United Oil & Gas PLC / Index: AIM / Epic: UOG /
Sector: Oil & Gas
14 March 2024
United
Oil & Gas plc
("United"
or "the Company")
Proposed
Adjournment of General Meeting from 15 March 2024 to 20 March
2024
United Oil & Gas Plc (AIM:
"UOG"), the oil and
gas company with a high impact exploration asset in Jamaica and
development asset in the UK provides an update in relation to the
announced placing.
Further to the "Posting of Circular
and Notice of General Meeting" announcement on 28 February 2024,
the general meeting of the Company ("GM") will commence as
scheduled on 15 March 2024, and promptly be adjourned until 11 am
on 20 March 2024, at our registered office located at 38-43
Lincoln's Inn Fields, London, WC2A (the "Adjourned
Meeting").
Consequently, the voting period will
remain active until 11 am on 18 March 2024.
The adjournment has been called to
enable the Company to engage with shareholders regarding their
voting intentions, as it is crucial for the successful passage of
resolutions. Methods of participation and
voting at the Adjourned Meeting shall be the same as the ones set
out in the Circular dated 27 February 2024.
Shareholders are urged to refer to
the recommendations in the Chair's letter in the circular which is
set out in full below. It is explicitly stated that failure of the
equity placing would cast significant uncertainty over the
Company's ability to continue as a going concern.
Recommendation
The Directors believe that the
passing of the Resolutions is in the best interests of the Company
and Shareholders, taken as a whole. Shareholders should note that,
if the Company does not receive the proceeds of the Fundraising,
the Company would have to seek alternative forms of finance and/or
undertake other activities such as delaying or reducing capital
expenditure. Failure to secure alternative forms of finance at all
or on commercially acceptable terms, or undertaking other
activities such as delaying or reducing capital expenditure, could
have a material adverse effect on the Company's business, financial
condition, prospects, capital resources, cash flows, share price,
liquidity, results and/or future operations. In particular, failure
to conclude the Fundraising will compromise the Company's ability
to continue as a going concern. As a result, the Company may be
unable to fulfil its long-term exploration and appraisal programme
or meet its work commitments under existing licences. Failure to do
so could result in the premature termination, suspension or
withdrawal of the Group's licences. Accordingly, the Directors
unanimously recommend shareholders to vote in favour of the
Resolutions, as they will do in respect of their ordinary shares in
the Company, representing in aggregate 3.29 per cent (%) of the
Existing Ordinary Shares in issue as at the date of this
document.
Updated Indicative Timetable
|
Admission and commencement of
dealings in the Placing Shares on AIM
|
21 March
2024
|
|
Latest time and date for receipt
of Forms of
Proxy
|
11.00 a.m.
on 18 March 2024
|
|
Adjourned Meeting
|
11.00 a.m.
on 20 March 2024
|
|
Announcement of results of the
Adjourned Meeting
|
20 March
2024
|
|
Record date for the Share Capital
Reorganisation
|
6.00 p.m.
on 20 March 2024
|
|
Admission and commencement of
dealings in the New Ordinary Shares on AIM
|
8.00 a.m.
on 21 March 2024
|
|
CREST accounts to be credited for
the Placing Shares to be held in uncertificated form
|
21 March
2024
|
|
Dispatch of definitive share
certificates for applicable Placing Shares to be held in
certificated form
|
No later
than 14 days following the date of Admission
|
END
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of
domestic UK law pursuant to the Market Abuse (Amendment)
(EU Exit) regulations (SI 2019/310).
|
Enquiries
|
|
|
|
United Oil & Gas
Plc (Company)
|
|
|
|
Brian Larkin, CEO
|
|
brian.larkin@uogplc.com
|
|
|
|
|
|
|
|
|
|
Beaumont Cornish
Limited (Nominated Adviser)
|
|
|
|
Roland Cornish | Felicity
Geidt | Asia Szusciak
|
|
+44 (0) 20 7628 3396
|
|
Tennyson Securities (Joint
Broker)
|
|
|
|
Peter Krens
|
|
+44 (0) 020 7186 9030
|
|
Optiva Securities
Limited (Joint Broker)
|
|
|
|
Christian Dennis
|
|
+44 (0) 20 3137 1902
|
|
|
|
|
|
Camarco (Financial
PR)
|
|
|
|
Andrew Turner | Emily
Hall | Sam Morris
|
|
+44 (0) 20 3757 4983
|
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Notes to Editors
United Oil & Gas is an oil
and gas company with a development asset in the UK and a high
impact exploration licence in Jamaica.
The business is led by an
experienced management team with a strong track record of growing
full cycle businesses, partnered with established industry players
and is well positioned to deliver future growth through portfolio
optimisation and targeted acquisitions.
United Oil & Gas is listed
on the AIM market of the London Stock Exchange. For further
information on United Oil and Gas please
visit www.uogplc.com