Bridge Energy spurts on Spike takeover offer

 
Suzie Neuwirth
ABERDEEN-BASED oil and gas explorer Bridge Energy’s shares skyrocketed yesterday, after the board said it would recommend a £103m takeover offer from Norway’s Spike Exploration to its shareholders.

The Aim-listed firm, which holds several licences in the UK North Sea, said that shareholders representing a 62 per cent stake in the company had already pre-accepted the offer.

Shares soared 28 per cent on the news, to close at 156.50p.

“The board decided to recommend this offer as it reflects a fair valuation of our portfolio and a significant premium to the recent trading range,” said Tom Reynolds, chief executive of Bridge.

ADVISERS | CENKOS SECURITIES
JON FITZPATRICK
CENKOS SECURITIES

Cenkos Securities advised Bridge Energy on the takeover by Spike Exploration. The team was led by Jon Fitzpatrick, who is a director at Cenkos Securities and joint head of natural resources. Fitzpatrick has extensive experience in the energy M&A sector. He advised Ithaca Energy on its £203m acquisition of Valiant Petroleum and Providence Resources on the sale of its Singleton asset to IGas Energy for $66m (£41m) earlier this year. Last week he sold Caithness Petroleum’s UK assets. He also advised Cove Energy from its inception in May 2009 through to the £1.2bn sale to PTT last year. Fitzpatrick is a petroleum economist, natural resources lawyer and is the incoming president of the Scottish Oil Club.

Neil Mcdonald also worked on the deal, under Fitzpatrick. Mcdonald qualified as a solicitor with Shepherd + Wedderburn. In 2005, he was seconded to National Australia Group Europe and subsequently joined Brewin Dolphin in 2007. Neil joined Cenkos in 2011 and is involved in a wide range of transactions across the natural resources and energy sector and has significant experience on takeovers, disposals, private equity-backed buyouts, public and private fundraisings and initial public offerings.