9 Sep 2020 07:00
9 September 2020
Nu-Oil and Gas plc
("the Company" or "NUOG")
Update on Proposed RTO Transaction
Nu-Oil and Gas PLC (AIM:NUOG), the AIM Rule 15 cash shell, provides the following update.
In line with the guidance issued in Inside AIM: Coronavirus - Temporary Measures 20 March 2020, the Company has been granted an extension to the deadline by which it must complete a reverse takeover (as set out in AIM Rule 15) (a "RTO") by six months from 4 November 2020. Accordingly, the Company has approximately eight months from today's date to complete a RTO.
Since the Company's last notification on 8 July 2020, the Board has progressed discussions with two counterparties who are both in the circular economy industries and specifically in plastics recycling and manufacturing. The Board expects it will be able to provide a further update shortly with further details of a proposed transaction.
The Company was designated as an AIM Rule 15 cash shell on 4 November 2019. In accordance with the provisions of AIM Rule 15, the Company's Ordinary Shares therefore remain suspended from trading on AIM until an AIM Admission Document is published in respect of a reverse takeover transaction.
The Board remains confident that it will conclude a transaction which will constitute a RTO within the stipulated (now extended) timeframe under AIM Rule 15 and will update shareholders accordingly.
Enquiries
Nu-Oil and Gas plc | |
Investor Relations & Communications | Tel: +44 (0)20 3411 8737 |
Strand Hanson Limited Rory Murphy/Ritchie Balmer/Jack Botros | Tel: +44 (0)20 7409 3494 |
Novum Securities Limited | Tel: +44 (0)20 7399 9425 |
Jon Bellis |
Disclaimer
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").