Sterling Energy has sold its stake in Forum Energy for a substantial premium to the market price.
Sterling sold the shares at 48p each – double the then market price. It received £1.9m for its 14% stake – roughly double its book value.
Philex Petroleum Corporation was the buyer and it has launched a mandatory cash offer of 48p a share.
Shares in Forum jumped 18.5p to 43p on the news. It is valued at £12.4m. Forum joined Aim on 2 August 2005 when it raised £11m at 112p a share.
Forum is focused on the Philippines oil and gas sector. It has advised shareholders to take no action on the bid for the time being.
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