Bid Agreed for Emerald Energy

Of course a 750p bid has now been made for Emerald and agreed by the board.

This is below what many investors hoped for. However, the major shareholder, Waterford, run by Michael Kroupeev, has subsequently announced he is making a major investment in Sterling Energy (SEY). This perhaps explains the hurried nature of the Emerald transaction and its timing. Key Emerald directors, Alastair Beardsall and Keith Henry are also becoming directors in Sterling Energy.

Emerald Announcements:

http://www.emeraldenergy.com/Letter_from_the_Executive_Chairman.pdf

http://www.emeraldenergy.com/Rule_2.5_Announcement.pdf

Sterling Energy Announcement:

http://www.sterlingenergyplc.com/placing14aug.aspx