LONDON (Alliance News) - Oil and gas company Ruspetro PLC Friday said that Sobny Group Corp has disposed of 33.2 million shares in the firm in order to reduce its stake under takeover rules.
Sobny and Mastin Holdings Ltd, which was deemed to be "acting in concert" with Sobny, together now hold 260.9 million shares in Ruspetro, which is 29.99% of its issued share capital.
In February, Sobny purchased an 8.8% stake in Rusperto, which together with Mastin's 24.99% holding, made a collective stake of 33.8%. However, under merger and takeover rules, any parties or collective parties that hold between a 30% and 49.9% stake in a company are required to make a general offer for the company, or dispose of shares to reduce the stake to below 30% within a limited time period.
Sobny is an associate of Ruspetro's principal lender and largest creditor Russia's Bank Otkritie Financial Corp, and Bank Otkritie and its associates were deemed to be acting in concert with Mastin Holdings Ltd.
Shares in Ruspetro were untraded on Friday, last trading at 11.50 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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