Serica faces ‘aggressive’ questioning on Tailwind deal
The UK-focused producer is finding shareholders disgruntled by its latest proposed M&A
AIM-listed UK E&P Serica Energy is not having an easy ride from existing backers about its plan to acquire peer Tailwind Energy. The component of the deal giving Swiss commodity trading house Mercuria, a large stakeholder in Tailwind, a 25pc share in the enlarged firm is a particular lightning rod for dissent. A mid-January investor presentation saw Serica CEO Mitch Flegg responding to what he called “quite aggressive” questions from those with doubts about the transaction. These included complaints that a “40pc share dilution to existing shareholders is unfathomable”. “How is this acceptable?” they asked. 25pc – Mercuria’s future stake in Serica “How is the company not seeing
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources