Business
Conditional Sale of Remaining Horse Hill Interest
Conditional Sale of Remaining Horse Hill Interest.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 0016U Regency Mines PLC 18 October 2017 \n\nRegency Mines Plc\n(\"Regency\" or \"the Company\")\n \nConditional Sale of Remaining Interest in Horse Hill Discovery and Licenses, Weald Basin, UK\n \n \n18 October 2017\n \nRegency Mines Plc, the natural resource company with interests in natural gas and mineral exploration and development, announces, further to its announcements of 10 July 2017 and 24 August 2017, that it has conditionally agreed to sell its remaining 3.1% interest (\"Sale Interest\") in Horse Hill Developments Ltd (\"HHDL\") to Alba Mineral Resources plc (\"Alba\").\n \nHighlights:\n \n· Sale of 3.1% of HHDL for £630,000\n· Minimum cash consideration component of 50% (£315,000)\n· Subject to satisfaction of certain conditions precedent including in relation to right of first refusal held by UK Oil and Gas Investments plc (\"UKOG\") Balance of consideration payable in new Alba shares to be issued at Completion at volume-weighted average price in 15 days prior to Completion\n· Alba may elect to settle more than 50% of consideration in cash at its discretion\n \nTransaction Summary\n \nFor a total consideration of £630,000, the Company has agreed to sell 31 ordinary shares in HHDL, comprising a 3.1% shareholding. This consideration shall be paid in a combination of cash and fully paid ordinary shares in Alba, with the proportion of cash and shares to be determined by Alba subject to a minimum cash component of £315,000. Any proportion of the purchase price to be settled in shares shall be settled on the basis of a deemed share price for Alba ordinary shares equal to the volume weighted average price of Alba ordinary shares in the 15 trading days prior to Completion. Any proposed disposal by Regency of Alba consideration shares shall be subject to a six month orderly marketing provision post-Completion.\n \nCompletion of the acquisition is subject to the satisfaction, or waiver by Alba, of certain conditions precedent including relating to confirmatory due diligence to Alba's satisfaction in respect of the Sale Interest and receipt of all necessary third party or regulatory consents, approvals and waivers. UKOG have a fi...