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Apart the the aaog specifics I’ve had the same templated email from the regulator in the past when I contacted them about other companies. Almost word for word.
I have had this reply. I think that a consolidated response would make more sense and look forward to Align's take on this.
but had concluded that the terms of the acquisition by Forum best reflected the “long term interests of the Company”.
As indicated, we can assure you that we consider all enquiries and investigate alleged breaches of our rules. However, you will appreciate that confidentiality is essential in maintaining the integrity of our work and, accordingly, please note we are unable to comment on individual enquiries.
Thank you for bringing your concerns to our attention.
Kind regards,
AIM REGULATION
Thank you for your emails, copied below, addressed to Mr Stuttard, regarding Anglo African Oil & Gas Plc (the “Company”).
As the substance of your email relates to a company admitted to AIM, it has been passed to AIM Regulation for consideration. We note the nature of your concerns and can assure you that we take the reputation and integrity of our markets very seriously. In this regard, AIM Regulation considers all enquiries as regards the conduct of AIM companies and nominated advisers in respect of their compliance with the AIM Rules for Companies (“AIM Rules”) and for Nominated Advisers (“Nomad Rules”), and takes action where appropriate.
Please note that AIM Regulation's remit does not extend beyond the AIM Rules and Nomad Rules and, as outlined in the AIM Regulatory Landscape, AIM sits within a wider regulatory and legal framework.
Noting the above, with regard to your specific comments and queries:
You have indicated that you consider the Company’s regulatory notifications between December 2018 and July 2019 (concerning its Tilapia licence and the TLP-103C well) are misleading, along with certain other statements made during interviews to an online news provider.
During this period, the Company made circa 12 regulatory notifications, in which the Tilapia licence and TPL103C well are referred to. However, you have not indicated the specific nature of your concerns, other than a suggestion that they relate to drilling performance at the Tilapia field. If you have a specific concern regarding the accuracy of these regulatory notifications, we would be grateful if you would identify (i) the precise substance of those concerns, by reference to the information in the relevant notifications, and (ii) why that information is considered inaccurate.
You will appreciate that decisions on commercial transactions by a company are matters for a company’s board to determine having regard to legal and fiduciary obligations of directors. As you will also appreciate, shareholders of a company have rights and remedies under company law.
As you may be aware, the Company’s decision not to proceed with the proposed acquisition of certain Tunisian assets and its reasons for not doing so, along with details of the arrangements whereby Anglo Tunisian Oil & Gas Ltd (“ATOG”) might pursue the acquisition, were the subject of disclosure by the Company on 12 July 2019, when the Company indicated that, in view of Mr Berwick and Mr Sefton’s interest in ATOG, the matter was considered by the Board’s independent directors. The Company’s decision to consent to the sale of shares held under the Investor Sharing Agreement, to Forum Energy Services Limited (“Forum”) at 0.5p per shares, has also been the subject of disclosure on 20 January 2020, in which the Company confirmed that it had considered a number of offers to purchase the Investor Sharing Agreement shares, but had concluded that the terms of the acquisition by For