Share Purchase Agreement Signed (3916A)
March 30 2012 - 1:00AM
UK Regulatory
TIDMNGP
RNS Number : 3916A
Niche Group (The) PLC
30 March 2012
Embargoed: 07:00hrs, 30 March 2012
The Niche Group plc
("Niche" or the "Company")
Update Re. Proposed Acquisition:
Share Purchase Agreement Signed
Further to the announcement of 26 March 2012 regarding the
proposed acquisition of Oman Resources Limited ("Oman"), Niche, the
oil and gas focused investment company, is pleased to announce that
it has entered into a Share Purchase Agreement (the "SPA") for the
acquisition of the entire issued share capital of Oman (the "Oman
Transaction").
Completion of the SPA is subject to a number of conditions
including (i) the Company having entered into an agreement to
acquire Arar Petrol ve Gaz AUPAS's interests in the four petroleum
licence blocks (the "Blocks") held in partnership with Oman (the
"ARAR Transaction"); (ii) the publication of an Admission Document
in connection with the Oman Transaction and the ARAR Transaction;
(iii) Niche shareholder approval of the Oman Transaction and the
ARAR Transaction having been obtained; and (iv) the Company having
completed a fundraising sufficient in quantum to satisfy ongoing
working capital requirements and to fulfil licence conditions (the
"Placing"). The consideration payable by the Company under the SPA
is EUR1.
The SPA also includes an undertaking by the Company to procure
repayment of loans to Oman totalling GBP1,000,000 in aggregate. The
GBP1,000,000 will then be used by those lenders, in respect of such
loans, to subscribe for new ordinary shares of 1p each in the
Placing at the relevant placing price. Under the terms of the SPA,
the existing convertible loan agreements with Oman will remain in
full force and effect.
Shareholders should note that, as previously advised, Niche can
give no assurances that the conditions set out above will be met
and that the Oman Transaction will be completed. However, it is the
opinion of the directors that all parties are fully committed to
the process and believe that a successful outcome is
achievable.
Enquiries:
The Niche Group plc
Stuart Thomas
Tel. +44 (0)1491 629609
Deloitte LLP - Nominated Adviser
Oliver Rigby or Jon Hinton
Tel: +44 (0)20 7007 1815
M: Communications
Ben Simons
Tel. +44 (0)20 7920 2340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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