US-focused oil and gas company Bluebird Energy has announced the terms of the distribution of part of its stake in Wessex Exploration.
Bluebird shareholders will receive one Wessex share for every 18 Bluebird shares they own. In total 27.7m Wessex shares will be distributed, which is 42.8% of Bluebird’s stake. The ex-dividend date is 31 May.
Bluebird has held a stake in Wessex for some time and it topped up its stake last year when it invested £535,000 in Wessex as part of a £12m placing at 5p a share.
At 0.98p a share, Bluebird is valued at £4.89m.
At 8.12p per Wessex share the share distribution is valued at £2.2m. The remaining stake in Wessex is worth more than the rest of the valuation of Bluebird. There was $2.58m in the bank at the end of 2011, when the NAV was $9.26m.
The main remaining asset is 100% of the Solitaire gas project in Colorado. There are two other non-core US assets, called Marcellus and Revloc, for sale. There is a small income stream forma 5.3% royalty interest in Cimarron properties. Bluebird is applying for licences in Ireland and the UK.
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