- Gem Capital said it had made a £19.16 million cash offer to acquire oil and gas explorer Volga Gas.

Upon completion of the deal, Volga Gas would become a private company, and its shares delisted from the London Stock Exchange.

Volga Gas shareholders would receive 23.71p per share, representing a discount of about 3.22% to the closing price of 24.50 pence per Volga Gas Share on 13 November.

The company said shareholders, representing about 80.07% of Volga Gas's existing issued ordinary share capital, had indicated they would be open to the offer.

'We believe that Volga Gas has significant potential but that, given its size, operating environment and geographic focus, it would fare far better as a private company with a simplified and more cost effective corporate structure, while benefitting from our support and assistance.'

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