SDX Sdx Energy Plc

TIDMSDX

RNS Number : 8152K

SDX Energy PLC

30 August 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

30 August 2023

HEADS OF TERMS SIGNED FOR THE DISPOSAL OF EGYPTIAN ASSETS

   --   SDX has signed Heads of Terms for the disposal of all its Egyptian assets; 
   --   The buyer is a large multinational operator, with existing Egyptian interests; 
   --   The transaction is expected to complete by the end of Q4 2023; 

-- Under new senior management SDX is seeking to optimise its asset portfolio, enabling it to position the company for both organic and inorganic growth;

-- SDX continues to examine value-accretive opportunities across Moroccan energy infrastructure and the energy transition.

The Company is pleased to announce that it has entered into non-binding Heads of Terms ("Heads of Terms") with a large multinational operator to divest of all of its Egyptian assets (the "Disposal"). The Company expects to close the transaction by year-end.

The signed Heads of Terms represents an important milestone, towards crystallising value for shareholders and optimising the Company's asset portfolio. The Disposal will position the Company for upcoming diversification into Morocco's energy transition sector. Moving towards the energy transition narrative also gives access to a wider pool of capital, setting SDX on a new path of growth with the ultimate aim of delivering sustainable returns for shareholders.

It is envisaged that the Disposal, if completed, would constitute a fundamental change of business pursuant to AIM Rule 15 - the consideration, as currently calculated in the Heads of Terms, will significantly exceed the market cap Consideration Test threshold. The Disposal would therefore also require the consent of SDX shareholders being given in a general meeting. Upon signing a sale and purchase agreement, the Company will issue a further announcement and publish a circular containing details of the Disposal and convene a general meeting.

Completion of the Disposal will be subject to, among other conditions, the negotiation of final transaction documentation and obtaining Egyptian government approvals for the sale. The Heads of Terms are non-binding and, therefore there can be no certainty that the Disposal will complete.

The Company will make further announcements as appropriate.

Daniel Gould, Managing Director, commented:

"The planned sale of SDX's Egyptian assets will be a significant milestone on the Company's transition roadmap that we will soon be presenting to our shareholders. SDX, re-energised with new management, will focus on monetising exciting opportunities around its Moroccan assets and related energy transition sector-plays in order to reward and deliver capital growth to our shareholders in the near term."

For further information:

 
SDX Energy Plc 
 Daniel Gould, Managing Director 
 William McAvock, Chief Financial 
 Officer 
 Tel: +44 (0) 20 3219 5640 
Shore Capital (Nominated Adviser and Broker)                                                                                       Shore Capital (Nominated Adviser and Broker) 
 Toby Gibbs/Iain Sexton                                                                                                             Toby Gibbs/Iain Sexton 
 Tel: +44 (0) 20 7408 4090                                                                                                          Tel: +44 (0) 20 408 4090 
 
  InHouseIR (Investor and Media Relations) 
  Sarah Dees/Oliver Clark 
  Email: sdx@inhouseir.com 
  Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669 
Camarco (PR) 
 Billy Clegg/Owen Roberts/Violet Wilson                                                                                             Camarco (PR) 
 Tel: +44 (0) 20 3757 4980                                                                                                          Billy Clegg/Owen Roberts/Violet Wilson 
                                                                                                                                    Tel: +44 (0) 203 757 4980 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISFIFFATIIIVIV

(END) Dow Jones Newswires

August 30, 2023 05:23 ET (09:23 GMT)

Sdx Energy (LSE:SDX)
Gráfica de Acción Histórica
De Abr 2024 a May 2024

Sdx Energy (LSE:SDX)
Gráfica de Acción Histórica
De May 2023 a May 2024