Advance Energy PLC Completion of Acquisition, Admission and TVR (8073V)
April 19 2021 - 1:00AM
UK Regulatory
TIDMADV
RNS Number : 8073V
Advance Energy PLC
19 April 2021
19 April 2021
Advance Energy plc
("Advance Energy" or the "Company")
Completion of Acquisition,
Admission and Total Voting Rights
Advance Energy plc ( AIM:ADV ), the energy company seeking
growth through acquisition or farm-in to non-operated interests in
discovered upstream projects, is pleased to announce the completion
of its acquisition of a 50 per cent. equity interest in Carnarvon
Petroleum Timor Unipessoal Lda ("Carnarvon Petroleum Timor"), the
holder of a 100 per cent. working interest in, and the contractor
of, the Buffalo PSC, offshore Timor-Leste ("Acquisition"). The
Acquisition constituted a reverse takeover of the Company, pursuant
to the AIM Rules.
Advance Energy is also pleased to announce that admission of its
Enlarged Share Capital to trading on the AIM Market of the London
Stock Exchange will take place at 8:00a.m. this morning
("Admission"). The Company's Admission follows a successful
placing, raising gross proceeds of GBP21,842,600 via the issue of
840,100,000 Ordinary Shares at a price of 2.6 pence per share (the
"Placing"). The net proceeds of the Placing will be utilised to
fund the subscription by Advance Energy TL Limited ("AETL") for
equity in Carnarvon Petroleum Timor, which will be applied by
Carnarvon Petroleum Timor to fund the drilling of the B-10
Appraisal Well and certain Buffalo PSC related costs, and for the
Company's general working capital requirements.
On Admission, completion of the Buffalo Subscription Agreement
becomes effective in escrow with the Escrow Agent being required to
date the Escrow Documents and so completing the Acquisition.
Following receipt by the Escrow Agent of copies of bank transfers
showing that AETL has transferred or procured the transfer of the
subscription amount of US$20 million payable under the Buffalo
Subscription Agreement to the bank account of Carnarvon Petroleum
Timor, the Escrow Agent will release the Escrow Documents to the
various parties. This is expected to happen on or around 21 April
2021.
As announced on 16 April 2021 and as approved by shareholders,
the Company has undertaken a Capital Consolidation, whereby every
ten Existing Ordinary Shares were consolidated into one New
Ordinary Share. The Existing Ordinary Shares have been cancelled
from trading on AIM and the New Ordinary Shares, including the
Accrued Director Fee Shares and the Placing Shares, will be
admitted to trading on AIM with effect from 8.00 a.m. today under
the new ISIN of IM00BKSCP798 with SEDOL number BKSCP79.
On Admission, the Company will have 1,027,613,961 New Ordinary
Shares with voting rights in issue. There are no New Ordinary
Shares held in treasury. The figure of 1,027,613,961 may be used by
shareholders, following Admission, as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Capitalised terms used in this announcement (unless otherwise
defined) carry the same meanings as those ascribed to them in the
Company's Admission Document dated 31 March 2021 and/or the
Company's announcement of 31 March 2021, unless the context
requires otherwise .
The Admission Document and further information on the Company
can be found on Advance Energy's website at: www.advanceplc.com
Enquiries:
Advance Energy plc
Leslie Peterkin (CEO) / Stephen +44 (0) 1624
West (CFO) 681 250
Strand Hanson Limited (Financial and Nominated
Adviser)
Rory Murphy / James Harris / James +44 (0) 20 7409
Bellman / Georgia Langoulant 3494
Buchanan (Public Relations)
+44 (0) 20 7466
Ben Romney / Kelsey Traynor 5000
Tennyson Securities (Joint Broker)
+44 (0)20 7186
Peter Krens / Ed Haig-Thomas 9030
Optiva Securities Limited (Joint
Broker)
+44 (0) 20 3411
Christian Dennis 1881
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
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END
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