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Exclusivity Extension

31 Oct 2022 07:00

RNS Number : 5754E
Advance Energy PLC
31 October 2022
 

31 October 2022

 

Advance Energy plc

("Advance Energy" or the "Company")

 

Exclusivity Extension

 

Advance Energy plc (AIM:ADV), the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, announces, further to the Company's announcement of 9 September 2022 regarding the non-binding Heads of Terms in respect of the potential acquisition of a European oil and gas company ("HoT) (the "Potential Acquisition"), that the previously agreed exclusivity period has been extended from 29 October 2022 to 28 November 2022.

The parties continue to work diligently towards concluding a definitive agreement and the Company will provide further updates in due course.

It is noted that the Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies ("AIM Rules") and is therefore subject, inter alia, to the issue of a new AIM Admission Document that would set out details of the Potential 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 on 9 September 2022, to remain so until Advance Energy is in a position to publish an associated AIM Admission Document for the Potential Acquisition.

As announced on 27 May 2022, Advance Energy became a cash shell on that date under AIM Rule 15. As a result, the Company had six months from that date to complete a reverse transaction or trading in the Company's shares would be suspended under the AIM Rules. As Advance Energy will not be able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM for a further six months until such time as the Potential Acquisition or another reverse transaction is completed. In the event that a reverse transaction is not completed within the further six months, the Company's shares would be cancelled from AIM.

It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.

Enquiries:

Advance Energy plc

Larry Bottomley (CEO)

+44 (0)1624 681 250

 

Strand Hanson Limited (Financial and Nominated Adviser)

Rory Murphy / James Bellman

+44 (0)20 7409 3494

 

Buchanan (Public Relations)

Ben Romney / Jon Krinks 

+44 (0)20 7466 5000

 

Tennyson Securities Limited (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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAEEEDAEAFAA
Date   Source Headline
26th Jan 20093:53 pmRNSIncentive Scheme
9th Jan 20097:00 amRNSTrading Statement
29th Dec 200812:57 pmRNSNotification of interests
24th Dec 200811:25 amRNSNotification of Interests
19th Dec 20083:37 pmRNSShare Incentive Plan
8th Dec 200811:21 amRNSInvestment update
27th Nov 20081:40 pmRNSResult of AGM
25th Nov 20083:10 pmRNSIncentive Scheme
20th Nov 200811:26 amRNSInvestment Update
4th Nov 20085:06 pmRNSHolding(s) in Company
3rd Nov 200810:53 amRNSHolding(s) in Company
31st Oct 20087:00 amRNSAvailability of Accounts
29th Oct 20087:00 amRNS3rd Quarter Results
27th Oct 20087:00 amRNSFinal Results
15th Oct 20087:00 amRNSNotice of Results
30th Sep 20084:31 pmRNSIncentive Scheme
30th Sep 20084:15 pmRNSDirector/PDMR Shareholding
24th Sep 20081:18 pmRNSAppointment of Merrill Lynch
17th Sep 20085:38 pmRNSHolding(s) in Company
12th Sep 200810:42 amRNSResponse to Offer Update
11th Sep 20086:25 pmRNSOffer Update
3rd Sep 20083:44 pmRNSNotification of major interes
29th Aug 20083:45 pmRNSOffer Update
29th Aug 20087:36 amRNSOffer Update
28th Aug 20089:49 amRNSEPT Disclosure
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26th Aug 20088:53 amRNSEPT Disclosure
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22nd Aug 20089:15 amRNSEPT Disclosure
21st Aug 20084:11 pmRNSPOSTING OF THE RESPONSE DOCUM
21st Aug 20081:57 pmRNSRule 8.3- Advent Capital (Hol
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21st Aug 200811:55 amRNSRule 8.3- Advent Capital (Hol
20th Aug 20089:33 amRNSEPT Disclosure
18th Aug 20084:26 pmRNSHolding(s) in Company
15th Aug 20088:35 amRNSEPT Disclosure
13th Aug 20087:00 amRNSInvestment update
12th Aug 20088:50 amRNSEPT Disclosure
11th Aug 20089:52 amRNSEPT Disclosure
8th Aug 20088:25 amRNSEPT Disclosure
8th Aug 20087:00 amRNSIssue of Accounts
7th Aug 20084:00 pmRNSOffer Document Posted
7th Aug 20087:32 amRNSOffer Document Posted
6th Aug 20088:34 amRNSEPT Disclosure
5th Aug 20082:59 pmRNSNotification of Major Interes
4th Aug 20086:08 pmRNSResponse to offer made by Fai
4th Aug 200810:30 amRNSEPT Disclosure
29th Jul 20083:05 pmRNSResponse to offer made by Fai
29th Jul 20087:04 amRNSAdvent Capital (Holdings) PLC
28th Jul 20082:59 pmRNSDirector Declaration

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