Last checked at 13 Dec 2022 07:00
13 December 2022
Beacon Energy plc
("Beacon Energy" or the "Company")
Exclusivity Extension
Beacon Energy plc (AIM: BCE) , the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, today announces that, further to previous announcements in relation to a non-binding Heads of Terms ("HoT") for the acquisition of a European oil and gas company (the "Potential Acquisition"), the previously agreed exclusivity extension period is to be further extended from 12 December to 26 December 2022.
The parties continue to work diligently towards concluding a definitive agreement and will update the market accordingly.
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 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 on announcement of the Potential Acquisition and will now remain so until Beacon shareholders approve the Potential Acquisition following the publication of the associated AIM Admission Document.
As announced on 27 May 2022, Beacon 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 Beacon Energy wasl not able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM until such time as the Potential Acquisition or another reverse transaction is completed and for up to a further six months from 27 November 2022. In the event that a reverse transaction is not completed within that further six month period, 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:
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 @beaconplc 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.