Deal9 Sep 2022 14:38
"The Company has been actively assessing a number of live, value-accretive business development opportunities and confirms that it has entered into a non-binding Heads of Terms ("HoT) with the majority owner of a European oil and gas company , with the intention of the Company completing an acquisition of the European company for a combination of new shares in Advance and an earn out based on oil production (the "Potential Acquisition"). The HoT includes standard conditions, including an exclusivity period up to 29 October 2022 and the completion of satisfactory due diligence. The Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies and is therefore subject, inter alia, to the issue of a new 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 Company's shares were temporarily suspended from trading on AIM this morning and will remain so until Advance is in a position to publish the associated AIM Admission Document for the Potential Acquisition. In the event that the Potential Acquisition does not proceed for whatever reason, it is expected that the temporary suspension in the Company's shares would be lifted."
https://www.**********.co.uk/rns/announcement/7b9312b0-c9d6-49d1-8f94-c082fec27944/