In its massively delayed 2021 results on 8 August the management of near-bankrupt Sharjah-based offshore services firm Lamprell says it has no choice but to recommend a takeover offer by the firm’s two leading shareholders, Blofeld Investment Management and AlGihaz Holding.
Blofeld, which currently owns 25% of Lamprell and AlGihaz (19.7%) have made an all-cash offer of £0.09/share via a newly-formed entity, ‘Thunderball Investments’. This values the company at £37mn ($45mn), just 13% of Lamprell’s mid-2021 value, though twice the £17mn valuation in the immediate aftermath of its 24 June “severe liquidity concerns” announcement (MEES, 24 June). (CONTINUED - 296 WORDS)
