30 May 2023 07:00
This announcement contains inside information
30 May 2023
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
Result of General Meeting
and
Update on Cancellation
On 3rd May 2023, Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, announced that it had entered into a Licence Acquisition Agreement ("LAA") with JHI Associates Inc. ("JHI"), pursuant to which JHI would acquire Argos' PL001 Production Licence interests in the North Falkland Basin (the "Licence") in return for consideration primarily comprising new JHI Common Shares (the "Disposal"). Assuming completion of the LAA, the Company's sole asset would be a holding in JHI Common Shares and in this scenario the Directors believed that it would be in the best interests of the Company and its shareholders to seek shareholder approval for cancellation of the admission of the Ordinary Shares to trading on AIM ("Cancellation"). Both the Disposal and the Cancellation were to be conditional on shareholder approval being obtained at a general meeting of the Company (the "GM").
The GM was held in the Falkland Islands on 26 May 2023, and the Board is pleased to confirm that all Resolutions were duly passed by shareholders.
Following the passing of the Resolutions, the Disposal will now proceed, subject to the Falkland Islands Government ("FIG") providing its consent to the transfer of the Licence. Argos and JHI are currently working with FIG to obtain the necessary consent, and the Company is not aware of any reason why it will not be granted.
Revised Timetable for Cancellation
As completion of the LAA remains subject to FIG providing its consent to the transfer of the Licence, which has not yet been obtained, completion of the Disposal will not take place in May 2023.
As a result, the Company's Ordinary Shares will continue to be admitted to trading on AIM beyond the previously anticipated date of Cancellation. All parties are now working towards satisfying the remaining condition as soon as possible, with completion of the LAA now expected to take place during June, with a long stop date of 28 June 2023.
The Company will notify a definitive timetable for Cancellation as soon as practicable, with further announcements made as appropriate.
As detailed in the Company's circular dated 3 May 2023 (the "Circular"), following Cancellation, the Board is intending to take the necessary actions for the Company to be wound up and for the JHI Common Shares to be distributed proportionately to the Company's shareholders on the register of members at the relevant time. Shareholders will be written to separately on this in due course to provide further details and to seek shareholder approval at a further general meeting of the Company for the Company to be wound up and a liquidator appointed.
Further details on the Disposal and Cancellation are set out in the Circular, which is available on the Company's website www.argosresources.com.
For further information:
Argos Resources Limited (+500 22685)
www.argosresources.com
Ian Thomson, Chairman
John Hogan, Managing Director
Cenkos Securities PLC
Neil McDonald (+44 131 220 6939)
Derrick Lee (+44 131 220 9100)