Prime Time For IEG
International Energy Group Ltd (IEG) has announced
that its Board has agreed on the terms of a cash offer for the
company from Prime Infrastructure Management Ltd. The offer of
273p per share values IEG’s share capital at approximately £202
million.
Following discussion with a number of the company’s shareholders,
the Board undertook a strategic review that culminated in a confidential
approach to a number of potentially interested parties. This
resulted in a competitive bid process and ultimately led to Prime’s
offer.
Thomas Scott, chairman of IEG, commented: “We
feel this offer is attractive for our shareholders as it provides
certainty
and value at a price that is unlikely to be achieved in the market
in the near future. We have assurances from Prime that the existing
employment rights, including pension rights, of all IEG employees
will be fully safeguarded."
Chris Chapman, managing director
of Prime, said: “This
offer is consistent with our charter to invest in quality infrastructure
assets. Going forward, we propose to work closely with the IEG
management team to develop IEG’s current business."
The
acquisition will make Prime the sole lpg utility in the Channel
Islands and Isle of Man, and the second biggest piped lpg provider
in Portugal.
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