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SeaEnergy prepares to sell R2S business

SeaEnergy said it had been in detailed discussions with a number of potential purchasers of R2S before entering into exclusivity with the preferred bidder.

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SeaEnergy’s AIM shares remain suspended.

SeaEnergy PLC (LON:SEA) has signed an exclusivity agreement with a potential buyer of its Return to Scene business (R2S) subsidiary.

The company told investors it had been in detailed discussions with a number of potential purchasers of R2S before entering into exclusivity with the preferred bidder.

A non-refundable deposit has been received by SeaEnergy, and the preferred bidder has indicated its intention to acquire all aspects of R2S. It is expected that that disposal will be completed within a short timeframe, SeaEnergy added.

Whilst possible cash terms were not disclosed, SeaEnergy in a statement said: “The directors anticipate that the proceeds of the potential disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the group's secured debt and a proportion of amounts owing to unsecured creditors.”

SeaEnergy will still hold other assets, including its 18.67% stake in Lansdowne Oil & Gas Plc (LON:LOGP) and two UK royalty interests, and the company said any remaining value for shareholders will likely depend upon the realisation of those assets.

The company’s AIM shares remain suspended at this time.

Quick facts: SeaEnergy PLC

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AIM:SEA
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