Novinskiy spends $ 47 million to buy 28.65% Pinchuk’s interest in Regal Petroleum
Pelidona Services Limited (Cyprus), a part of Smart Holding Group, has increased its interest in Regal Petroleum plc from 54% to 82.65%. Regal Petroleum plc is a public company whose shares are listed on the Alternative Investment Market of the London Stock Exchange. This is reported on the Facebook page of Smart Holding.
According to ExPro estimates, the purchase price is GBP 36.67 million, or estimated USD 46 million - USD 57 million.
The package of shares in the amount of 91868182 pcs. was redeemed from the major shareholder of Regal Petroleum plc, KYLESTONE LIMITED (Kelda Ltd), within the framework of implementation by the Smart Holding their business development strategy for production of hydrocarbons. Pelidona Services Limited does not intend to continue the further redemption of shares in the market, as stated in the company’s release.
"The results of the deal will not affect the corporate governance of Regal Petroleum and its status as a public company. There is no planned change in the board of directors, Regal Petroleum shows good performance and will continue to be the basis of Smart Holding's gas production, and its development strategy implies both the dynamic business growth by increasing the production at the company’s oil&gas fields and acquisition of new assets. This strategy should maximize the aggregate income of all business shareholders. Smart Holding is convinced that deeper integration with initial public offering (IPO) and private placement offering is an instrument of increasing capitalization, will bring to the gas production business greater stability, and will open additional opportunities for mutually beneficial cooperation with new institutional investors ", states the company’s release.
One may recall that in August 2018, Kelda Limited acquired 24.4% interest in Regal Petroleum from the Alfa Group, a Ukrainian-born Russian businessman Mikhail Friedman.
In March 2019 Kelda Ltd raised their interest in the company to 28.65 % Victor Pinchuk scoped out on Regal Petroleum for several times, and in 2011 he was trying to buy the company, but then Vadim Novinsky's offer was more generous.