REG - ACP Energy PLC - Signing of SPA and Suspension of Listing

Acp EnergyAnnouncement

16/01/2023 07:45

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RNS Number : 7543M  ACP Energy PLC  16 January 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT)(EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOR FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

 

16 January 2023

ACP Energy PLC

(ACP or the "Company")

 

ACP signs Sales and Purchase Agreement

Suspension of Listing

ACP Energy Plc (ACPE.L), a company formed to capture value accretive
opportunities in the oil & gas industry, is pleased to announce that it
has signed a Sale and Purchase Agreement ("SPA"), which is in line with the
Company's stated strategy of identifying and acquiring hydrocarbon producing
assets that are either in production or near to production.

The proposed acquisition is an equity interest being sold by Vinncler C.A.
which owns the producing assets, under technical service contracts, which are
under development, and currently producing approximately 4,100 bopd, in a
highly prolific basin in Latin America.  The seller, a private company, is
divesting a portfolio of assets to refocus its activities into areas that are
closer to its primary production base.  Further details on the assets will be
provided as part of the relisting process.

If the Transaction is completed, it will constitute a reverse takeover under
the Listing Rules.   The Transaction will be subject to the satisfaction of
certain conditions, including:

·    The approval of the required share authorities and other ancillary
matters to be set out in a Notice of General Meeting by shareholders of the
Company;

·    The successful completion of fundraising activities to, inter alia,
satisfy the consideration payable to the seller; and

·    Admission of the enlarged share capital to trading on AIM.

Accordingly, there is no certainty that the Transaction will proceed.

As the Transaction will constitute a Reverse Takeover, the Company has
requested that the listing of its Ordinary Shares be temporarily suspended
with effect from 7.30 a.m. today. Pending the publication of an Admission
Document and completion of due diligence, ACP intends to make an application
for the enlarged Company to have its Ordinary Shares admitted to trading on
the AIM Market of the London Stock Exchange ("Relisting").

The Company looks forward to providing further updates in due course.

The UK MAR offers, by way of exception to the immediate disclosure of inside
information, the possibility on a case-by-case basis to delay such disclosure
under certain conditions. In accordance with article 17(4) of UK MAR, any
issuer may thus delay, under its own responsibility, the public disclosure of
inside information such as not to prejudice its legitimate interest provided
that such omission is not likely to mislead the public and the issuer is able
to ensure the confidentiality of the information. The Company relied on
article 17(4) of the UK MAR and delayed the release of information in respect
of the signing of a non-binding term sheet in relation to the Transaction. In
the opinion of the board of directors of the Company, the delay of the
publication of information on the decision to commence negotiations with the
seller was in the Company's legitimate interest as its disclosure was likely
to affect the outcome of those negotiations or their normal pattern. The
decision to commence negotiations only showed the intention and the final
success of those negotiations depended on many factors, In the opinion of the
board of directors of the Company, the delay was not likely to mislead the
public and they could ensure the confidentiality of the information.

For further information:

www.acpenergyplc.com

 

ACP Energy

Paul Welch, Chairman
          +44 207 193 2376 /  stacey@acpenergyplc.com
 

Celicourt
Communications
+44 208 434 2643 / acpenergy@celicourt.uk

Mark Antelme / Jimmy Lea

 

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