San Leon Energy PLC Replacement:Conditional offer & Publication of AA (7831J)
June 30 2017 - 8:25AM
UK Regulatory
TIDMSLE
RNS Number : 7831J
San Leon Energy PLC
30 June 2017
This announcement replaces the announcement released at 7:00am
on 30 June 2017 (RNS Number 6704J) and now includes a statement
confirming this announcement has been made with the approval of the
Offeror and a clarificatory statement relating to the nature of the
conditionality of the Offer in relation to due diligence.
30 June 2017
This is an announcement falling under Rule 2.4 of the Irish
Takeover Panel Act, 1997, Takeover Rules, 2013 (the "Takeover
Rules").
San Leon Energy plc
("San Leon" or the "Company")
Receipt of conditional offer for the Company and publication of
annual accounts
San Leon announces that it received yesterday a conditional
offer to purchase all the entire issued and to-be-issued shares in
the Company. The offeror is China Great United Petroleum (Holding)
Limited ("China Great United" or the "Offeror"), which has stated
that it is in the process of retaining GMP Securities as its
financial advisor for the proposed transaction. China Great United
signed a non-disclosure agreement on 16 May 2017 in order to
discuss the Company's assets.
China Great United has proposed an indicative purchase price of
approximately 67-76 pence per share. It states that the offer is
conditional on it completing final due diligence to its
satisfaction. The completion of due diligence is a pre-condition of
the offer and has to be satisfied prior to the making of any firm
offer under Rule 2.5 of the Takeover Rules. China Great United
expects to be in a position to make a formal offer within 45
days.
This announcement does not constitute an announcement of a firm
intention to make an offer under Rule 2.5 of the Takeover Rules and
accordingly, there can be no certainty that any offer will be made
even if the pre-condition referred to above is satisfied.
There can be no certainty that an offer will be made or as to
the terms on which any offer might be made.
A further announcement will be made, as appropriate, in due
course.
Publication of annual accounts
The Company is required to publish its annual accounts for the
year ended 31 December 2016 ("Accounts") within 6 months of the
year end under rule 19 of the AIM Rules for Companies. In the event
that the Company cannot publish its Accounts within that timeframe,
then the Company's ordinary shares would be temporarily suspended
from trading on AIM with immediate effect. The Company together
with its auditors is working towards finalising its Accounts before
the deadline albeit there is a risk that the ordinary shares may be
temporarily suspended from trading at 7.30 am on 03 July 2017,
pending such publication.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Directors' Responsibility Statement
The Directors of San Leon accept responsibility for the
information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure
such is the case), the information contained in this announcement
is in accordance with the facts and does not omit anything likely
to affect the import of such information.
This announcement is being made with the approval of China Great
United, being the Offeror in relation to the conditional offer for
San Leon referenced in this announcement.
Enquiries:
+ 353 1291
San Leon Energy plc 6292
Oisin Fanning, Chief Executive
Whitman Howard Limited (Financial +44 20 7659
adviser and Joint broker) 1234
Nick Lovering
Francis North
SP Angel Corporate Finance LLP +44 20 3470
(Nominated Adviser) 0470
Richard Morrison
Richard Hail
Soltan Tagiev
Brandon Hill Capital Limited (Joint +44 203 463
broker to the Company) 5000
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial +44 207 830
Public Relations) 9700
Chris McMahon
Alexandra Roper
+353 1 280
Plunkett Public Relations 7873
Sharon Plunkett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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