26 Apr 2016 13:12
SeaEnergy PLC
("SeaEnergy" or the "Company")
Statement re. Suspension
Further to the announcement on 4 March 2016, the Company confirms that it has sufficient funds to remain trading until the second half of May. Since that announcement, SeaEnergy has been in detailed discussions with a number of potential purchasers for the Return to Scene business ("R2S"), several of which are still ongoing (the "Potential Disposal").
The Potential Disposal would be classified as a fundamental change of business under the AIM Rules for Companies and therefore require the prior approval of shareholders at a specially convened general meeting. The Directors are of the opinion that it is now unlikely that a sale and purchase agreement can be agreed and executed in sufficient time to allow the process of shareholder approval to occur while the Company remains solvent. In addition, the suspension in trading of the shares of Lansdowne Oil & Gas plc, a company in which SeaEnergy holds an 18.67% interest, on 13 April 2016 means that it is unlikely that the Company could currently raise funds through the disposal of its interest. The Directors are therefore taking advice from insolvency practitioners.
As a result, the Company has requested a suspension in trading of the Company's shares pending clarification of the financial position.
Further announcements will be made as appropriate.
ENDS
John Aldersey-Williams Chief Executive Officer Tel: +44 1224 748480
| |
Claire Fleming Corporate Communications & Research Manager Tel: +44 7880 358920
| |
Tim Feather/Liam Gribben Nominated Adviser and Broker WH Ireland Limited Tel: 0113 394 6600 |