LONDON, Oct 20 (Reuters) - Sound Oil Plc said it is in talks about the possible acquisition of a private company with oil assets offshore West Africa.
The private company is majority-owned by a trust connected with mining and resources investor Frank Timis, the founder and of Regal Petroleum and European Goldfields, who is also chairman of African Minerals. Indonesia-focused Sound Oil said the potential transaction is expected to be a reverse takeover under the rules of the junior AIM market and its shares have been suspended. The shares have jumped almost 150 percent this month, including a 29 percent surge on Monday, and on Friday, the company announced that Lynchwood Nominees Ltd had raised its stake to 22.6 percent on Oct. 14 from 11.4 percent on Sept. 29. (Reporting by Julie Crust; editing by Matt Scuffham) Keywords: SOUNDOIL/
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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, Oct 20 (Reuters) - Sound Oil Plc said it is in talks about the possible acquisition of a private company with oil assets offshore West Africa.
The private company is majority-owned by a trust connected with mining and resources investor Frank Timis, the founder and of Regal Petroleum and European Goldfields, who is also chairman of African Minerals. Indonesia-focused Sound Oil said the potential transaction is expected to be a reverse takeover under the rules of the junior AIM market and its shares have been suspended. The shares have jumped almost 150 percent this month, including a 29 percent surge on Monday, and on Friday, the company announced that Lynchwood Nominees Ltd had raised its stake to 22.6 percent on Oct. 14 from 11.4 percent on Sept. 29. (Reporting by Julie Crust; editing by Matt Scuffham) Keywords: SOUNDOIL/
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 20/10/2009 7:30am pending publication of an admission document.
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lets HOPE his PAST reminds him of what the future should not bring!
lets hope SOU. is the little baby he uses to prove to the market he wants to rebuild his reputation.
"City regulators have fined Regal Petroleum a record £600,000 after a damning report covering two years when the oil explorer was controlled by Frank Timis, the controversial businessman, The Times has learnt. The report, expected to be published today, found that the AIM-listed Regal had issued a string of misleading stock market announcements that drove up the share price more than 500% but ultimately led to investors losing hundreds of millions - of pounds."
...sounds like the new man in charge could lead us to interesting times!!!
I really think this is exactly the sort of response I would expect. You can'y expect companies to go round giving nods and winks to investors...it's against the law. Also I'm sure they have enough on their plate working through the takeover.
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