i3 Energy’s sales process: Gran Tierra offer explained by CEO Majid Shafiq

Proactive - Interviews for investors

i3 Energy PLC chief executive Majid Shafiq takes Proactive's Stephen Gunnion through company's sales process, Gran Tierra's offer, and the potential for future growth. In the interview, Shafiq explains that i3 Energy received unsolicited approaches in Q1 2024. After considering its standalone options, which required substantial capital investment, the company decided it was in shareholders' best interests to pursue a transaction. Shafiq outlined the process, which began with appointing financial advisors and opening a data room for interested parties to conduct due diligence. Gran Tierra emerged as the preferred bidder after increasing its offer multiple times. "Gran Tierra’s financial resources are expected to be deployed to accelerate the development of i3’s Canadian assets," Shafiq noted. Shafiq also addressed the strategic rationale, highlighting that the deal would create a larger oil-weighted E&P company with a strong asset portfolio. He emphasised that the transaction would accelerate shareholder value, noting that it represented a 49% premium to the closing price before the offer. With major shareholders already in support, Shafiq expressed confidence that the deal would close by Q4 2024. Don't forget to like this video, subscribe to our channel, and hit the notification bell for more updates from Proactive. #i3Energy #GranTierra #EnergyMergers #OilAndGas #MajidShafiq #EnergyNews #CanadianAssets #EandP #InvestorNews #Proactive #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews