San Leon Energy PLC Discussions with Midwestern (5842V)
November 03 2017 - 1:25PM
UK Regulatory
TIDMSLE
RNS Number : 5842V
San Leon Energy PLC
03 November 2017
3 November 2017
San Leon Energy plc
("San Leon" or the "Company")
Discussions with Midwestern
The Company notes the article in City AM concerning the ongoing
discussions relating to an offer for the Company. San Leon can
confirm that it received a letter on 11 September 2017 from
Midwestern Oil and Gas Limited ("Midwestern") with an indicative
proposal that included San Leon acquiring Midwestern's shares in
Midwestern Leon Petroleum Limited ("MLPL") (the "Proposal").
Midwestern and San Leon are both indirect shareholders in Eroton,
the operator of OML 18, onshore Nigeria, through their respective
shareholdings in MLPL. The Proposal did not include an offer by
Midwestern to acquire the issued share capital of San Leon. The
Proposal had a long stop date of 31 October 2017 by which San Leon
was to accept the Proposal and San Leon did not agree to the
Proposal by said date.
San Leon remains in discussions with Midwestern, which are at a
very early stage and broad ranging, regarding a potential corporate
transaction, which could include an offer by Midwestern for San
Leon or an offer by San Leon for certain assets of Midwestern. Such
an acquisition could constitute a reverse takeover under the AIM
Rules for Companies (the "AIM Rules") and, in accordance with rule
14 of the AIM Rules, would require the publication of an AIM
admission document ("Admission Document") and approval of
shareholders of the Company at a general meeting to proceed.
Accordingly, the Company's ordinary shares will remain suspended
from trading pending the termination of these discussions or the
publication of an Admission Document. These discussions may or may
not lead to a transaction being completed between San Leon and
Midwestern.
A further announcement will be made in due course.
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.
Enquiries:
+ 353 1291
San Leon Energy plc 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP +44 20 3470
(Nominated Adviser) 0470
Richard Morrison
Richard Hail
Soltan Tagiev
Whitman Howard Limited (Financial +44 20 7659
adviser and Joint broker) 1234
Nick Lovering
Francis North
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
Patrick d'Ancona
Chris McMahon
+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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