Quest moves on PEG
Quest Energy Services has agreed a deal to buy all the outstanding common
shares of Production Enhancement Group for C$0.65 (US$0.645) per share.
Canadian-based Quest, an offshoot of Saudi Arabia’s Al Qahanti Marine &
Oilfield Services will start a cash tender offer to buy all of the issued
and outstanding common shares, which is expected to be mailed to
shareholders around the 24 April.
Quest has agreed to terms with energy services outfit PEG’s principal lender
to subscribe for C$25 million of common shares from treasury at C$0.65 per
share upon closing of the offer in order to recapitalise the company and
reduce its third party indebtedness.
21 April 2008 01:11 GMT
| last updated:
21 April 2008 01:18 GMT
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