Market Update and Cancellation of AIM Listing
15 Diciembre 2009 - 1:00AM
UK Regulatory
TIDMTMAN
RNS Number : 0980E
Timan Oil & Gas Plc
15 December 2009
TIMAN OIL AND GAS PLC
("Timan" or the "Company")
Market Update and Cancellation of AIM Listing
Further to previous announcements, the Board of Timan (the "Board") announces
that Kamanisk Holdings ("Kamanisk") retains the title to the Company's former
subsidiaries Neftegazopromyslovye Tekhnologii Limited ("NGPT"), Komineftegas
Limited Liability Company ("KNG") and Timan Management Limited Liability Company
("Timan Management") (the "Subsidiaries"). The Board is committed to restoring
ownership of the Subsidiaries, however, Kamanisk's conditions relating to the
return of the Subsidiaries substantially increase the cost of such a transaction
and delay the prospect of its completion. This severely limits the ability of
the Company to raise any funding, which further undermines the operational and
financial situation in the Company.
The situation outlined above has hindered the Company's ability to satisfy the
necessary requirements to support its AIM admission, including engagement of a
Nominated Adviser and development of a timetable by which the audit might be
completed. Further to the announcement of 24 November 2009, the Company
announces that Timan's AIM admission will be cancelled at 8 am on 15 December
2009.
The Board has reached an agreement with Alexander Lebedev in respect of the
principles for financing of the Company and strengthening of the Board with
appropriate, experienced executive Directors. The negotiations are expected to
be finalised in the near term.
The Board remains open for appropriate candidates to be nominated to the Board.
Particularly, the Board has invited several minority shareholders to join the
Board, but so far none has decided to join due to the perceived legal and
reputational risks.
Enquiries:
Timan Oil & Gas plc
Vitaly Belik, Non-Executive Director
Dmitry Soloviev, Non-Executive Director
+7 495 287 32 78
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCILFLDFFLSLIA
Timan (LSE:TMAN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Timan (LSE:TMAN)
Gráfica de Acción Histórica
De May 2023 a May 2024
Real-Time news about Timan (London Stock Exchange): 0 recent articles
Más de Timan Oil & Gas Plc Artículos de Noticias