Wentworth takeover held up by dispute over Mnazi Bay rights | MarketScreener
Wentworth Resources PLC, a company focused on producing natural gas in Tanzania, has received a notification from the Tanzania Petroleum Development Corp. The letter states that TPDC has decided to exercise its right of first refusal regarding Wentworth's interest in the Mnazi Bay asset. Wentworth has waived this right, which was a condition for a takeover of the company by Maurel & Prom. The Tanzanian Petroleum Act gives TPDC the right of first refusal to buy a participating interest, but only if it is assigned to a non-affiliate. However, TPDC has no entitlement to first refusal when it comes to any indirect sale of a participating interest arising from the acquisition of shares in Wentworth. The company is currently in discussions with TPDC and will make a further announcement when it becomes clear how TPDC intends to apply the Act to the acquisition.
At present, the cost of a single share is 26.50 pence.
The increase over the past year is 2%.
Written by Jeremy Cutler, a journalist for Alliance News
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