Exillon announced on 30 July 2013 that it had received an approach from Mr Maksat Arip that could lead to an offer being made for the Company. Since that time, the Company has received additional preliminary and conditional approaches in relation to an acquisition of Exillon.

Accordingly, the Board of Exillon has unanimously decided to conduct a strategic review of the Company's options, including a potential sale of the Company. Any discussions relating to a sale of the Company would be conducted under the framework of a "formal sale process" under the City Code on Takeovers and Mergers (the "Code"), under which the Board of Exillon would be able to have discussions with third parties interested in such a transaction on a confidential basis.

Exillon's Chairman, David Herbert, commented,"Exillon's assets remain materially undervalued by the market. The Board has unanimously concluded that the best way to maximise value for all shareholders at this time is to conduct a strategic review, including an objective auction process."

Tags: Exillon Energy