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Ukrainian oil and gas holding company Geo-Alliance and Heamoor Limited (Cyprus), both controlled by Ukrainian businessman Victor Pinchuk, have said that they are not planning make an offer for the purchase of British oil and gas company Regal Petroleum plc with Ukrainian assets, reads a statement posted on the London Stock Exchange on Thursday.
Pinchuk's companies continue to believe that a combination of Regal and Geo-Alliance via a reverse takeover structure, based on a fundamental analysis of the two companies, would offer Regal shareholders the potential of significantly greater value than that provided by the Energees Partial Cash Offer.
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