REG - Angus Energy PLC Sound Energy PLC - Offer Update - Further Extension to PUSU Deadline

Sound EnergyAnnouncement

11/03/2022 13:00

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RNS Number : 5348E  Angus Energy PLC  11 March 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS  ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO
MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE AND THERE CAN BE NO
CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER
MIGHT BE MADE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

11 March 2022

 

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Offer Update - Further Extension to PUSU Deadline

On 18 January 2022, Angus Energy plc ("Angus") noted the announcement by Sound
Energy plc ("Sound") that it had made a possible all-share offer for the
entire issued and to be issued ordinary share capital of the Company.

In accordance with Rule 2.6(a) of the Takeover Code (the "Code"), Sound was
required, by no later than 5.00pm on 15 February 2022, to either announce a
firm intention to make an offer for the Company in accordance with Rule 2.7 of
the Code or announce that it does not intend to make an offer for the Company,
in which case the announcement would be treated as a statement to which Rule
2.8 of the Code applied.

As announced by Angus on 4 February 2022, this deadline was extended to 5.00pm
on 11 March 2022, in accordance with Rule 2.6(c) of the Code.

Discussions and mutual due diligence between the parties remain ongoing and,
to allow further time for these discussions to take place, in accordance with
Rule 2.6(c) of the Code, the Company has requested, and the Panel on Takeovers
and Mergers (the "Takeover Panel") has consented to, an extension to the
deadline by which Sound is required either to announce a firm intention to
make an offer for Angus in accordance with Rule 2.7 of the Code or to announce
that it does not intend to make an offer, in which case the announcement will
be treated as a statement to which Rule 2.8 of the Code applies. Such
announcement must now be made by not later than 5.00pm on 8 April 2022. This
deadline can be further extended with the consent of the Takeover Panel,  at
the request of Angus, in accordance with Rule 2.6 (c) of the Code.

There can be no certainty that a firm offer will be made nor as to the terms
of any such offer, if made. A further announcement will be made in due course.

This announcement has been made with the consent of Sound.

The person responsible for releasing this announcement on behalf of the
Company is George Lucan.

 

Enquiries:

 Angus Energy Plc              www.angusenergy.co.uk (http://www.angusenergy.co.uk/)
 George Lucan                  Tel: +44 (0) 208 899 6380

 Beaumont Cornish (Nomad)      www.beaumontcornish.com (http://www.beaumontcornish.com/)
 James Biddle/ Roland Cornish  Tel: +44 (0) 207 628 3396

 WH Ireland Limited (Broker)
 Katy Mitchell/ Harry Ansell   Tel: +44 (0) 113 394 6600

 Flagstaff PR/IR               angus@flagstaffcomms.com (mailto:angus@flagstaffcomms.com)
 Tim Thompson                  Tel: +44 (0) 207 129 1474
 Fergus Mellon
 Aleph Commodities             info@alephcommodities.com

 

Notes

 

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent onshore Energy Transition
company with a complementary portfolio of clean gas development assets,
onshore geothermal projects, and legacy oil producing fields. Angus is focused
on becoming a leading onshore UK diversified clean energy and energy
infrastructure company.  Angus Energy has a 51% interest in the Saltfleetby
Gas Field (PEDL005), majority owns and operates conventional oil production
fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the
Balcombe Licence (PEDL244).

Disclosure Requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website
at www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

 

Important Notices

This announcement contains 'forward-looking statements' concerning the Company
that are subject to risks and uncertainties. Generally, the words 'will',
'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects',
'aims', 'intends', 'anticipates' or similar expressions or negatives thereof
identify forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of these risks
and uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of new
information, future events or otherwise, except to the extent legally
required.

Nothing contained herein shall be deemed to be a forecast, projection or
estimate of the future financial performance of the Company.

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or solicitation of any offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any securities or the
solicitation of any vote or approval in any jurisdiction. Any offer (if made)
will be made solely by certain offer documentation which will contain the full
terms and conditions of any offer (if made), including details of how such
offer may be accepted. This announcement has been prepared in accordance with
English law and the Code, and information disclosed may not be the same as
that which would have been prepared in accordance with laws outside of the
United Kingdom. The release, distribution or publication of this announcement
in jurisdictions outside of the United Kingdom may be restricted by laws of
the relevant jurisdictions, and therefore persons into whose possession this
announcement comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities law of any such jurisdiction.

Beaumont Cornish limited, which is authorised and regulated in the United
Kingdom by the FCA, is acting as Nominated Adviser and Financial Adviser to
Angus and for no one else in connection with any matter referred to in this
announcement and will not be responsible to anyone other than Angus for
providing the protections afforded to its clients nor for providing advice in
relation to any matters set out in this Announcement

Publication on Website

A copy of this announcement will be made available at www.angusenergy.co.uk no
later than 12:00 noon (London time) on 14 March 2022 (being the business day
following the date of this announcement) in accordance with Rule 26.1 of the
Takeover Code. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.

 

 

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