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Major shareholders of MMP Resources in talks with Lloyds Energy to sell shares
VARIOUS substantial shareholders of MMP Resources have entered into a non-binding term sheet to potentially sell their shares to Lloyds Energy Ltd, the board of the mainboard-listed construction company announced on Thursday before the market opened.
Dubai-based Lloyds Energy and the major shareholders are in the process of negotiating and finalising the definitive agreements in respect of the proposed share sale and purchase, MMP Resource's board said.
"The acquisition of such shares by Lloyds Energy may or may not result in a mandatory general offer being made by Lloyds," MMP Resources said, adding that the sale could result in Lloyds Energy acquiring more than 30 per cent of the company's shares, which would trigger a mandatory general offer under Singapore's takeover and mergers code.
Lloyds Energy is a "gas to wire" liquefied natural gas (LNG) player, linking major international gas suppliers and gas consumers. It engages in the production, storage and sale of LNG.
MMP Resources said Lloyds Energy will consult with the Monetary Authority of Singapore's Securities Industry Council if required.
"Shareholders and potential investors are advised to exercise caution when dealing or trading in the shares of the company as there is no certainty that Lloyds Energy and the relevant substantial shareholders will enter into any definitive agreements on the sale and purchase of the shares," MMP Resources said.