Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Venture board presents strong case for takeover defence

Venture board presents strong case for  takeover defence
Venture Production has issued a robust defence circular to shareholders advising strongly that they should reject Centrica's 845p-a-share offer.

Venture Production has issued a robust defence circular to shareholders advising strongly that they should reject Centrica’s 845p-a-share offer.

Mike Wagstaff, chief executive of the Aberdeen-based oil and gas operator, said: “Venture has high-quality oil and gas reserves and resources with significant upside potential and a strong operational capability.

“We have the financial strength and technical expertise already in place to continue to develop the upside within our portfolio.

“At a time when North Sea production is declining, our increasing production and track record of being able to unlock ‘stranded’ resources will be of increasing strategic importance.

“This strategic value is not reflected in the price Centrica has offered to Venture’s shareholders.

“The longer-term outlook for energy prices is strong, from which Venture is ideally positioned to benefit.”

Venture chairman John Morgan said in a letter within the circular: “My message to shareholders is clear: do not sell your shares on the cheap to Centrica.

“Shareholders should not sign any document which Centrica or its advisers send to them.”

Mr Morgan also said that he and Mr Wagstaff met their counterparts at Centrica on March 23 and again on June 2, adding: “On neither occasion did they indicate any willingness to enter into a discussion on the prospects and value of your company.”

He said that the British and Scottish Gas owner, which since mid-March has built up a 29.9% stake in Venture, launched its formal offer without carrying out any investigative due diligence.

Mr Morgan added: “Centrica must be confident there is more value in Venture than is reflected in the 845p a share offer, which Centrica has chosen to make final.”

Venture shares closed up a penny yesterday at 837p.

More from Energy Voice

Latest Posts