AAOG Anglo African Oil & Gas Plc

TIDMAAOG

RNS Number : 8409L

Anglo African Oil & Gas PLC

04 May 2020

Anglo African Oil & Gas plc ("AAOG" or "the Company")

Result of General Meeting

and

AIM Rule 15

Anglo African Oil & Gas plc announces that, at the general meeting, held earlier today (the "General Meeting") the resolution put to the meeting was duly passed.

The passing of the resolution at the General Meeting satisfies the key condition precedent to completion ("Completion") of the disposal of Anglo African Oil & Gas Congo S.A.U. ("AAOGC") in the manner announced on 17 April 2020. From Completion, which is anticipated later today, Zenith will assume responsibility for all liabilities within and ongoing costs associated with AAOGC, and as a result, shareholders in AAOG will no longer have any exposure to the Tilapia asset or its liabilities or receivables.

The result of Poll Votes:

 
 
     Resolution           For   Against         Total   Percentage   Withheld         Total   Percentage 
                                                votes     of total                  of poll     of total 
                                                 cast        votes                                  poll 
                                                              cast                                     % 
                                                                 % 
---------------  ------------  --------  ------------  -----------  ---------  ------------  ----------- 
 Approve 
  the Further 
  Deed 
  of Variation    170,186,150   714,167   170,900,317        99.6%    592,934   171,493,251        99.2% 
 

AIM Rule 15

Upon Completion, expected later today, the Company will become an AIM Rule 15 cash shell and, as such, is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from this date. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8 (which requires, inter alia, the raising of at least GBP6 million and the publication of an admission document). In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified.

With the consideration received from Zenith for the disposal of AAOGC, the Company has sufficient resources for at least the next five months.

Enquiries:

 
 Anglo African Oil & Gas plc                  info@aaog.com 
 Sarah Cope, Non-Executive Chair 
 
 finnCap Ltd (Nominated Adviser and Broker)   Tel: +44 20 7220 0500 
 Christopher Raggett, Giles Rolls, Teddy 
  Whiley (Corporate Finance) 
 Camille Gochez (ECM) 
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

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END

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