Responding to present media supposition, it said: “The board of Serica believes there are substantial potential benefits to the possible transaction, including increasing scale and diversification, unlocking significant synergies and providing a stronger platform for further growth.”
The AIM-listed oil and gasoline enterprise said that though conversations are recurring, it’s presently imagined that the potential buy will definitely be structured as an all-share deal by EnQuest for Serica utilizing a reverse requisition underneath UK noting insurance policies.
This will surely embody a return of sources to current Serica traders conditional upon conclusion of the possible provide which Serica traders will surely maintain a bulk of the shares within the greater enterprise, with shares offered on the ESCC market of the London Stock Exchange.
There will be no assurance both {that a} deal will definitely be made, neither relating to the phrases on which such deal will definitely be made, Serica included.
At 0955 GMT, Serica shares had been up 6.3% at 128.08 p, whereas EnQuest was 9.4% larger at 11.92 p.
