Last checked at 21 Nov 2022 07:00
21 November 2022
Beacon Energy plc
("Beacon Energy" or the "Company")
Change of Name
Advance Energy plc, the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, is pleased to announce that all the regulatory formalities to change the company name to Beacon Energy plc have been satisfied.
The Company's updated website at www.beaconenergyplc.com will go live later today.
Beacon Energy plc (AIM:BCE) retains the same strategy and continues to work diligently to conclude a definitive agreement for the acquisition of a European oil and gas company (the "Potential Acquisition").
As per RNS dated 9 September, 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 on 9 September 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.
Commenting on the change of name, Interim CEO Larry Bottomley said:
"We felt it was appropriate to change the Company's name to reflect our forward looking objectives which are underpinned by a focused strategy and supportive market dynamics. The change of name has been delivered in a very cost effective manner and gives the company a new identity through which we hope to deliver long-term value for our shareholders. We look forward to providing an update on the Potential Acquisition in due course."
Enquiries:
Beacon 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 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.beaconenergyplc.com and @beaconenergyplc on Twitter.
To register for Beacon Energy's email alerts, please complete the following form: https://www.beaconenergyplc.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.