REG - Beacon Energy PLC - AIM Rule 15 Cash Shell

Beacon EnergyAnnouncement

06/01/2025 15:15

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RNS Number : 2917S  Beacon Energy PLC  06 January 2025

6 January 2025

Beacon Energy plc

("Beacon Energy" or the "Company")

 

AIM Rule 15 Cash Shell

 

Beacon Energy (AIM:BCE), announces that further to the Company's announcement
on 28 November 2024, Beacon Energy has today been informed by Rhein Petroleum
GmbH's ("Rhein Petroleum") creditor representative that it has completed a
transaction to sell certain assets of Rhein Petroleum to a third party and
therefore the process to liquidate Rhein Petroleum (the "Proposed
Liquidation") will commence.

 

The Company's strategy continues to be the creation a self-funding oil &
gas production company taking advantage of growth opportunities resulting from
industry players as they reshape their portfolios.

 

The Board is presently in discussions on a range of opportunities and is
confident that it will enter into an agreement on at least one opportunity
before mid-year 2025, however there can be no guarantee that such an agreement
will be reached.

 

As a consequence of the Proposed Liquidation of Rhein Petroleum, Beacon
Energy has become an AIM Rule 15 cash shell effective today. As an AIM Rule
15 Cash Shell, the Company is required to make an acquisition, or
acquisitions, which constitutes a reverse takeover under AIM Rule 14
(including seeking re-admission under the AIM Rules for Companies) within six
months from 6 January 2025.  Alternatively, within such time period, the
Company can seek to become an investing company pursuant to AIM Rule 8, which
requires, inter alia, the raising of at least £6 million and publication of
an admission document.  In the event that the Company does not complete a
reverse takeover under AIM Rule 14 within such six month period or seek
re-admission to trading on AIM as an investing company pursuant to AIM Rule 8
(either being, a "Re-admission Transaction"), the Company's ordinary shares
would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a
Re-admission Transaction has not been completed within a further six month
period, admission to trading on AIM of the Company's ordinary shares would be
cancelled.

 

 

Enquiries:

 Beacon Energy plc                                          +44 (0)20 7466 5000

 Stewart MacDonald (CEO)
 Strand Hanson Limited (Financial and Nominated Adviser)    +44 (0)20 7409 3494

 Rory Murphy / James Bellman
                                                            +44 (0)20 7466 5000

 Buchanan (Public Relations)

 Ben Romney / Barry Archer / George Pope
                                                                 +44 (0)20 7186 9030

 Tennyson Securities Limited (Broker)

 Peter Krens

 

For further information, please visit  www.beaconenergyplc.com
(http://www.beaconenergyplc.com/)   and @BeaconEnergyPlc on X (formally
Twitter)

To register for Beacon Energy's email alerts, please complete the following
form:  https://www.beaconenergyplc.com/media-centre/news/#alerts
(https://www.beaconenergyplc.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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