REG - Angus Energy PLC Sound Energy PLC - Re Sound and Termination of FSP

Sound EnergyAnnouncement

08/04/2022 07:00

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RNS Number : 7224H  Angus Energy PLC  08 April 2022

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA
OR NEW ZEALAND OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A BREACH OF ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF
CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR
SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE
OF ANY SECURITIES OF ANGUS ENERGY PLC IN ANY JURISDICTION WHERE TO DO SO WOULD
BREACH ANY APPLICABLE LAW OR REGULATION.

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 UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

8 April 2022

Angus Energy plc ("Angus Energy" or the "Company")

Sound Energy plc ("Sound") not to proceed with possible offer for Angus Energy
Plc

Termination of Formal Sale Process and update on Strategic Review

 

Sound

The Company notes the announcement made by Sound this morning in which it
confirms it does not intend to make an offer under Rule 2.7 of the City Code
on Takeovers and Mergers (the "Code") to acquire Angus.

End of Formal Sale Process

On 6 January 2022, Angus Energy plc (the "Angus") announced that it was
undertaking a review of the strategic options. These options include, but were
not limited to, a sale of the Company which will be conducted under the
framework of a "formal sale process" in accordance with the Takeover Code.

The Company now announces that whilst it will continue its strategic review at
the asset level only, as explained below, it has ended the "formal sale
process" of the Company which it had commenced previously in accordance with
Rules 2.4 and 2.6 of the Takeover Code. Accordingly, the Company is no longer
in an offer period as defined by the Takeover Code.

George Lucan, CEO, commented: "Our Competent Persons Report of October 2021
gave a P90 valuation of £24 million (P50 of £34 million) to our interest in
Saltfleetby, since which time confidence in our ability to achieve First Gas
in June has risen, and the wider market has reflected this in our own share
price.

After lengthy discussions on a possible combination with Sound, which we
consider to have had merit, we were unable to agree terms.

The Company is pleased to continue discussions with two actively interested
parties for part or all of our Licence interest at an asset level.  However,
in the light of a strongly supportive economic backdrop and in constant
pursuit of shareholder value, we are now formally closing out our Formal Sales
Process as regards potential Offers for the shares of Angus Energy plc
although we remain in a Strategic Review period whilst those discussions
continue at an asset or licence level."

 

For further information on the Company, please visit www.angusenergy.co.uk
(http://www.angusenergy.co.uk) or contact:

Enquiries:

 

Angus Energy Plc
www.angusenergy.co.uk (http://www.angusenergy.co.uk)

 

George
Lucan
Tel: +44 (0) 208 899 6380

 

Beaumont Cornish (Nomad)            www.beaumontcornish.com
(http://www.beaumontcornish.com)

 

James Biddle / Roland Cornish         Tel: +44 (0) 207 628 3396

 

WH Ireland Limited (Broker)

 

Harry Ansell / Katy Mitchell               Tel: +44 (0) 207 220
1666

 

Flagstaff PR/IR
angus@flagstaffcomms.com (mailto:angus@flagstaffcomms.com)

 

Tim Thompson / Fergus Mellon         Tel: +44 (0) 207 129
1474

 

Aleph Commodities
  info@alephcommodities.com (mailto:info@alephcommodities.com)

 

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent onshore Energy Transition
company with a complementary portfolio of clean gas development assets,
onshore geothermal projects, and legacy oil producing fields. Angus is focused
on becoming a leading onshore UK diversified clean energy and energy
infrastructure company. Angus Energy has a 51% interest in the Saltfleetby Gas
Field (PEDL005), majority owns and operates conventional oil production fields
at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the
Balcombe Licence (PEDL244).

 

Important Notices

This announcement contains 'forward-looking statements' concerning the Company
that are subject to risks and uncertainties. Generally, the words 'will',
'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects',
'aims', 'intends', 'anticipates' or similar expressions or negatives thereof
identify forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of these risks
and uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of new
information, future events or otherwise, except to the extent legally
required.

 

Nothing contained herein shall be deemed to be a forecast, projection or
estimate of the future financial performance of the Company.

 

 

 

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