Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi there just popped over to ADVFN. I used to be a subscriber but cut back on my expenses. I see you posted this on advfn "What about a november the 5th rumour?" do you care to let us know on here what you heard that would be great any glimour of hope is most welcome.
Hi Gotta be realistic here. Unless they pull a rabbit out of the hat within the short period of time we have left I think it we will be delisted. :(
Surely if mfdevco is going to be floated we cant do a RTO on that noooooo way
Hi it would have been nice if we had been given the chance to see what exactly was the terms. We as share holders could have voted on it
Thanks for that Dickbat please pass on my best wishes. Sorry about my previous typos. Getting old LOL. Fingers crossed. If it goes anywhere £0.025 I am selling my 20mil shares and investing in something more tangible.
Hope it all goes well
I always get muddled. Not hard I hear some say. I can never get used to thge figures they use whern it comes to shares. When you are talking about 1p are you saying £0.01 or £0.001p and when you are talking aboiut 0,15 and 0,20 are you saying £0.015 and £0.020.
Hi Herbie what are they saying they think it will go to is that £0.01p or what?
Have you seen what their saying in ADVFN ? They all seem upbeat.
Hi LT hope you join us again mate you like the rest of us were hood winked good and proper. Just because you invested more than most of us does not mean you were part of the deception mate.
You were hoodwinked more than the rest of us and you put your money into the company as you believed more than others especially after meeting Minty. Who knows maybe he truly believed in it himself. Anyway hope to hear from you mate.
Hello out there. If your listening LT give us a shout mate
We could lose everything. BUT if this does work out we may have to dilute our share holdings i.e. if you have 1 million shares in NUOG it might only be half of that with the new company.
We could lose everything. BUT if this does work out we may have dilute our she holdings i.e. if you have 1 million shares in NUOG it might only be half that with the new company.
Hi is any one else fed up with these adverts on here? I mean we pay for this service
Hold / Buy is my view point it is not a suggestion.
Promising if they can pull it off
Furthermore, the Board continues to defer in excess of 50% of its remuneration, which has been the case since November 2019.
The Board remain confident that the steps taken will ensure the business emerges from this process well-placed to establish strong growth as it consolidates and expands.
Jay Bhattacherjee, Non-Executive Chairman of Nu-Oil, commented: “We are delighted to have entered into Heads of Terms to acquire a business that would be transformational for Nu-Oil. Today marks the first step towards delivering on the Company’s refocused strategy of increasing value for shareholders by targeting acquisition opportunities in the environmental industries sector.”
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries
Nu-Oil and Gas plc Tel: +44 (0)20 3411 8737
Jay Bhattacherjee
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack Botros
Novum Securities Limited Tel: +44 (0)20 7399 9425
Jon Belliss
Yellow Jersey PR
Georgia Colkin/Annabel Atkins Tel: +44 (0)7825 916 715
14 April 2020
Nu-Oil and Gas plc
(“Nu-Oil” or “the Company”)
Proposed Reverse Takeover Transaction and Suspension of Trading
-Heads of Terms Signed with Circular Economy Specialist-
Nu-Oil and Gas plc (AIM: NUOG), the AIM Rule 15 cash shell, is pleased to report that it has signed Heads of Terms (“HoT”) to acquire a European based plastics recycling and reprocessing business that has a well-established trading history (“the Proposed Acquisition”). It is the intention of the potentially enlarged Company to act as a consolidation vehicle in the sector.
The Proposed Acquisition will constitute a reverse takeover transaction pursuant to the AIM Rules for Companies (the “AIM Rules”).
Whilst the commercial elements of the HoT are non-binding, the HoT do include binding provisions of, inter alia, exclusivity and transaction fees of the counterparty (payable in certain circumstances) up to £60,000, which combined with the Company entering into engagement letters with its external advisers to progress the Proposed Acquisition, constitutes a material commitment compared to the Company’s currently available funds.
The Proposed Acquisition would bring with it a new Chief Executive Officer with significant experience in this exciting and socially important sector. Furthermore, the Board will be strengthened with new appointees with a combination of commercial and sector experience, who will lead the rebranding and repositioning of the Company as it develops and grows.
Suspension of Trading
In accordance with Rule 14 of the AIM Rules, the Company’s Ordinary Shares will be suspended from trading on AIM with effect from 7.30 a.m. today. The Company’s Ordinary Shares will remain suspended until such time as either an AIM Admission Document is published or an announcement is released confirming that the Proposed Acquisition will not proceed, subject to the provisions of AIM Rule 15.
The Proposed Acquisition remains subject to a number of variables including, but not limited to, completion of due diligence, agreeing definitive documentation and compliance with all regulatory requirements, including shareholder approval. As such, there can be no certainty that the Proposed Acquisition will complete.
Further updates will be provided as and when appropriate.
Cost Saving Initiatives
Over the last five months the reconstituted Board has settled a number of inherited liabilities from the proceeds of the placings that the Company completed in November 2019 and January 2020, leaving the Company’s current cash balance at c. £250,000.
In light of the current global situation, the Board has proactively taken measures to further reduce the Company’s cost base in order to preserve its cash position through the reverse takeover process, including the already implemented reduction of all non-essential expenditure not related to the Proposed Acquisition and the reduction of the Company’s employee count. Furthermore
Hi I hope you guys have all seen your emails. Must admit this is a bit above my knowledge and I wait toe hear what the more knowledgeable have to say
Where is that ignore button