Advance Energy PLC Exclusivity Extension (5754E)
31 Octubre 2022 - 1:00AM
UK Regulatory
TIDMADV
RNS Number : 5754E
Advance Energy PLC
31 October 2022
31 October 2022
Advance Energy plc
("Advance Energy" or the "Company")
Exclusivity Extension
Advance Energy plc ( AIM:ADV ), the energy company seeking
growth through acquisition or farm-in to interests in discovered
upstream projects, announces, further to the Company's announcement
of 9 September 2022 regarding the non-binding Heads of Terms in
respect of the potential acquisition of a European oil and gas
company ("HoT) ( the "Potential Acquisition"), that the previously
agreed exclusivity period has been extended from 29 October 2022 to
28 November 2022.
The parties continue to work diligently towards concluding a
definitive agreement and the Company will provide further updates
in due course.
It is noted that the Potential Acquisition would be considered a
reverse transaction under the AIM Rules for Companies ("AIM Rules")
and is therefore subject, inter alia, to the issue of a new AIM
Admission Document that would set out details of the Potential
Acquisition and convene a General Meeting of the Company to obtain
shareholder approval for the Potential Acquisition.
The Company's shares were temporarily suspended from trading on
AIM on 9 September 2022, to remain so until Advance Energy is in a
position to publish an associated AIM Admission Document for the
Potential Acquisition.
As announced on 27 May 2022, Advance Energy became a cash shell
on that date under AIM Rule 15. As a result, the Company had six
months from that date to complete a reverse transaction or trading
in the Company's shares would be suspended under the AIM Rules. As
Advance Energy will not be able to complete a reverse transaction
within that time, its shares will remain temporarily suspended from
trading on AIM for a further six months until such time as the
Potential Acquisition or another reverse transaction is completed.
In the event that a reverse transaction is not completed within the
further six months, the Company's shares would be cancelled from
AIM.
It should be noted there is no certainty that the Potential
Acquisition, or any transaction, will take place.
Enquiries:
Advance Energy plc
L arry Bottomley (CEO) +44 (0)1624 681 250
Strand Hanson Limited (Financial and Nominated Adviser)
Rory Murphy / James Bellman +44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / Jon Krinks +44 (0)20 7466 5000
Tennyson Securities Limited (Joint Broker)
Peter Krens / Ed Haig-Thomas +44 (0)20 7186 9030
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
To register for Advance Energy's email alerts, please complete
the following form:
https://www.advanceplc.com/media-centre/news/#alerts
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
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October 31, 2022 03:00 ET (07:00 GMT)
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