April 4, 2018 / 5:28 PM / 15 days ago

BRIEF-Faroe Petroleum Says GBP 1.25 Per Share Price At Which DNO Purchased Faroe Shares From Delek "Substantially Undervalues" Co

April 4 (Reuters) - Faroe Petroleum Plc:

* ‍NOTES PURCHASE OF 56.4 MILLION SHARES IN CO OF 15.37 PERCENT STAKE BY DNO ASA FROM DELEK GROUP AT A PRICE OF GBP 1.25 PER SHARE​

* ‍NOTES DNO’S SUBSEQUENT STATEMENT THAT IT HAS NO INTENTION OF MAKING AN OFFER FOR COMPANY​

* NOTES ANNOUNCEMENT BY DNO OF INTENTION TO ACQUIRE UP TO 10% OF OUTSTANDING SHARES IN CO THROUGH REVERSE BOOK BUILDING PROCESS​

* HAS NOT HAD ANY DISCUSSIONS WITH DNO IN RELATION TO PURCHASE OF SHARES IN CO AND INTENTION TO ACQUIRE ADDITIONAL SHAREHOLDING IN CO​

* ‍IT HAS HAD NO DISCUSSIONS WITH DELEK IN RELATION TO SALE OF ITS SHARES IN COMPANY​

* CONSIDERS GBP 1.25 PER SHARE PRICE AT WHICH DNO PURCHASED FAROE SHARES FROM DELEK SUBSTANTIALLY UNDERVALUES CO AND PROSPECTS​ Source text for Eikon: Further company coverage:

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