San Leon Energy PLC Update on migration from CREST (8646R)
March 11 2021 - 1:00AM
UK Regulatory
TIDMSLE
RNS Number : 8646R
San Leon Energy PLC
11 March 2021
11 March 2021
San Leon Energy plc
("San Leon" or the "Company")
Update on migration of uncertificated shares from CREST to the
Euroclear Bank system
San Leon confirms that it has taken all necessary steps in
connection with the proposed migration of the electronic holding
and settlement of its shares from the CREST system to the Euroclear
Bank system (the "Migration").
The Migration is expected to take effect on Monday, 15 March
2021, alongside the migration to Euroclear Bank of the holding and
settlement of the securities of all Irish companies with securities
that are listed and traded in Dublin and/or London.
Migration
As previously announced, at the extraordinary general meeting of
the Company held on 1 February 2021 (the "EGM") shareholders
approved the Migration and authorised the Board to take all steps
necessary to implement it.
In accordance with the terms of the Migration of Participating
Securities Act 2019 and these authorities, the Company has
consented to the Migration and has made the requisite notifications
to the Irish Companies Registration Office and Euronext Dublin.
Accordingly, all steps required to be taken by the Company to give
effect to the Migration have now been completed.
Timetable for the Migration
Euronext Dublin announced on 8 March 2021 that Market Migration
remains scheduled to occur over the weekend of 12-15 March 2021, in
line with the indicative timetable that was included in the
Company's circular to Shareholders in relation to the EGM dated 6
January 2021 (the "EGM Circular"). Euronext Dublin has advised that
the 'live date' on which Migration is to take effect is 15 March
2021. This timetable remains subject to change by decision of
Euronext Dublin.
Euronext Dublin maintains a dedicated web page relating to
Market Migration (on which details of the timetable and other
relevant details can be found) at the following link:
https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank
Actions to be taken by San Leon shareholders
For San Leon shareholders who hold their shares in paper form
(i.e. outside of CREST and in "certificated" form) there will be no
change to what is owned and how it is held. Therefore, the impact
of the Migration on such shareholders is expected to be minimal and
no immediate action is required.
For San Leon shareholders who hold their shares through CREST
(in uncertificated form), the Migration will result in changes to
what is technically owned, how the interest is held, and how rights
related to the shares will be exercised. Details of those changes
are set out in the EGM Circular. Specifically:
-- Retail shareholders who hold their shares electronically in
CREST - through a broker, custodian or nominee - will continue to
hold their interest through that broker, custodian or nominee, as a
CREST Depository Interest or (assuming the broker, custodian or
nominee is or becomes a participant in the Euroclear System in the
way they are in CREST) as a Belgian Law Right in the Euroclear
System.
-- Institutional shareholders who hold their Shares
electronically in CREST directly in their own name (i.e. as a CREST
member), will continue to be able to hold their interests in shares
directly in their own name as a CREST Depository Interest or
(provided they become a participant in the Euroclear Bank system)
as a Belgian Law Right in the Euroclear Bank system. Where such
shareholders wish to hold their interests in shares via the
Euroclear Bank system but are not or do not become a Euroclear Bank
participant, they will need to enter into an arrangement with a
broker, custodian or nominee who is a participant, so that they can
hold the relevant interest for them.
If they have not done so already, San Leon shareholders holding
their shares in CREST are strongly encouraged to consult with their
stockbroker or other intermediary at the earliest opportunity. The
Migration will result in a significant change in both the form and
nature of shareholding in the Company, and the substance of, and
manner in which, rights can be exercised. In particular, the
Migration will result in important changes to the processes and
timelines for submitting proxy voting instructions for the
Company's AGM, which will be held later this year. Shareholders
should familiarise themselves with the new processes and timelines,
and ensure all necessary actions have been taken on their part and
by their stockbroker or other intermediary, to ensure they can
continue to enjoy their rights as a San Leon shareholder in the
context of the new Euroclear system.
Important notes
Unless the context otherwise required, defined terms used in
this announcement have the meanings given to them in Part 9 of the
EGM Circular.
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
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