Amerisur Resources, the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update to the strategic review and formal sales process (the "FSP") entered into on 19 July 2019.
The Company has conducted a thorough process to date, including the provision of large amounts of data to interested parties and their advisors through virtual and physical data rooms, and management presentations in Bogota, Colombia. Multiple well-funded parties are engaged in the process.
The Company has issued revised bidding instructions to interested parties, inviting firm proposals to acquire the entire issued and to be issued share capital of the Company (the "Bidding Instructions").
The Bidding Instructions make clear that proposals should include confirmation that any potential bidder is in a position to comply with requirements of the UK Takeover Code relating to Cash Confirmation (Rules 2.7(d) and 24.8).
The Company is seeking to conclude the FSP in Q4 2019. Further updates will be provided in due course. Shareholders are encouraged to take no further action with regard to their shares.