9 Sep 2022 13:36
9 September 2022
Advance Energy plc
("Advance Energy" or the "Company")
Statement Regarding Recent Price Movement and Suspension of Trading
Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, notes the recent movement in the price of the Company's shares on AIM.
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.
It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.
We look forward to updating the market in due course.
Enquiries:
Advance Energy plc Larry Bottomley (Interim CEO) | +44 (0)1624 681 250 | ||
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Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Harris / James Bellman | +44 (0)20 7409 3494 | ||
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Buchanan (Public Relations) Ben Romney / Jon Krinks | +44 (0)20 7466 5000 | ||
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Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas | +44 (0)20 7186 9030 | ||
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Optiva Securities Limited (Joint Broker) Christian Dennis | +44 (0)20 3411 1881 | ||
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
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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.