Business
Results of GM & Issue of Bonus Warrants
Results of GM & Issue of Bonus Warrants.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBILC OF SOUTH AFRICA NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n\nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. IT IS NOT AN ADMISSION DOCUMENT OR ADMISSION DOCUMENT EQUIVALENT DOCUMENT. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT SOLELY ON THE BASIS OF INFORMATION CONTAINED IN THE ADMISSION DOCUMENT PUBLISHED BY ANDALAS ENERGY & POWER PLC AND DATED 27 APRIL 2016.\n\n13 May 2016\n\nAndalas Energy and Power Plc\n\n(“ADL†or the “Companyâ€)\n\nResults of General Meeting & Issue of Bonus Warrants\n\nAndalas Energy and Power Plc, the AIM listed Indonesian focused oil and gas exploration company (AIM: ADL), is pleased to announce that all resolutions were passed at its general meeting held today.\n\nThe Company is also pleased to provide an update on the issue of up to 179,536,825 bonus warrants to subscribe for new Ordinary Shares of nil par value in the Company (“Bonus Warrantsâ€), further to its announcement and admission document dated 27 April 2016 (“Admission Documentâ€).\n\nCapitalised but undefined terms shall have the meaning given to them in the definitions appearing in the Admission Document, a copy of which can be found at http://www.andalasenergy.co.uk/.\n\nAt the general meeting, CEO Dave Whitby made the following statement:\n\n“With all resolutions passed, the management team can now focus on delivering the vision to build an Indonesian focused energy company. Like all shareholders, I am disappointed with the discounted price of the readmission fundraise and I can assure you that the Board did not take the decision to complete the reverse on these terms lightly. However, faced with a lack of appetite in London for start-up energy companies and a fast approaching deadline to IPO, we had to accept the terms to allow us to move the business forward or risk losing the momentum that we have established on the ground in Indonesia.\n\n“The fundamentals of the Company are strong: a management team with direct Indonesian experience; a clear evaluation and deve...