Business
Acquisition of 49% interest in Saltfleetby
Acquisition of 49% interest in Saltfleetby.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO\n .\n 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED\n .\n UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN\n .\n \n \n \n 24 May 2022\n \n \n \n \n \n \n \n \n \n Angus Energy Plc\n \n \n \n \n (\"Angus Energy\", the \"Company\" or together with its subsidiaries, the \"Group\")\n \n \n \n \n (AIM:ANGS)\n \n \n \n \n \n \n \n \n \n Acquisition of remaining 49% interest in the Saltfleetby Project\n \n \n \n \n Subscription of £3,000,000\n \n \n \n \n Conditional Subscription of up to a further £3,000,000\n \n \n \n \n \n \n \n \n Angus Energy Plc (AIM:ANGS) is\n pleased to announce that it has executed a share purchase agreement (\"SPA\") to acquire the entire issued share capital of the Company's current joint venture partner in the Saltfleetby Project (the \"Project\"),\n Saltfleetby Energy Limited, (\"\n \n SEL\n \n \" or the \"\n \n Target\n \n \") which owns a 49% working interest in the Project\n (the \"Acquisition\") thereby giving Angus Energy a 100% interest in the Project. To fund the Acquisition and other working capital requirements, the Company has concurrently arranged a direct subscription with affiliates of\n Aleph International Holdings (UK) Limited (\"Aleph\") pursuant to which Aleph has subscribed for a total of 546,000,000 Ordinary Shares in the Company at a price of 1.09896011 pence, being £6,000,000 (Direct Subscription) split into an initial unconditional tranche of £3,000,000 and a second tranche of £3,000,000 conditional on Shareholder approval.\n \n \n \n \n \n \n Summary of the Acquisition\n \n \n \n \n \n \n \n \n The Company has executed a share purchase agreement to acquire the entire issued share capital of the Target from Forum Energy Services Limited (\"Forum\" or the \"Seller\"). The total effective consideration payable pursuant to the SPA is the sum of £14,052,000, which comprises:\n \n \n \n \n \n ·\n £250,000 to be paid in cash at Completion;\n \n \n ·\n the issue of 91 million Ordinary Shares at 1.09896011 pence per share (the \"F...