AGR Energy Investment in Max Petroleum Mon, 13th Jul 2015 08:14 RNS Number : 8406S Max Petroleum PLC 13 July 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
13 July 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
AGR Energy to invest US$13.8 million in Max Petroleum
· Max Petroleum announces a conditional cash subscription by AGR Energy to raise US$13.8 million (£8.98 million) before expenses for 3,834,590,973 new Ordinary Shares at a price of 0.2341 pence per share such that AGR Energy will hold 63.8% of the Enlarged Issued Share Capital immediately following completion of the Subscription.
· As part of the Subscription, AGR Energy will provide an unsecured convertible loan of US$2.0 million (£1.3 million) comprising: (i) a first tranche of US$250,000 (£162,623); and (ii) a second tranche of US$1.75 million (£1.1 million). The loan is conditional upon, inter alia:
o the appointments of: (i) Mr. Kanat Assaubayev to the Company's Board as an executive director (Co-Chairman); (ii) Mr. Aidar Assaubayev as a chief executive officer of the Company (but not a member of the Company's Board) and as the general director of Samek; and (iii) Mr. Alastair Murray as a deputy general director of Samek.
· The Subscription will provide working capital to the Company to alleviate its severe immediate financial stress. Further significant financing will be required in the mid and longer term to reestablish going concern status and viability of the business. AGR Energy intends to work with the existing shareholders of the Company progressively to strengthen Max Petroleum's financial position and evaluate exploration and production upside.
· The Subscription Price represents a premium of 46.3% to the closing middle market price of an Ordinary Share of 0.16 pence on 27 February 2015, the date immediately prior to the suspension of the Company's Ordinary Shares from trading on AIM.
· AGR Energy is a vehicle owned by the Assaubayev family established for the purpose of the Subscription. Neither AGR Energy, nor any member of the Assaubayev family nor any of their respective associates ("AGR Energy Group") currently holds any Ordinary Shares or any other securities in Max Petroleum.
· The Subscription is conditional, inter alia, upon each of the following conditions being satisfied on or before the Long Stop Date, being 1 October 2015:
o the posting of the Shareholder Circular to Shareholders by no later than 21 August 2015;
o the Panel having waived the obligation that would otherwise arise under Rule 9 of the Takeover Code for AGR Ene
Yeah dont let him sway you, we know the score here its either lose the lot or make a tidy sum - we know the risks
He of course has a vested interest in venting bile as he is bitter at losing his pocket money here, not hard to see, but dont let him sway you with his pearls of wisdom from on board his private jet with Dan Bliz - PS do we think Dan Bliz visits lse message boards? Prob not - so take him with a pinch of salt - beware of false profits/prophets
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