Saffron Energy PLC Transaction, Suspension and Business Update (1905G)
28 Février 2018 - 8:33AM
UK Regulatory
TIDMSRON
RNS Number : 1905G
Saffron Energy PLC
28 February 2018
28 February 2018
Saffron Energy plc
("Saffron Energy" or the "Company")
Update on South East Asian Acquisitions
Withdrawal from the acquisition of Po Valley Operations Limited
("PVO")
Posting of a Supplementary AIM admission Document
Further to its announcement of 23 February 2018, Saffron Energy,
the pan Euro Asian gas explorer, is pleased to confirm significant
progress on a number of acquisitions in South East Asia and its
withdrawal, by mutual consent, from the acquisition of PVO from Po
Valley Energy Limited ("Po Valley Energy").
South East Asian activities
The Company confirms that it is currently reviewing and
negotiating a number of substantial and highly prospective
opportunities in South East Asia. These opportunities are
consistent with its multi Tcf exploration gas strategy.
Further announcements in respect of any new asset acquisitions
will be released as these various opportunities develop.
Withdrawal from the PVO acquisition.
On 16 February 2018, the Company announced that it had published
a circular to shareholders comprising an AIM admission document
("AIM Admission Document"), convening a general meeting at which
shareholders were invited to approve, inter alia, the proposed
acquisitions of Sound Energy Holdings Italy Limited ("SEHIL") and
PVO and the issue of shares necessary to complete the fundraising
announced on 22 January 2018.
Given the rapid pace of development of the Company's activities
in South East Asia, the regulatory and taxation issues inherent in
the Po Valley Energy corporate approval process and the Saffron
board's desire to limit upfront equity dilution, the Company has
mutually agreed with Po Valley Energy to terminate the PVO
acquisition agreement.
As required by the AIM Rules for Companies, the Company will
shortly be issuing a Supplementary AIM admission document
reflecting these changes ("Supplementary AIM Admission Document").
The Company believes that the timetable for re-admission is
unlikely to be substantially changed from that set out in the AIM
Admission Document.
The Supplementary AIM Admission Document is expected to confirm
that the general meeting to approve the acquisition of SEHIL and
the issue of shares necessary to complete the fundraising announced
on 22 January 2018, will be held on 29 March 2018. The Company has
received an irrevocable undertaking from Po Valley Energy, which
currently holds 50 per cent. of the Company's Ordinary Shares, to
vote in favour of the resolutions. Should Shareholders pass the
requisite resolutions and, subject to the satisfaction of certain
other conditions, admission of the enlarged Group, and the issue of
the shares necessary to complete the fundraising announced on 22
January 2018, is expected to take place on or around 9 April 2018,
as envisaged in the AIM Admission Document.
A further announcement will be made once the Company has
published its Supplementary AIM Admission Document, which it
expects to do by 2 March 2018 when an update on the Company's
planned GBP13.4million funding will also be provided, at which time
the Company expects that the suspension of trading in its shares,
announced on 23 February 2018, will be lifted.
Sara Edmonson, Saffron Energy's Chief Executive Officer
commented:
"A huge amount of work is already in progress as we position our
company with a clear runway for our SE Asian gas strategy, which we
anticipate will take off in the next few weeks with the
announcement of our first proposed acquisition. We are delighted to
be able to dedicate a substantial proportion of both management
bandwidth and the significant cash resources we expect to have
after Admission to our Asian growth strategy for the benefit of a
smaller and less diluted shareholder base. We look forward to
updating investors on progress in due course."
Saffron Energy plc / Coro
Energy plc s.edmonson@coroenergyplc.com
Sara Edmonson, Chief Executive j.parsons@coroenergyplc.com
Officer
James Parsons, Non-Executive
Chairman
Grant Thornton UK LLP (Financial Tel: +44 (0)20 7383
and Nominated Adviser) 5100
Colin Aaronson/Jen Clarke/Harrison
J Clarke
Turner Pope Investments (TPI) Tel: +44 (0)20 3621
Ltd (Broker) 4120
Ben Turner/James Pope info@turnerpope.com
The information contained 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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