Pharos Energy (PHAR): Offer for the company
This situation live
PHAR Pharos Energy
24 Jun 2026 · offer · 28p · +20% until the next step
the agreed terms of the Acquisition delivers immediate and certain value in cash to Pharos Shareholders at a level which, in the unanimous view of the Pharos Directors, fairly reflects the future pros
13 Aug 2026 · recommendation withdrawn · −1% until the next step
As noted in the Increased Ratio Offer Announcement, the Pharos Directors have withdrawn their recommendation of the Serica Offer and have determined not to proceed with the scheme of arrangement to im
28 Aug 2026 · offer · −1% until the next step
The requisite majority of Pharos Shareholders voted to pass the Resolution at the General Meeting to implement the Scheme.
23 Sep 2026 · approved · 4.4% above the offer · −2% since
The recommended acquisition of Pharos by Ratio Petroleum, approved by shareholders on 28 August 2026, continues to progress and remains subject to the satisfaction of the remaining conditions set out
Offer for the company
approved · 4.4% above the offer
Offer28p in cash
Premium+10% on 25.4p
Spread now-4.4% to the offer
Boardrecommends
Irrevocables41.76%
As of 23 Sep 2026 ↗
Next: Remaining Vietnam and Egypt regulatory consents, then court Sanction Hearing
Every step · 4
- 24 Jun 2026 offer · 28p – the agreed terms of the Acquisition delivers immediate and certain value in cash to Pharos Shareholders at a level which, in the unanimous view of the... ↗
- 13 Aug 2026 recommendation withdrawn – As noted in the Increased Ratio Offer Announcement, the Pharos Directors have withdrawn their recommendation of the Serica Offer and have determined not to... ↗
- 28 Aug 2026 offer – The requisite majority of Pharos Shareholders voted to pass the Resolution at the General Meeting to implement the Scheme. ↗
- 23 Sep 2026 approved · 4.4% above the offer – The recommended acquisition of Pharos by Ratio Petroleum, approved by shareholders on 28 August 2026, continues to progress and remains subject to the... ↗
What is happening
Pharos Energy: Offer for the company – approved · 4.4% above the offer. ['approved']
- In short
- Ratio agreed a recommended cash offer on 24 Jun 2026 and the Scheme Document followed on 21 Jul. Serica's rival bid on 26 Jul lapsed on 13 Aug after Ratio raised its offer on 7 Aug. Shareholders approved the scheme on 28 Aug. The 23 Sep interim results say Ratio and Pharos are pursuing the required Vietnam and Egypt consents, with the Sanction Hearing still to come.
- Announced
- 24 Jun 2026 · offer · 28p
- Latest
- 23 Sep 2026 · approved
- Irrevocables
- 173,850,637 Pharos Shares, approximately 41.76% of issued share capital
- Court Meeting
- 98.45% of Scheme Shares voted in favour; 42 of 54 holders (77.78%) for, on 28 Aug 2026
- General Meeting
- 98.46% of votes cast in favour (320,475,890 for, 5,026,894 against)
- Remaining conditions
- Remaining Regulatory Conditions and Court sanction at the Sanction Hearing
- Timetable
- Scheme expected to become Effective in H1 2027; company will update shareholders on progress
- Bidder
- Ratio Petroleum Energy LP; Serica offer lapsed 13 Aug 2026, barred from bidding for 12 months
- Shareholder vote
- Scheme approved at both meetings on 28 Aug 2026; 98.45% of Scheme Shares voted for at the Court Meeting
- Conditions
- Remaining Regulatory Conditions (consents in Vietnam and Egypt) and court sanction at the Sanction Hearing
What comes next
Remaining Vietnam and Egypt regulatory consents, then court Sanction Hearing.
From the company's own announcements. Not investment advice.
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Project milestonesVietnam six-well drilling programme – Two of six wells drilled; third rig mobilising
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Pharos Energy – company page →