San Leon Energy PLC Director's Dealing and Holding in Company (6510J)
December 23 2020 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 6510J
San Leon Energy PLC
23 December 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
23 December 2020
San Leon Energy plc
("San Leon" or the "Company")
Director's Dealing and Holding in Company
On 7 May 2020 Oisin Fanning, Chief Executive of San Leon, agreed
to purchase 98,000,000 ordinary shares in San Leon from funds
managed by Toscafund Asset Management LLP ("Toscafund") at a price
of 21.0 pence per ordinary share. A PDMR notification by Mr Fanning
was subsequently announced by the Company on 11 May 2020. The
corresponding sale of ordinary shares by Toscafund was announced by
the Company on 12 May 2020.
Owing to unforeseen complications, which in part have been
related to ongoing uncertainties in financial markets due to
Covid-19, it has taken considerably longer for Mr Fanning to
arrange financing than he expected and consequently settlement of
the share purchase has not occurred.
None of the delay in attaining funding or settlement has been
related to the Company's actual or expected performance and,
furthermore, Toscafund has been supportive of the efforts Mr
Fanning has gone to in endeavouring to settle the purchase
consideration.
Both Mr Fanning and Toscafund continue to believe strongly in
the alignment and positive backdrop that the completion of a share
purchase such as this creates but nevertheless both parties have
agreed that the prudent course of action is to recognise that the
original share trade will not be settled as originally expected.
Accordingly, Mr Fanning will cease to have any interest in, and
funds managed by Toscafund own, the 98,000,000 ordinary shares that
were the subject of the transaction and the parties have agreed
there is no outstanding liability between them in relation to the
transaction.
Toscafund has confirmed to the Company and Mr Fanning that it
understands that the non-completion of the transaction has been due
to a number of circumstances not apparent at the time of the trade.
Toscafund has further reaffirmed its support of the Board of San
Leon and the Company's strategy to invest in strategic assets
whilst maintaining a financially strong position.
Following this transfer Mr Fanning owns 9,495,864 ordinary
shares in the Company, representing 2.1% of the issued share
capital of the Company.
Further to the above, San Leon announces that it was informed on
22 December 2020 that funds managed by Toscafund now hold
330,570,719 ordinary shares in the Company, representing 73.5% of
the issued share capital of the Company.
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
Allenby Capital Limited
(Nominated adviser and joint broker to the Company) +44 20 3328 5656
Nick Naylor
Alex Brearley
Asha Chotai
Panmure Gordon & Co
(Joint broker to the Company) +44 20 7886 2500
Nick Lovering
Brandon Hill Capital Limited
(Joint broker to the Company) +44 20 3463 5000
Oliver Stansfield
Jonathan Evans
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Oisin Fanning
------------------------------ --------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status CEO
------------------------------ --------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ --------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name San Leon Energy plc
------------------------------ --------------------------------
b) LEI 213800KA6RMGIPCDRZ19
------------------------------ --------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------
a) Description of the Ordinary shares of 0.01 EUR
financial instrument,
type of instrument
------------------------------ --------------------------------
Identification code IE00BWVFTP56
------------------------------ --------------------------------
b) Nature of the transaction
------------------------------ --------------------------------
c) Price(s) and volumes(s) Price - nil
Volume - 98,000,000
------------------------------ --------------------------------
d) Aggregated information As above
------------------------------ --------------------------------
- Aggregated volume
------------------------------ --------------------------------
- Price
------------------------------ --------------------------------
e) Date of the transaction 22 December 2020
------------------------------ --------------------------------
f) Place of the transaction Off market
------------------------------ --------------------------------
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END
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