Last checked at 9 Jan 2023 15:58
9 January 2023
Angus Energy Plc
("Angus Energy", the "Company" or together with its subsidiaries, the "Group")
(AIM: ANGS)
Result of General Meeting
Issue of Equity, TVR and Saltfleetby Update
The Company announces that at the General Meeting held earlier today all resolutions were passed.
Accordingly, and further to the announcement of a fundraising (the "Fundraising") on 19 December 2022 conducted in two tranches, the Company now has sufficient authorities to issue the second tranche of 89,781,000 new Ordinary Shares together with 311,250,000 warrants ("Conditional Subscription") in respect of the entire Fundraising
In addition, the Company now has sufficient authorities to issue Forum Energy Services Ltd ("Forum") 60,606,061 new Ordinary Shares at the Fundraising price of 1.65 pence per share (together with the issue of 30,303,030 warrants on the same basis as applicable to the Fundraising) in settlement of the Company's obligation to pay certain deferred consideration of £1,000,000 to Forum in accordance with the Saltfleetby SPA as announced on 24 May 2022 ("Forum Issue").
Application has been made to the London Stock Exchange for admission to AIM of the new Ordinary Shares, which will rank pari passu with all existing ordinary shares, to be issued under the Conditional Subscription and the Forum Issue ("Admission"). Admission will become effective on or around 12 January 2023. The total Warrants and Forum Warrants, subject to the passing of the Resolutions and assuming no exercise of existing options and warrants, would be 341,553,030 representing 9.96% of the issued share capital of the Company as enlarged by the Fundraising and the Forum Share Issue.
For the purposes of the FCA's Disclosure and Transparency Rules ("DTRs"), following Admission of the new Ordinary Shares, the total number of Ordinary Shares in the capital of the Company in issue will be 3,430,376,075 with voting rights. This figure may be used by shareholders 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 Company's share capital pursuant to the Company's Articles.
Saltfleetby Sidetrack Update
The Company is pleased to announce that drilling operations recommenced this week and the programme has presently reached 2553 metres Measured Depth.
END
For further information on the Company, please visit www.angusenergy.co.uk or contact:
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208 899 6380
Beaumont Cornish Limited (Nomad) www.beaumontcornish.com
James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396
WH Ireland Limited (Broker)
Katy Mitchell / Harry Ansell Tel: +44 (0) 207 220 1666
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon Tel: +44 (0) 207 129 1474
Aleph Commodities info@alephcommodities.com
Disclaimers - this Announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "forecasts", "plans", "prepares", "anticipates", "projects", "expects", "intends", "may", "will", "seeks", "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Announcement and include statements regarding the Company's and the Directors' intentions, beliefs or current expectations concerning, amongst other things, the Company's prospects, growth and strategy. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, achievements and financial condition may differ materially from those expressed or implied by the forward-looking statements in this Announcement. In addition, even if the Company's results of operations, performance, achievements and financial condition are consistent with the forward-looking statements in this Announcement, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements that the Company makes in this Announcement speak only as of the date of such statement and (other than in accordance with their legal or regulatory obligations) neither the Company, nor the Bookrunner nor Beaumont Cornish nor any of their respective associates, directors, officers or advisers shall be obliged to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.