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Hmm, extending extending very funny. Of course if it's not your own money.
How some many invested here do not know the process of an RTO
So if vote required that could mean that to get everything sorted to recommence trading on 28/29 November a prospectus will need to be this week presumably?
Taken from previous RNS:
issue of a new AIM Admission Document that would set out details of the Potential Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition.
I wonder if they could use the AGM on the 17th to do this or if they need to convene a new general meeting
If the parties were far apart, I don't think exclusivity would have been extended.
Can't see they have deal. I think after name change to becon they will announce that they don't have deal and will go in suspension again. We still need to vote. No idea how many days there should be for announcing voting and for vote itself and should it be done till end of exclusivity period.
Anyone attending the AGM?
If you look at what happened at Leed Resources.
You will find that they will be suspended if no deal within six months of the may date.
If after a further six months that will be delisted. Although shareholders will still hold them but have a very difficult time trying to trade them.
Hope a deal is reached by the November deadline.
The shares do not get cancelled if the deal is not completed by May 27 2023, they will be suspended from trading until the BOD can find another deal. Take BOU as an example, came back with a deal and became CIZ.
Shares will only be totally cancelled if the co is liquidated
Just have to hope that this RTO is completed then on or before 28 November!
No trading will not resume.
Only when a deal is done.
If no deal done before May 27th the shares will be cancelled.
So if the deal isn’t ratified by 28 nov then suspension will be lifted and trading will resume 28/29 nov?
harpmandoodle.
Very funny my friend.
I will keep my fingers crossed for all of us.
GLA
Your Lordship, it's another 6 months really. I in a month no further exclusivity agreement, then jump off bridge.
31 October 2022
Advance Energy plc
("Advance Energy" or the "Company")
Exclusivity Extension
Advance Energy plc (AIM:ADV), the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, announces, further to the Company's announcement of 9 September 2022 regarding the non-binding Heads of Terms in respect of the potential acquisition of a European oil and gas company ("HoT) (the "Potential Acquisition"), that the previously agreed exclusivity period has been extended from 29 October 2022 to 28 November 2022.
The parties continue to work diligently towards concluding a definitive agreement and the Company will provide further updates in due course.
It is noted that the Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies ("AIM Rules") and is therefore subject, inter alia, to the issue of a new AIM Admission Document that would set out details of the Potential Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition.
The Company's shares were temporarily suspended from trading on AIM on 9 September 2022, to remain so until Advance Energy is in a position to publish an associated AIM Admission Document for the Potential Acquisition.
As announced on 27 May 2022, Advance Energy became a cash shell on that date under AIM Rule 15. As a result, the Company had six months from that date to complete a reverse transaction or trading in the Company's shares would be suspended under the AIM Rules. As Advance Energy will not be able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM for a further six months until such time as the Potential Acquisition or another reverse transaction is completed. In the event that a reverse transaction is not completed within the further six months, the Company's shares would be cancelled from AIM.
It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.
Enquiries:
Advance Energy plc
Larry Bottomley (CEO)
+44 (0)1624 681 250
Strand Hanson Limited (Financial and Nominated Adviser)
Rory Murphy / James Bellman
+44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / Jon Krinks
+44 (0)20 7466 5000
Tennyson Securities Limited (Joint Broker)
Peter Krens / Ed Haig-Thomas
+44 (0)20 7186 9030
Optiva Securities Limited (Joint Broker)
Christian Dennis
+44 (0)20 3411 1881
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
To register for Advance Energy's email alerts, please complete the following form: https://www.advanceplc.com/media-centre/news/#alerts
We have further 6 months to complete. Ok by me, on a dead dog that may come alive again.
Nothing to really be worried about.
Still 50/50 chance of doing a deal
AGM will be fun haha
In the RNS they state they will not be able to complete relist before november 27th and shares will stay suspended till a deal is agreed or go bust may 27th...
In my opinion this RNS means that they are truly working to complete the deal by the end of November. Hopefully the deal, which in my opinion is likely to be into a European asset with small production and production uplift potential, will see a x2-x3 mcap uplift after raise which in turn should bring enough interest to allow in this market the closure of a cash raise. Time will tell, but in theory should be very interesting and low risk for such small mcap company with a different strategy, as clearly the Leslie P strategy has not delivered. Time will tell, let's sit back and see.
So the company always had until 27th November 2022 to complete the acquisition under AIM rules.
Current extension will take them to the limit.
All we know is that all parties have been working diligently . If. I deal the company effectively goes bust.
50/50 is all we could conclude really but my personal guess (and hope) is that well just do it.
50/50 is better than 10/90 lol
If it ain't been finalised yet its not looking good imo.. Last try it seems.. GLA
Another four weeks then!
Look after yourselves until then.
GLA
Sounds positive if they are still talking. Just hope they aren’t too far apart on agreement.
Hear by 28th November now…
Hopefully something is forthcoming this week then
Don't think many have read or been part of an RTO before.
There will be NO deal unless WE the shareholders approve it. States this in clear English in the RNS
"AIM Admission Document that would set out details of the Proposed Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition. "
The team will have to update us with the proposed transaction and WE will have to vote FOR or AGAINST the deal before it can be happen.