Andalas Energy and Power Plc Result of EGM
March 15 2019 - 6:57AM
UK Regulatory
TIDMADL
15 March 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Result of AGM and Total Voting Rights
The Extraordinary General Meeting ("EGM") for Andalas Energy and Power plc
(AIM:ADL) was held today at 10.00am. All resolutions were passed.
Following the passing of the resolutions at the EGM, the Conditional Placing,
as announced on 27 February 2019, was approved.
Accordingly, the Company has issued the conditional placing shares totalling
48,888,889 Ordinary Shares, which will rank pari passu in all respects with all
existing ordinary shares in the Company, and has applied for Admission to
trading on AIM of such shares with effect from 19 March 2019 ("Admission").
Following Admission, the Company will have an issued share capital of
603,970,301 Ordinary Shares.
Simon Gorringe, CEO of Andalas Energy & Power PLC said: "With the EGM
resolutions passed, we can focus on the Colter South discovery and new
opportunities for the Company. We believe that the market has undervalued the
positive drill results at the Colter South discovery and the impact of the
recently completed placing on the Company's cash position. The conditional
element of that placing can now complete. It will provide an additional cash
injection at a time when the Company has no outstanding asset funding
commitments.
"Our immediate focus is to continue to support the joint ventures' evaluation
of the Colter South discovery, which includes the assessment of the data from
both the initial well and the side track as well as the data from the previous
wells and seismic across the licence area over the coming weeks. In addition
we are currently reviewing a number of opportunities, which could create
significant value for shareholders. We look forward to updating the market in
the near future as and when these opportunities develop further.
"In closing Andalas would like to take this opportunity to thank its
shareholders and advisors for their continued support of the company as we
continue to work towards our long term objective of building a substantial
production and exploration company."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Simon Andalas Energy and Power Plc Tel: +62 21 2965 5800
Gorringe
Roland Beaumont Cornish Limited Tel: +44 20 7628 3396
Cornish/ (Nominated Adviser)
James
Biddle
Colin Novum Securities Limited Tel: +44 207 399 9427
Rowbury (Joint Broker)
Christian Optiva Securities Limited Tel: +44 20 3411 1881
Dennis (Joint Broker)
Stefania Cassiopeia Services Ltd Stefania@cassiopeia-ltd.com
Barbaglio
END
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