REG - Beacon Energy PLC - Exclusivity Extension

Beacon EnergyAnnouncement

28/11/2022 07:00

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RNS Number : 6709H  Beacon Energy PLC  28 November 2022

28 November 2022

 

Beacon Energy plc

("Beacon Energy" or the "Company")

 

Exclusivity Extension

 

Beacon Energy plc (AIM:BCE), the energy company seeking
growth through acquisition or farm-in to interests in discovered upstream
projects, today announces that, further to the RNS dated 9 September 2022 in
which the Company confirmed that it had entered into a non-binding Heads of
Terms ("HoT") for the acquisition of a European oil and gas company (the
"Potential Acquisition"), the previously agreed exclusivity extension period
is to be further extended from 28 November to 12 December 2022.

The parties continue to work diligently towards concluding a definitive
agreement and will update the market accordingly.

The Potential Acquisition would be considered a reverse transaction under the
AIM Rules for Companies 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 on announcement of the Potential Acquisition and will now remain so
until Beacon shareholders approve the Potential Acquisition following the
publication of the associated AIM Admission Document.

As announced on 27 May 2022, Beacon  Energy (then 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 Beacon  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:

 Beacon Energy plc                                        +44 (0)1624 681 250

 Larry Bottomley (Interim 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.beaconenergyplc.com
(http://www.beaconenergyplc.com)   and @BeaconEnergyPlc  on Twitter

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