Statement Regarding Recent Price Movement
09/09/2022 13:36
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220909:nRSI9785Ya&default-theme=true
RNS Number : 9785Y Advance Energy PLC 09 September 2022
9 September 2022
Advance Energy plc
("Advance Energy" or the "Company")
Statement Regarding Recent Price Movement and Suspension of Trading
Advance Energy (AIM:ADV), the energy company seeking growth through
acquisition or farm-in to interests in discovered upstream projects, notes the
recent movement in the price of the Company's shares on AIM.
The Company has been actively assessing a number of live, value-accretive
business development opportunities and confirms that it has entered into a
non-binding Heads of Terms ("HoT) with the majority owner of a European oil
and gas company , with the intention of the Company completing an acquisition
of the European company for a combination of new shares in Advance and an earn
out based on oil production (the "Potential Acquisition"). The HoT includes
standard conditions, including an exclusivity period up to 29 October 2022 and
the completion of satisfactory due diligence. 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 Proposed 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 this
morning and will remain so until Advance is in a position to publish the
associated AIM Admission Document for the Potential Acquisition. In the event
that the Potential Acquisition does not proceed for whatever reason, it is
expected that the temporary suspension in the Company's shares would be
lifted.
It should be noted there is no certainty that the Potential Acquisition, or
any transaction, will take place.
We look forward to updating the market in due course.
Enquiries:
Advance 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 Harris / 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END STRLLMTTMTJMBMT