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Update on Avobone settlement agreement

Fri, 10th Nov 2017 18:19

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

Certaininformationcontainedinthisannouncementwouldhavebeendeemedinsideinformationfor the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of thisannouncement.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. Tothebestoftheirknowledgeandbelief(havingtakenallreasonablecaretoensuresuchisthecase), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of suchinformation.


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

This information is provided by RNS
The company news service from the London Stock Exchange

Related Shares:
San Leon Energy (SLE)

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