Brooge Energy Ltd Engages Grant Thornton as Independent Advisor to Provide Fairness Opinion on Proposed Go-Private Transaction

Rhea-AI Summary

Brooge Energy Ltd, a Cayman Islands-based infrastructure provider, has appointed Grant Thornton Financial Advisors as an independent financial advisor. The firm will assess the fairness of a proposed acquisition by its majority shareholder, BPGIC Holdings Limited, which seeks to acquire all remaining shares to take the company private. This transaction is contingent on a fairness opinion, special committee approval, and shareholder consent. There is no guarantee that a deal will be finalized.

Positive

• Engagement of Grant Thornton Financial Advisors indicates a structured approach to evaluating offers.
• Potential acquisition could streamline operations and focus on renewable energy.

Negative

• Uncertainty regarding the outcome of the acquisition proposal may impact investor confidence.
• The necessity of multiple approvals suggests potential delays in the transaction process.

NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, today announced that it has engaged  Grant Thornton Financial Advisors LLC, a subsidiary of Grant Thornton LLP, as an independent financial advisor to provide an opinion to the special committee of the Board of Directors as to the fairness from a financial point of view of the consideration to be received by shareholders unaffiliated with the Company’s majority shareholder  with respect to its majority shareholder’s, BPGIC Holdings Limited, proposal to acquire all the shares of the Company it does not currently own and to take the Company private. 

Any transaction, if entered into, will be subject to the receipt of a fairness opinion, approval of the special committee of the Board of Directors, and approval of the Company’s shareholders. There can be no assurance that a transaction will be entered into.

About Brooge Energy Limited
Brooge Energy Ltd, is a Cayman Islands-based infrastructure provider now intending to focus on renewable energy infrastructures and biofuels, next to clean petroleum products, crude oil storage and related services. The company conducts its business and operations through its subsidiaries Brooge Renewable Energy, Brooge Petroleum and Gas Investment Company FZE (BPGIC), and Brooge Petroleum and Gas Investment Company Phase 3 FZE. BPGIC, the Company’s primary operating subsidiary that focuses on midstream oil storage and other services, is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE. The Company differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses. For more information, please visit at www.broogeenergy.com.

Forward-Looking Statements
This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by Brooge Energy with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212-896-1254
BROG@kcsa.com 

FAQ

What is Brooge Energy's recent acquisition proposal about?

Brooge Energy's majority shareholder, BPGIC Holdings, has proposed to acquire all remaining shares of the company to take it private.

Who is providing financial advice for the acquisition of Brooge Energy?

Grant Thornton Financial Advisors has been engaged as an independent financial advisor for the acquisition proposal.

What approvals are needed for Brooge Energy's acquisition proposal?

The acquisition proposal requires a fairness opinion, special committee approval, and consent from the company's shareholders.

What does the acquisition mean for Brooge Energy's shareholders?

Shareholders not affiliated with the majority shareholder will receive an opinion on the fairness of the transaction, which will influence their decisions.

Is the acquisition of Brooge Energy guaranteed?

No, there is no assurance that the acquisition transaction will be completed.