REG - Enwell Energy PLC - Smart Holding Restructuring

Enwell EnergyAnnouncement

17/01/2023 17:30

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RNS Number : 0337N  Enwell Energy PLC  17 January 2023

17 January 2023

Enwell Energy plc
("Enwell" or the "Company")

 

Smart Holding Restructuring

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, notes yesterday's press release by the PJSC Smart Holding
Group ("Smart Holding") via its corporate website disclosing a change in its
ownership structure. The release states, inter alia, the following:

"Smart Holding, a major Ukraine-based industrial group and an international
investor, today announces the completion of the latest round of its on-going
restructuring.

As part of the restructuring, the Founder of Smart Holding, Vadym Novynskyi
has decided to dispose of his shares in the company, placing his ownership
stake into a trust. Corresponding Smart Trust and Step Trust agreements were
concluded in November 2022 and registered by the Cyprus Securities and
Exchange Commission. The trustees are highly qualified fiduciary
administrators appointed in accordance with the licensing terms of Cypriot
legislation. Accordingly, the trustees currently fully own, control and manage
the Group's assets.

Pursuant to the above, as at the current date, Mr Novynskyi holds no
beneficial interest in the Group, nor exercises any control over the Group's
activities or processes. Mr Novynskyi, who has not taken part in the running
or the management of Smart Holding since 2013, has decided to focus all of his
energies to pursue his private interests.

Smart Holding continues to operate as normal, run by a professional management
team that has steered the business through the economic and civil crisis
caused by the war with Russia. The trustees are continuing the process of the
reorganization of the Smart group of companies."

Accordingly, Enwell has requested that Smart Holding consider the application
of Rule 5 of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTR 5") as to whether the above change of its ownership
structure requires notification, and/or the provision of a Form TR-1 to the
Company in accordance with DTR 5, and that the trustees of the Smart Trust
and/or Step Trust also consider any such notification obligations.

 

Further disclosures will be made as appropriate.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended.

 

For further information, please contact:

 

 Enwell Energy plc                              Tel: 020 3427 3550
 Chris Hopkinson, Chairman
 Sergii Glazunov, Chief Executive Officer
 Bruce Burrows, Finance Director

 Strand Hanson Limited                          Tel: 020 7409 3494
 Rory Murphy / Matthew Chandler

 Arden Partners plc                             Tel: 020 7614 5900
 Alexandra Campbell-Harris (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                         Tel: 020 7638 9571
 Ellen Wilton

 

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