Exclusivity Extension
31/10/2022 07:00
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RNS Number : 5754E Advance Energy PLC 31 October 2022
31 October 2022
Advance Energy plc
("Advance Energy" or the "Company")
Exclusivity Extension
Advance Energy plc (AIM:ADV (AIM%3AADV) ), the energy company seeking
growth through acquisition or farm-in to interests in discovered upstream
projects, announces, further to the Company's announcement of 9 September 2022
regarding the non-binding Heads of Terms in respect of the potential
acquisition of a European oil and gas company ("HoT) (the "Potential
Acquisition"), that the previously agreed exclusivity period has been extended
from 29 October 2022 to 28 November 2022.
The parties continue to work diligently towards concluding a definitive
agreement and the Company will provide further updates in due course.
It is noted that the Potential Acquisition would be considered a reverse
transaction under the AIM Rules for Companies ("AIM Rules") and is therefore
subject, inter alia, to the issue of a new AIM Admission Document that would
set out details of the Potential Acquisition and convene a General Meeting of
the Company to obtain shareholder approval for the Potential Acquisition.
The Company's shares were temporarily suspended from trading on AIM on 9
September 2022, to remain so until Advance Energy is in a position to publish
an associated AIM Admission Document for the Potential Acquisition.
As announced on 27 May 2022, Advance Energy became a cash shell on that date
under AIM Rule 15. As a result, the Company had six months from that date to
complete a reverse transaction or trading in the Company's shares would be
suspended under the AIM Rules. As Advance Energy will not be able to
complete a reverse transaction within that time, its shares will remain
temporarily suspended from trading on AIM for a further six months until such
time as the Potential Acquisition or another reverse transaction is
completed. In the event that a reverse transaction is not completed within
the further six months, the Company's shares would be cancelled from AIM.
It should be noted there is no certainty that the Potential Acquisition, or
any transaction, will take place.
Enquiries:
Advance Energy plc +44 (0)1624 681 250
Larry Bottomley (CEO)
Strand Hanson Limited (Financial and Nominated Adviser) +44 (0)20 7409 3494
Rory Murphy / James Bellman
Buchanan (Public Relations) +44 (0)20 7466 5000
Ben Romney / Jon Krinks
Tennyson Securities Limited (Joint Broker) +44 (0)20 7186 9030
Peter Krens / Ed Haig-Thomas
Optiva Securities Limited (Joint Broker) +44 (0)20 3411 1881
Christian Dennis
For further information, please visit www.advanceplc.com
(http://www.advanceplc.com/) and @advanceplc on Twitter
To register for Advance Energy's email alerts, please complete the following
form: https://www.advanceplc.com/media-centre/news/#alerts
(https://www.advanceplc.com/media-centre/news/#alerts)
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 United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018.
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