plans to acquire the remaining 21.2 million shares outstanding for US$1.15 (£0.72) each.

Global has an oil and gas portfolio covering Colombia and Peru and comprises a base of production, developmental drilling and workover opportunities and several exploration projects. Global currently holds six contracts: five in Colombia and one in Peru.

The Global board reports the deal "materially undervalues Global," and recommends shareholders do not accept the offer.

Merchant Securities Ltd. is financial advisor to HKN. Matrix Corporate Capital LLP is financial advisor to Global.