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Completion of Acquisition, Admission and TVR

19 Apr 2021 07:00

RNS Number : 8073V
Advance Energy PLC
19 April 2021
 

 

19 April 2021

 

Advance Energy plc

("Advance Energy" or the "Company")

 

Completion of Acquisition,

Admission and Total Voting Rights

 

Advance Energy plc (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce the completion of its acquisition of a 50 per cent. equity interest in Carnarvon Petroleum Timor Unipessoal Lda ("Carnarvon Petroleum Timor"), the holder of a 100 per cent. working interest in, and the contractor of, the Buffalo PSC, offshore Timor-Leste ("Acquisition"). The Acquisition constituted a reverse takeover of the Company, pursuant to the AIM Rules.

 

Advance Energy is also pleased to announce that admission of its Enlarged Share Capital to trading on the AIM Market of the London Stock Exchange will take place at 8:00a.m. this morning ("Admission"). The Company's Admission follows a successful placing, raising gross proceeds of £21,842,600 via the issue of 840,100,000 Ordinary Shares at a price of 2.6 pence per share (the "Placing"). The net proceeds of the Placing will be utilised to fund the subscription by Advance Energy TL Limited ("AETL") for equity in Carnarvon Petroleum Timor, which will be applied by Carnarvon Petroleum Timor to fund the drilling of the B-10 Appraisal Well and certain Buffalo PSC related costs, and for the Company's general working capital requirements.

 

On Admission, completion of the Buffalo Subscription Agreement becomes effective in escrow with the Escrow Agent being required to date the Escrow Documents and so completing the Acquisition. Following receipt by the Escrow Agent of copies of bank transfers showing that AETL has transferred or procured the transfer of the subscription amount of US$20 million payable under the Buffalo Subscription Agreement to the bank account of Carnarvon Petroleum Timor, the Escrow Agent will release the Escrow Documents to the various parties. This is expected to happen on or around 21 April 2021.

 

As announced on 16 April 2021 and as approved by shareholders, the Company has undertaken a Capital Consolidation, whereby every ten Existing Ordinary Shares were consolidated into one New Ordinary Share. The Existing Ordinary Shares have been cancelled from trading on AIM and the New Ordinary Shares, including the Accrued Director Fee Shares and the Placing Shares, will be admitted to trading on AIM with effect from 8.00 a.m. today under the new ISIN of IM00BKSCP798 with SEDOL number BKSCP79.

 

On Admission, the Company will have 1,027,613,961 New Ordinary Shares with voting rights in issue. There are no New Ordinary Shares held in treasury. The figure of 1,027,613,961 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Capitalised terms used in this announcement (unless otherwise defined) carry the same meanings as those ascribed to them in the Company's Admission Document dated 31 March 2021 and/or the Company's announcement of 31 March 2021, unless the context requires otherwise.

 

The Admission Document and further information on the Company can be found on Advance Energy's website at: www.advanceplc.com 

 

 

Enquiries:

 

Advance Energy plc

Leslie Peterkin (CEO) / Stephen West (CFO)

+44 (0) 1624 681 250

Strand Hanson Limited (Financial and Nominated Adviser)

Rory Murphy / James Harris / James Bellman / Georgia Langoulant

+44 (0) 20 7409 3494

Buchanan (Public Relations)

 

Ben Romney / Kelsey Traynor

+44 (0) 20 7466 5000

Tennyson Securities (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

 

 

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ACQSFAFAAEFSEIL
Date   Source Headline
12th Jun 20077:01 amRNSAnnual Report and Accounts
31st May 200711:31 amRNSDirector/PDMR Shareholding
29th May 200710:21 amRNSNotification of Interest
25th May 20075:21 pmRNSInterest In Shares
11th May 20075:28 pmRNSHolding(s) in Company
11th May 20077:01 amRNSFirst Quarter Results
20th Apr 200711:35 amRNSNotification of Interest
13th Apr 20074:44 pmRNSHolding(s) in Company
30th Mar 20077:02 amRNSAGM Statement
29th Mar 200710:45 amRNSDirector/PDMR Shareholding
27th Mar 20077:03 amRNSInitial Acquisition & Update
13th Mar 200711:51 amRNSHolding(s) in Company
23rd Feb 20077:02 amRNSFinal Results - Part 2
23rd Feb 20077:01 amRNSFinal Results - Part 1
14th Feb 20077:00 amRNSTrading Update
9th Feb 20074:12 pmRNSNotice of Results
31st Jan 20079:48 amRNSHolding(s) in Company
16th Jan 20077:01 amRNSProgress update
28th Dec 20062:27 pmRNSHolding(s) in Company
22nd Dec 20069:33 amRNSTotal Voting Rights
20th Dec 20063:48 pmRNSBlock admission
18th Dec 20069:43 amRNSTotal Voting Rights
18th Dec 20069:26 amRNSStatement re Investment
18th Dec 20067:01 amRNSFirst day of dealings
15th Dec 20067:58 amRNSClosing of Debt Issue
12th Dec 20069:49 amRNSClosure of Equity Placing
7th Dec 20067:01 amRNSEquity Capital Raising
15th Nov 20067:02 amRNSThird Quarter Results
24th Oct 20067:01 amRNSTrading Update
22nd Sep 200612:52 pmRNSDirector Shareholdings
22nd Sep 20067:01 amRNSSyndicate Capacity Offer
18th Sep 20064:00 pmRNSDirector Shareholding
29th Aug 200610:08 amRNSSYNDICATE CAPACITY OFFER
25th Aug 20067:01 amRNSInterim Results
15th Aug 20064:51 pmRNSNotice of Results
28th Jul 20062:32 pmRNSSyndicate Capacity Offer
2nd May 20064:17 pmRNSAGM Statement
28th Apr 20061:07 pmRNSGranting of Options
25th Apr 200612:22 pmRNSDirectorate Change
11th Apr 200611:31 amRNSPosting of Documents
11th Apr 20067:00 amRNSNotice of AGM
31st Mar 20065:48 pmRNSDirector Shareholding
31st Mar 20067:03 amRNSFinal Results
27th Mar 20063:55 pmRNSDelisting of Notes
8th Mar 20067:03 amRNSShareholding Notification
27th Feb 20067:01 amRNSSyndicate Results
2nd Feb 20067:00 amRNSTrading Update
16th Jan 20067:00 amRNSClosing of Debt Facility
22nd Dec 20057:00 amRNSDirector Shareholding
20th Dec 20055:39 pmRNSDirector/PDMR Shareholding

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