Termination of Conditional Agreement
Awaiting Description
OCTG inspection repair and storage - Medserv Energy
total tubular management - Medserv Energy
The Company refers to the announcement issued on the 6th March 2020 pursuant to which it was announced that the conditional framework agreement between Anthony S. Diacono, Anthony J. Duncan, Malampaya Investments Limited and AMT S.A. was amended such that the deadline for the completion of certain conditions was extended to the 17th April 2020.
The Company is informed by its two major shareholders that due to the current COVID19 pandemic, the intended sale to AMT S.A. (including the intended share for share exchange and launch of the voluntary offer) has been aborted. The Company is informed that the decision not to proceed was reached by both parties on an amicable basis and a termination agreement to this effect was signed today.
The major shareholders stated that this transaction was terminated for reasons outside of the parties’ control and that for this reason, they will embark on a series of discussions with AMT S.A. to determine whether there still is scope for a transaction to take place between the parties. The major shareholders’ intent remains to source a strategic purchaser to acquire their shareholding in the Company and to accelerate and further supplement the Company’s growth and internationalisation strategy.
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