Reply2 Dec 2025 10:45
Dear Tom,
Thank you for sharing your clear opinion regarding the RNS announcement of yesterday.
We have a clear mandate from the Synergia board and from our biggest shareholder, Republic Investment Management, to return a significant proportion of the Cambay PSC sale proceeds to shareholders.
We are planning to have a mechanism whereby the shares can continue to be traded after delisting from AIM and have absolutely no intention of leaving retail shareholders with an inability to trade their shares. The rationale for the delisting is to save the considerable costs associated with being listed on the AIM market (brokers fees, NOMAD costs, AIM registration fees, etc) so that there is a maximisation of funds to be returned to shareholders.
We would prefer to be more precise as to the quantum of funds to be returned to shareholders out of the Cambay PSC sale proceeds but the consideration is subject to withholding tax under Indian law and the scale of the withholding tax is to be determined by the Indian tax authorities. We believe it will be in the 15-30% range.
I have clear mandate to minimise corporate overheads in order to maximise shareholder returns. None of the proceeds will wasted on unnecessary corporate overheads.
We note your allegations regarding s249D and s232 of the Corporations Act and we will ensure that we are not in breach of these provisions.
The resolution to delist is subject to shareholder approval and we will respect shareholder wishes accordingly.
Regards,
Roland Wessel
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