San Leon Energy PLC Update on Avobone settlement agreement (2408W)
November 10 2017 - 1:19PM
UK Regulatory
TIDMSLE
RNS Number : 2408W
San Leon Energy PLC
10 November 2017
10 November 2017
San Leon Energy plc
("San Leon" or the "Company")
Update on Avobone settlement agreement
As announced on 1 November 2017, the Company's lawyers agreed
with Avobone's lawyers an extension on paying Avobone the balance
of sums owed until 15 January 2017. Subsequently Avobone has sought
to change the terms of that agreement, demanding that the Company
provides further security. These additional requested terms are
totally unacceptable to the Company, and are contrary to the
agreement secured and confirmed by the Company's lawyers on 31
October 2017. Avobone was informed of this.
A petition has now been issued by the High Court Dublin
returnable for hearing on 4 December 2017 seeking an order to wind
up the Company by reason of the Company failing to discharge its
outstanding liabilities to Avobone.
The Company has already provided security of payment and shall
robustly defend the application.
San Leon can see no reason for Avobone's actions given the
imminent payment expected to Avobone of all outstanding sums.
Trading in the Company's ordinary shares on AIM was suspended on
3 November 2017, and that suspension remains in place.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Directors' Responsibility Statement
The Directors of San Leon accept responsibility for the
information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure
such is the case), the information contained in this announcement
is in accordance with the facts and does not omit anything likely
to affect the import of such information.
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP
(Nominated Adviser) +44 20 3470 0470
Richard Morrison
Ewan Leggat
Whitman Howard Limited (Financial
adviser and Joint broker) +44 20 7659 1234
Nick Lovering
Francis North
Brandon Hill Capital Limited (Joint
broker to the Company) +44 203 463 5000
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial
Public Relations) +44 207 830 9700
Chris McMahon
Alexandra Roper
Plunkett Public Relations +353 1 280 7873
Sharon Plunkett
www.sanleonenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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