REG - ACP Energy PLC - Update on Proposed Transaction

Acp EnergyAnnouncement

28/09/2023 12:30

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RNS Number : 0289O  ACP Energy PLC  28 September 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 2019 (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. NOT 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.

ACP Energy PLC

("ACP" or the "Company")

 

Update on Proposed Transaction by ACP to acquire oil and gas interests in
Ecuador

Notice of Intention to Request Voluntary Cancellation of Listing on the
Official List and Proposed Admission to Trading on the AIM market of the
London Stock Exchange ("AIM")

 

Further to its announcement of 16 January 2023, ACP announces the following
update concerning the proposed transaction to acquire certain oil and gas
interests in Ecuador (the "Proposed Transaction").

 

The directors of ACP are pleased to announce that the transaction
documentation required to complete the Proposed Transaction is substantially
complete. In addition, the fundraise required to consummate the Proposed
Transaction and the concurrent proposed admission of the Company's ordinary
shares ("Ordinary Shares") to trading on AIM are at an advanced stage.

 

As previously announced, as part of the Proposed Transaction, ACP today
announces that it has applied to the UK Financial Conduct Authority ("FCA")
and London Stock Exchange plc ("LSE") to effect a cancellation of its Ordinary
Shares from listing on the standard segment of the FCA's Official List and to
trading on the main market for listed securities of the LSE (together, the
"Cancellation") and will seek admission of its enlarged issued share capital
to trading on AIM ("Admission").

 

Pursuant to Listing Rule 5.2.8, the Company must give at least 20 business
days' notice of the intended Cancellation. It is anticipated that the
Cancellation will become effective at 8:00 a.m. on 27 October 2023 (or such
later date as the Company will announce), which is the anticipated completion
date for the Proposed Transaction and Admission to AIM.

 

The Proposed Transaction is no longer anticipated to require the Company to
convene a general meeting of its shareholders as the Company currently has
valid and sufficient share authorities (which remain in place following the
resolutions passed at ACP's last annual general meeting). While matters
relating to the Proposed Transaction and Admission are at an advanced stage,
and ACP is therefore making this announcement, shareholders should note that
there remain several matters upon which completion of the Proposed Transaction
and Admission is conditional, including, inter alia, completion of the
associated fundraise. Accordingly, there can be no certainty that the Proposed
Transaction and Admission will proceed. If the Proposed Transaction and
Admission does not proceed, ACP intends to withdraw its notice of
Cancellation.

 

 

For further information: www.acpenergyplc.com

ACP Energy

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

 

Celicourt Communications

Mark Antelme / Jimmy Lea
                                +44 207 770
6424 / acpenergy@celicourt.uk

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