Business
Proposed Acquisition, Rule 9 Waiver and GM Notice
Proposed Acquisition, Rule 9 Waiver and GM Notice.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\nCaspian Sunrise PLC\n \n(\"Caspian Sunrise\", or the \"Company\")\n \nProposed Acquisition of CS Energy LLP\n \nApproval of Waiver Obligations Under Rule 9 of the City Code on Takeovers and Mergers\n \nand\n \nNotice of General Meeting\n \n \nCaspian Sunrise is pleased to announce it has executed documentation relating to the acquisition of CS Energy LLP which holds the licences to the West Shalva contract area for a maximum consideration of US$15 million.\n \nThe Acquisition is conditional upon, inter alia, the approval of Shareholders of the Resolution (including the Waiver Resolution) which will be sought at the General Meeting convened for 11.00 a.m. on 26 April 2024. The Circular, containing the Notice of General Meeting, is being published and made available to Shareholders today.\n \nUnless otherwise indicated, defined terms in this announcement shall have the same meaning as described in the Circular. The expected timetable of principal events and the Chairman's statement from the Circular are set out further below.\n \nHighlights\n· CS Energy to be acquired for maximum consideration of $15m, split into three tranches:\no $5m to be paid on Completion by the issue of 99,206,349 Ordinary Shares at a price of 4.0p per share;\no $5 million is to be paid following the first oil at West Shalva by the issue of a further 99,206,349 Ordinary Shares to be issued at a price of 4.0 p per Ordinary Share; and\no final tranche to be the first $5 million revenue from West Shalva once under the Group's ownership and payable in cash.\n \n· CS Energy is wholly owned by Altynbek Bolatzhan, who is a member of the Concert Party, and as the Concert Party's shareholding would increase from its current aggregate holdings of the Existing Ordinary Shares of 48.49% of the Company's total issued share capital to a maximum of 52.66%, a waiver from Rule 9 of the Takeover Code is being sought at a General Meeting.\n \n· The West Shalva contract area is rectangular in shape and extends over approximately 25 km2. It is located in the oil producing Zhetybay Steppe Area in the Mangyshlak region of Western Kazakhstan.\n \n· West Shalva is adjacent to the more established Shalva, which has C1 reserves of app...