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22 Jan 2014 14:30
Brady Exploration plc
("Brady" or the "Company")
Update
On 12 December 2013, the Board of Brady announced the termination of talks with Energy Equity Resources (Norway) Limited ("EER") on the proposed acquisition of the company (the "Proposed Acquisition") which would have constituted a reverse takeover for Brady under rule 14 of the AIM Rules for Companies. EER is a UK incorporated company with oil and gas interests in Nigeria.
As outlined in the Company's interim results released on 30 September 2013, there is a cost agreement in place between Brady and EER whereby in the event that the transaction did not proceed in certain circumstances the costs incurred by Brady in relation to the Proposed Acquisition would be reimbursed by EER. The Board of Brady are in active and continued dialogue with the Board of EER, who have acknowledged this liability, with regard to the full reimbursement of these costs, currently amounting to approximately £221,000. The Board of Brady would also like to note that its existing creditors remain supportive. The amount of the reimbursement from EER is sufficient to pay all of Brady's existing outstanding creditors, as well as providing the Company with additional cash.
Since the termination of talks with EER, the Board of Brady has evaluated a number of investment and acquisition opportunities in line with its investing policy, however all such proposals remain at an early stage of evaluation.
The Company will provide updates for shareholders as appropriate.
For further information on the Company, visit: www.bradyexploration.com or contact:
Alex Borrelli
| Brady Exploration plc | Tel: +44 (0) 7747 020 600 |
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Nick Naylor Nick Athanas
| Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3328 5656 |
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Jon Levinson Lucy Williams | Peterhouse Corporate Finance (Joint Broker) | Tel: +44 (0) 20 7469 0935 |
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