REG - Beacon Energy PLC - Exclusivity Extension

Beacon EnergyAnnouncement

13/12/2022 07:01

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RNS Number : 4192J  Beacon Energy PLC  13 December 2022

13 December 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 previous announcements in relation
to 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 12 December to 26
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 2022 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 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 wasl not able to complete a
reverse transaction within that time, its shares will remain temporarily
suspended from trading on AIM until such time as the Potential Acquisition or
another reverse transaction is completed and for up to a further six months
from 27 November 2022.  In the event that a reverse transaction is not
completed within that further six month period, 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 @beaconplc on 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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