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Sea Dragon to revise NPC Egypt share purchase agreement - Daily News Egypt

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Sea Dragon to revise NPC Egypt share purchase agreement

  CAIRO: Sea Dragon, a Calgary-based energy company, is revisiting the terms of the share purchase agreement for National Petroleum Company Egypt Limited (NPC Egypt), a wholly owned portfolio company of regional private equity firm Citadel Capital. Sea Dragon cited “the uncertain global economic situation and continued volatility in the global capital markets” as underpinning …


 

CAIRO: Sea Dragon, a Calgary-based energy company, is revisiting the terms of the share purchase agreement for National Petroleum Company Egypt Limited (NPC Egypt), a wholly owned portfolio company of regional private equity firm Citadel Capital.

Sea Dragon cited “the uncertain global economic situation and continued volatility in the global capital markets” as underpinning its decision to withdraw its preliminary short form prospectus, according to a statement from Citadel.

On Jan. 6, Citadel Capital announced that its opportunity-specific fund Golden Crescent Investments signed a share purchase agreement to sell 100 percent of its interest in Egyptian upstream oil and gas company NPC Egypt to Sea Dragon.

On Friday, Sea Dragon said it is revisiting the terms of the share purchase agreement and intends to withdraw its preliminary short form prospectus for a public offering of subscription receipts for $75.2 million. This will fund, among other things, the cash component of the consideration payable by Sea Dragon to complete the acquisition of NPC Egypt, the statement read.

Both Sea Dragon and Golden Crescent are now engaged in discussions to revise the terms of the acquisition of NPC Egypt.

At the time of the initial announcement, the deal was said to be worth $147.5 million. Sea Dragon Energy had said it will pay cash and share consideration equal to $147.5 million, of which $60 million will be in cash. A total of 350 million common shares of Sea Dragon were to be issued to Golden Crescent at $0.25 per share.

Citadel Capital’s funds control platform companies with investments of $9 billion in 15 countries spanning 15 industries.

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https://www.dailynewsegypt.com/2012/02/26/sea-dragon-to-revise-npc-egypt-share-purchase-agreement/
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