Email Facebook Twitter

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England

Regulatory News

Result of EGM

Fri, 15th Mar 2019 11:57

Andalas Energy and Power Plc - Result of EGM

PR Newswire

15 March 2019

Andalas Energy and Power Plc

(‘Andalas’ or the ‘Company’)

Result of AGM and Total Voting Rights

The Extraordinary General Meeting ("EGM") for Andalas Energy and Power plc (AIM:ADL) was held today at 10.00am. All resolutions were passed.

Following the passing of the resolutions at the EGM, the Conditional Placing, as announced on 27 February 2019, was approved.

Accordingly, the Company has issued the conditional placing shares totalling 48,888,889 Ordinary Shares, which will rank pari passu in all respects with all existing ordinary shares in the Company, and has applied for Admission to trading on AIM of such shares with effect from 19 March 2019 (“Admission”). Following Admission, the Company will have an issued share capital of 603,970,301 Ordinary Shares.

Simon Gorringe, CEO of Andalas Energy & Power PLC said: “With the EGM resolutions passed, we can focus on the Colter South discovery and new opportunities for the Company. We believe that the market has undervalued the positive drill results at the Colter South discovery and the impact of the recently completed placing on the Company’s cash position. The conditional element of that placing can now complete. It will provide an additional cash injection at a time when the Company has no outstanding asset funding commitments.

“Our immediate focus is to continue to support the joint ventures’ evaluation of the Colter South discovery, which includes the assessment of the data from both the initial well and the side track as well as the data from the previous wells and seismic across the licence area over the coming weeks. In addition we are currently reviewing a number of opportunities, which could create significant value for shareholders. We look forward to updating the market in the near future as and when these opportunities develop further.

“In closing Andalas would like to take this opportunity to thank its shareholders and advisors for their continued support of the company as we continue to work towards our long term objective of building a substantial production and exploration company.”

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). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Simon Gorringe Andalas Energy and Power Plc Tel: +62 21 2965 5800
Roland Cornish/ James Biddle Beaumont Cornish Limited
(Nominated Adviser)
Tel: +44 20 7628 3396
Colin Rowbury
Novum Securities Limited
(Joint Broker)
Tel: +44 207 399 9427
Christian Dennis Optiva Securities Limited
(Joint Broker)
Tel: +44 20 3411 1881
Stefania Barbaglio Cassiopeia Services Ltd

Back to Regulatory News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.