TIDMANGS TIDMSOU
RNS Number : 7224H
Angus Energy PLC
08 April 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR IN OR
INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
BREACH OF ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER
FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE
COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY
INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES OF ANGUS ENERGY PLC IN ANY JURISDICTION WHERE TO DO SO
WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO . 596/2014 AS IT FORMS PART OF
UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED . UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN .
8 April 2022
Angus Energy plc ("Angus Energy" or the "Company")
Sound Energy plc ("Sound") not to proceed with possible offer
for Angus Energy Plc
Termination of Formal Sale Process and update on Strategic
Review
Sound
The Company notes the announcement made by Sound this morning in
which it confirms it does not intend to make an offer under Rule
2.7 of the City Code on Takeovers and Mergers (the "Code") to
acquire Angus.
End of Formal Sale Process
On 6 January 2022, Angus Energy plc (the "Angus") announced that
it was undertaking a review of the strategic options. These options
include, but were not limited to, a sale of the Company which will
be conducted under the framework of a "formal sale process" in
accordance with the Takeover Code.
The Company now announces that whilst it will continue its
strategic review at the asset level only, as explained below, it
has ended the "formal sale process" of the Company which it had
commenced previously in accordance with Rules 2.4 and 2.6 of the
Takeover Code. Accordingly, the Company is no longer in an offer
period as defined by the Takeover Code.
George Lucan, CEO, commented: "Our Competent Persons Report of
October 2021 gave a P90 valuation of GBP24 million (P50 of GBP34
million) to our interest in Saltfleetby, since which time
confidence in our ability to achieve First Gas in June has risen,
and the wider market has reflected this in our own share price.
After lengthy discussions on a possible combination with Sound,
which we consider to have had merit, we were unable to agree
terms.
The Company is pleased to continue discussions with two actively
interested parties for part or all of our Licence interest at an
asset level. However, in the light of a strongly supportive
economic backdrop and in constant pursuit of shareholder value, we
are now formally closing out our Formal Sales Process as regards
potential Offers for the shares of Angus Energy plc although we
remain in a Strategic Review period whilst those discussions
continue at an asset or licence level."
For further information on the Company, please visit
www.angusenergy.co.uk or contact:
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208 899 6380
Beaumont Cornish (Nomad) www.beaumontcornish.com
James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396
WH Ireland Limited (Broker)
Harry Ansell / Katy Mitchell Tel: +44 (0) 207 220 1666
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon Tel: +44 (0) 207 129 1474
Aleph Commodities info@alephcommodities.com
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent onshore Energy
Transition company with a complementary portfolio of clean gas
development assets, onshore geothermal projects, and legacy oil
producing fields. Angus is focused on becoming a leading onshore UK
diversified clean energy and energy infrastructure company. Angus
Energy has a 51% interest in the Saltfleetby Gas Field (PEDL005),
majority owns and operates conventional oil production fields at
Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the
Balcombe Licence (PEDL244).
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Nothing contained herein shall be deemed to be a forecast,
projection or estimate of the future financial performance of the
Company.
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
MSCFZGGDLNFGZZM
(END) Dow Jones Newswires
April 08, 2022 02:01 ET (06:01 GMT)
Sound Energy (LSE:SOU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sound Energy (LSE:SOU)
Historical Stock Chart
From Apr 2023 to Apr 2024
