Prospex Oil and Gas PLC Proposed Amendment to Investing Policy (7651A)
March 28 2017 - 7:15AM
UK Regulatory
TIDMPXOG
RNS Number : 7651A
Prospex Oil and Gas PLC
28 March 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
28 March 2017
Prospex Oil and Gas Plc
('Prospex' or the 'Company')
Proposed Amendment to Investing Policy
Prospex Oil and Gas Plc, the AIM quoted investment company,
announces that it intends to ask shareholders to approve an
amendment to the Company's investing policy, either by convening a
General Meeting of the Company ('GM') or by including the proposed
resolution at Prospex's forthcoming Annual General Meeting
("AGM").
At the GM held on 11 May 2016, shareholders agreed to re-approve
the investing policy of the Company, with an amendment, namely the
addition of a new paragraph stating that the Company will undertake
an acquisition or acquisitions within the natural resources and/or
energy sector, which would likely constitute a reverse takeover
under AIM Rule 14 of the AIM Rules for Companies, within 12 months
of the date of that 11 May 2016 GM ('the 2016 Amendment').
The directors of the Company ("Directors") are currently
evaluating a number of projects that would add to the Company's
investment portfolio. As presently perceived those most advanced
would not constitute a reverse takeover under AIM Rule 14 and as
such, a transaction cannot be completed by 11 May 2017. Therefore
to provide clarity a resolution will be put to shareholders at a GM
proposing the removal of the 2016 Amendment and therefore
reverting, if the resolution is passed, to the policy adopted on 14
April 2015. The Company had been deemed to have fulfilled its
investment policy in April 2016 and the amendments have not or will
not alter that.
If practically possible the Company would like to put the
proposed resolution to shareholders at the next AGM. Historically
the AGMs have been in July. However the 2016 Financial Year Audit
process is ahead of previous years and therefore the AGM is likely
to be earlier. If it becomes apparent that the AGM cannot be held
by the beginning of June, the board of the Company will put
together a separate circular to convene a GM.
The only substantial change to the text of the Investing Policy
to be proposed will be the removal of the last paragraph. The full
text of the present policy can be found on the Company's website
at:
http://www.prospexoilandgas.com/pdf/pxog-investment-policy-may-2016.pdf.
The Board and management team continue to move a number of
exciting opportunities forward and it is the Company's expectation
that it will participate in drilling again this year."
Bill Smith, Non-executive Chairman, commented: "We are pleased
to be putting the proposal to shareholders, it provides clarity for
existing shareholders and the market as a whole. The team is
committed to making quality investments and this update allows the
Company freedom to structure their investments in a natural way.
The change will not preclude an investment that would constitute a
reverse takeover but the opportunity, like all we review, has to be
right and in the best interests of shareholders."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 20
Plc 3586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Duncan Vasey Peterhouse Corporate Tel: +44 (0) 20
Finance 7469 0932
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company
focussed on high impact onshore and shallow offshore European
opportunities with short timelines to production. The Company's
management is looking to acquire undervalued projects with
multiple, tangible value trigger points that can be realised within
12 months of acquisition and then applying low cost re-evaluation
techniques to identify and de-risk prospects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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