Africa-focused oil and gas explorer BowLeven says it has received a possible cash offer worth 150p a share.
Africa-focused oil and gas explorer BowLeven says it has received a possible cash offer worth 150p a share.
The Edinburgh-based, AIM-quoted company, which attracted controversy three years ago by dismissing chief executive officer Philip Rhind and announcing a dry well off the coast of Cameroon, says its directors would be “minded” to accept a firm offer at the suggested 150p. It would be nearly four times the closing price of 41p on 17 March (up 7p on the day) and almost six times December’s low of 25.5p.
A bid price of 150p would, however, be less than half BowLeven’s 363p float price at the end of 2004. The shares more than doubled this morning to £1, but investors who paid 815p at the height of the company’s popularity in August 2005 will have little to celebrate.
