Gunsynd PLC Update on Oyster Transaction (6908D)
October 30 2020 - 2:00AM
UK Regulatory
TIDMGUN
RNS Number : 6908D
Gunsynd PLC
30 October 2020
Gunsynd plc
("Gunsynd" or the "Company")
Update on Oyster Transaction
On 12 May 2020 Gunsynd (AIM: GUN, AQSE: GUN) announced that it
had agreed with Sajawin Pty Limited ("Sajawin") to extend the
deadline for the unmet Conditions Precedent of the Term Sheet
regarding the disposal of Gunsynd's shareholding in Oyster Oil and
Gas Limited through a share purchase variation agreement term sheet
("Variation Term Sheet"), from 30 April 2020 to 30 October 2020.
The announcement further stated that if any of the Conditions
Precedent were not satisfied by 30 October 2020, then either Party
may terminate the Term Sheet and the Variation Term Sheet, at which
time the Parties' rights and obligations under the Term Sheet and
the Variation Term Sheet would immediately cease and Gunsynd would
immediately return the initial payments to Sajawin.
The Conditions Precedent have not been met as the Madagascar
government has yet to renew the licence. Gunsynd remains in
discussions over the transaction and will update the market as and
when material developments occur.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 20 7469 0930
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