REG - Sound Energy PLC - Update re Conditions to Divestment

Sound EnergyAnnouncement

16/07/2024 07:00

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RNS Number : 4863W  Sound Energy PLC  16 July 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
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16 July 2024

 

Sound Energy plc

("Sound Energy" or the "Company" and together with its subsidiaries the
"Group")

 

Moroccan Assets: Binding agreement for the sale of share capital of Sound
Energy Morocco East Limited - Managem Board Approval

 

 

Sound Energy (AIM: SOU), the transition energy company, is pleased to announce
that subsequent to the Company's announcement of 14 June 2024 regarding the
entry into a conditional binding Sale and Purchase agreement for the partial
divestment by the Company of its Moroccan assets (the "SPA") by way of the
disposal by the Company of the entire issued share capital of the Company's
wholly owned subsidiary Sound Energy Morocco East Limited to Managem SA (the
"Transaction"), Sound Energy has received confirmation of the approval of
Managem's Board of Directors to the Transaction, satisfying one of the
conditions precedent to the SPA.

 

The Transaction remains conditional upon the remaining Conditions Precedent to
the SPA, as disclosed by the Company in the announcement of 14 June 2024,
being satisfied or waived and further announcements will be made, as
appropriate, in due course.

 

 

Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:

 

"We are very pleased to have received Managem's formal board approval for the
Transaction and we are working to effect completion of all remaining
conditions precedent to the SPA in the near term. Meanwhile a transition plan
is being executed with the Managem team to ensure a smooth hand over."

 

 

For further information visit www.soundenergyplc.com follow on X
@soundenergyplc, LinkedIn, or contact:

 

 Flagstaff Strategic and Investor Communications                   Tel: +44 (0)20 129 1474

 Tim Thompson                                                      sound@flagstaffcomms.com

 Mark Edwards

 Alison Allfrey

                                                                   chairman@soundenergyplc.com (mailto:chairman@soundenergyplc.com)

 Sound Energy

 Graham Lyon, Executive Chairman

                                                                   Tel: +44 (0)20 3983 9263

 Gneiss Energy Limited - Financial Adviser

 Jon Fitzpatrick

 Paul Weidman

 Doug Rycroft

                                                                       Tel: +212 (0) 537 67 40 23

 Advisory & Finance Group Investment Bank - M&A advisory

 Mohammed Benslimane

 Reda Benjelloun

                                                                   Tel: +44 (0)20 7220 0500

 Cavendish Capital Markets - Nominated Adviser

 Ben Jeynes

 Peter Lynch

                                                                     Tel: +44 (0)20 3829 5000

 Zeus - Broker

 Simon Johnson

 

 

 

 

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