(Adds details from press release, updates share movement)
July 30 Russia-focused oil producer Exillon
Energy Plc said it has been approached by founder and
former chairman Maksat Arip about a possible offer for the
company, sending its shares up as much as 18 percent.
The Kazakh businessman is the company's largest shareholder
with a 30.17 percent stake.
The company, which has assets in Russia's oil-rich regions
of Timan-Pechora and western Siberia, said talks were at an
early stage and Arip had to state whether or not he would make
an offer by 5 pm on Aug. 27, as per UK takeover rules.
Exillon, which floated in London in December 2009 was fined
nearly 300,000 pounds ($460,500) in April 2012 for failing to
disclose payments made to Arip. He was chairman between November
2009 and April 2011. (r.reuters.com/san99t)
Worldview Capital Management, Exillon's biggest
institutional shareholder, called for a management overhaul in
January amid what it called "significant underperformance", but
later withdrew a request for a shareholder vote.
Worldview Capital held a 15.12 percent stake in Exillon, as
of June 30, according to Thomson Reuters data.
Exillon shares were up 11.8 percent at 143.5 pence at 1524
GMT on the London Stock Exchange on Tuesday.
The stock has been trading mostly below its listinig price
of 153 pence for more than a year.
The company had a market capitalisation of 205.69 million
pounds ($315.72 million) based on its closing price on Monday.
($1 = 0.65 British pounds)
(Reporting by Karen Rebelo in Bangalore; Editing by Joyjeet