Touchstone Urges Trinity Exploration Shareholders to Accept Offer
Offer Represents a 19.7% Premium to Trinity Exploration's Closing Share Price
Transaction Would Create a Leading Canadian Energy Company with a Strong Foothold in the Deep Basin
Touchstone Exploration Inc. (TSX: TXP) ("Touchstone" or the "Company") today announced that it has made an offer to acquire all of the issued and outstanding common shares of Trinity Exploration & Production plc ("Trinity Exploration") (AIM: TRIN) ("Transaction"). The offer represents a 19.7% premium to Trinity Exploration's closing share price as of July 14, 2023, and is valued at approximately £200 million (approximately C$320 million).
The Transaction would create a leading Canadian energy company with a strong foothold in the Deep Basin. The combined company would have a significant production base, a large inventory of drilling locations, and a strong financial position. The Transaction is expected to be accretive to Touchstone's earnings and cash flow per share in the first full year following completion.
Touchstone is confident that the Transaction is in the best interests of both Touchstone and Trinity Exploration shareholders. The Company believes that the combination of the two companies will create a stronger and more resilient entity that is well-positioned to succeed in the current challenging energy environment.
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