Lamprell board recommends $46.4 million takeover bid

Lamprell said it has reached an agreement on the offer with Thunderball Investments, a new company formed by Blofeld Investment Management and AlGihaz Holding, major shareholders in the London-listed shipyard.

Thunderball has offered £0.09 per share for Lamprell, valuing the company at £38.8 million, assuming all rights are exercised under a share issue plan.

Blofeld owns a 25.5% stake in Lamprell and is associated with the joint venture partners of Lamprell Shipyards in Saudi Arabia. Sfriend AlAngari, a person acting in concert with AlGihaz.

Blofeld in Osama AlSayed, majority shareholder and chairman of the Jeddah-based Asyad Holding group.

As part of the offer, Maverick Investments, a company controlled by the AlSayed family and AlGihaz, has provided a bridge loan facility of up to $145 million to Lamprell Energy, which can be drawn down in tranches.

Lamprell faces “urgent and severe liquidity constraints” with funding obligations of $95 million due by the end of July. It also has medium-term financial commitments of $164 million.

The offeror plans to privatize Lamprell and delist it from the London Stock Exchange following the takeover. “Operating as a private company with a simplified corporate structure and reduced regulatory burden, Lamprell will benefit from eliminating the many costs associated with maintaining a UK public listing as well as the removal of short-term financial expectations from the market,” he said.

The bidder said they believe in: “Lamprell’s high-quality pipeline has the potential to turn into a high-margin backlog and believes the market segments in which Lamprell operates are supported by positive long-term fundamentals.

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