REG - Angus Energy PLC - Update on Financing and Options Award

Angus EnergyAnnouncement

19/01/2024 08:15

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RNS Number : 2912A  Angus Energy PLC  19 January 2024

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.

19 January 2024

 

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

 

Update on Financing, Extension of £6m Junior Bridge Facility and Options
Award

Angus Energy plc (AIM:ANGS) is pleased to announce that work in documenting
the Company's proposed £20 million Loan Facility and Offtake Agreements with
Trafigura is progressing well and is expected to conclude with satisfaction of
conditions precedent and drawdown within four weeks.

The Company has been granted an extension to the existing £6m Subordinated
Debt Facility (the "Bridge Loan"), which is due to mature on 19(th) January
2024, in order to allow time for completing documentation and drawdown under
the proposed facility with Trafigura. Accordingly, Aleph Finance Limited has
agreed to an extension of the Bridge Loan for one month until 19(th) February
2024, for a fee of 1%, which is proportionate to the fee paid for the previous
extension of the loan in October 2023.

Options Award

The Company has granted 30 million share options under the Company's existing
Employee Incentive Schemes (the "Options") to employees of the Company.

The share options to be granted were proposed by the remuneration committee
and approved by the Board. This reflects the management's efforts in achieving
successful operations at the Company's wholly-owned Saltfleetby Field.

The share options have an exercise price of 0.67 pence per share (being a
premium of 36% to the closing price on 18 January 2024) (the "Exercise Price")
and vest as to 100 per cent., upon the closing mid-market price of the
Ordinary Shares being 0.67 pence per share or above (being 36 per cent. above
the Exercise Price). The options have a 10 year term from the date of issue.

END

 

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 Limited (Nomad)               www.beaumontcornish.com
(http://www.beaumontcornish.com)

 

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

 

WH Ireland Limited (Broker)

 

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

 

Flagstaff PR/IR
         angus@flagstaffcomms.com

 

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

 

Disclaimers - this Announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "forecasts", "plans", "prepares", "anticipates",
"projects", "expects", "intends", "may", "will", "seeks", "should" or, in each
case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
Announcement and include statements regarding the Company's and the Directors'
intentions, beliefs or current expectations concerning, amongst other things,
the Company's prospects, growth and strategy. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. The
Company's actual performance, achievements and financial condition may differ
materially from those expressed or implied by the forward-looking statements
in this Announcement. In addition, even if the Company's results of
operations, performance, achievements and financial condition are consistent
with the forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Any forward-looking statements that the Company makes in this
Announcement speak only as of the date of such statement and (other than in
accordance with their legal or regulatory obligations) neither the Company,
nor the Bookrunner nor Beaumont Cornish nor any of their respective
associates, directors, officers or advisers shall be obliged to update such
statements. Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future performance,
unless expressed as such, and should only be viewed as historical data.

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

 

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