Primorus Investments PLC Disposal of Interest in Horse Hill - Update (2462Z)
30 Agosto 2018 - 2:00AM
UK Regulatory
TIDMPRIM
RNS Number : 2462Z
Primorus Investments PLC
30 August 2018
Primorus Investments plc
("Primorus" or the "Company")
Update on Sale of Interest in HHDL to UKOG PLC
Primorus Investments plc (AIM: PRIM, NEX: PRIM) announces an
update to its announcement dated 20 August 2018 regarding the
disposal of its 5% interest in Horse Hill Developments Limited
("HHDL") to UK Oil and Gas plc ("UKOG").
The Company notes the announcement made today by UKOG regarding
its acquisition of an additional 15% of Horse Hill Developments Ltd
("HHDL") from Solo Oil plc ("Solo Transaction"). This announcement
states that, to ensure parity with the acquisition of 5% of HHDL
announced on 20 August 2018 it has agreed with the Company to issue
a further 6,501,173 new ordinary shares in UKOG in order that both
the Solo Transaction and the Company's transaction will be
completed at GBP300,000 per 1% of HHDL.
The Company is therefore pleased to announce that it has been
advised that it will receive increased sale consideration of GBP
125,000 by way of the additional 6,501,173 UKOG shares.
As a result of this increase the total consideration receivable
by the Company is GBP 1,500,000, made up of 375,000 in cash and the
balance of GBP 1,125,000 by way of 63,644,030 UKOG shares.
This is conditional on the written consent of each of the
members of HHDL to the sale of shares as set out in HHDL's articles
of association.
Once the disposal is completed, Primorus will no longer hold a
direct interest in HHDL but will retain exposure to the project via
share ownership in UKOG plc.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The directors of Primorus accept responsibility for this
announcement.
For further information, please contact:
+44 (0) 20 7440
Primorus Investments plc: 0640
Alastair Clayton
+44 (0) 20 7213
Nominated Adviser: 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson / Richard
Nash
+44 (0) 20 3621
Broker: 4120
Turner Pope Investments Limited
Andy Thacker
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END
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