AAI.L Regulatory News (AAI)

Atlas Development & Support Services Limited / Ticker: ADSS / Index: AIM / Sector: Support Services

21 November 2014

Atlas Development & Support Services Limited ('Atlas Development' or the 'Company')

Update on Dual Listing in Kenya and Kenyan Private Placement

Further to the Company's previous announcements regarding the plans to undertake a dual listing on the Growth Enterprise Market Segment ('GEMS') of the Nairobi Securities Exchange (the 'Kenyan Listing') before the end of 2014, the Company has today formally commenced the associated private placement process in Kenya ('the Kenyan Placing'). The Kenyan Listing is intended to provide exposure for Kenyan investors to the rapidly growing oil & gas and natural resource services industry in East Africa through Atlas Development and to deliver additional expansion capital the Company.

As announced previously the Kenyan Placing is to be offered solely in Kenya, targeted at selected Kenyan investors and the price of shares being issued under the Kenyan Placing has been set at KES 11.50 per share (being approximately 8.13p, in line with the closing price of the Company's shares on AIM on 20 November) with minimum subscription of KES 1,000,000 per investor. It is anticipated that allocations in the Kenyan Placing will be made on or about 9 December 2014 (subject to earlier closing at the Company's discretion) ahead of the anticipated commencement of trading and completion of the Kenyan Listing on 17 December 2014 (subject to receipt of all Kenyan approvals). Further details on the outcome of the Kenyan Placing will therefore be provided in due course.

Carl Esprey, Chief Executive Officer of Atlas Development, said: "Kenya is a core pillar of the business of Atlas Development and I am delighted that the Kenyan Placing will further align the Company with our key in-country stakeholders. The funds raised and the additional exposure that we will receive with our GEMS listing will significantly enhance our ability to expand our current service offering and penetrate new exciting markets within Kenya and across the East African region, as we target increasing revenues and improving the Company's financial performance in 2015 and beyond."

Further details regarding the Kenyan Placing and Kenyan Listing will be provided in due course.

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For further information please visit www.atlassupport.com or contact:

Notes to Editors

In October 2014 the Company acquired the entire issued capital of Ardan Logistics Kenya ('Ardan'), a cash generative support services business which generated unaudited revenues for the six month period ended 30 June 2014 of US$20.6 million and which has an established client list of major international oil & gas and mining companies operating in East Africa.

Atlas Development's three core divisions are delineated as follows:

· Atlas Technical: civil engineering, workforce accommodation and construction

· Atlas Services: medical and facilities management

· Atlas Logistics: fuel solutions, storage and transportation

Through these three core divisions, Atlas Development provides turn-key support for a range of major oil & gas exploration and development companies operating across East Africa. The market opportunity for a company such as Atlas Development remains highly attractive, and the Board believe there is considerable opportunity to leverage the Company's established position to further capitalise of the rapidly growing oil & gas exploration and development industry in Kenya.