Upland Resources rejects 'very preliminary' bid approach at 14p a share

Shares of Upland Resources rocketed on Monday after the oil and gas company confirmed it had received and rejected an unsolicited, "very preliminary" approach about a possible takeover offer at 14p a share from SEC Capital.

In a very brief statement responding to press speculation, it said: "The board has unequivocally rejected the approach as it believes it significantly undervalues the current potential of the company."

At 0850 BST, the shares were up 109% at 6.16p.