Independent Oil & Gas rejects unsolicited takeover proposal

The Board of Directors of Independent Oil and Gas plc (IOG) has unanimously concluded to reject an unsolicited pre-conditional proposal from RockRose Energy plc to buy all share capital of IOG at a price of 20 pence per IOG share. IOG finds statements from RockRose misleading and is opportunistic.
 
IOG continues to focus its efforts on unlocking value in the Company by securing a farm-out partner for its core project to provide funding optionality in parallel with IOG’s stated capital markets funding plans.
 
The Board notes that RockRose has acknowledged that Rule 2.6(a) of the Code requires that RockRose, by no later than 5.00 p.m. on 2 April 2019 being the 28th day following the date of RockRose’s announcement, either announces a firm intention to make an offer for IOG in accordance with Rule 2.7 of the Code or announces that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel on Takeovers and Mergers, in accordance with Rule 2.6(c) of the City Code on Takeovers and Mergers.
 
Shareholders should be aware that there can be no certainty that an offer will be made by RockRose for IOG, nor as to the terms on which any such offer may be made. Shareholders are therefore urged to take no action in respect of this proposal at this time.