Business
Transaction, Suspension and Business Update
Transaction, Suspension and Business Update.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1905G Saffron Energy PLC 28 February 2018 \n\n \n \n \n28 February 2018\n \nSaffron Energy plc\n \n(\"Saffron Energy\" or the \"Company\")\n \n \nUpdate on South East Asian Acquisitions\nWithdrawal from the acquisition of Po Valley Operations Limited (\"PVO\")\nPosting of a Supplementary AIM admission Document\n \nFurther to its announcement of 23 February 2018, Saffron Energy, the pan Euro Asian gas explorer, is pleased to confirm significant progress on a number of acquisitions in South East Asia and its withdrawal, by mutual consent, from the acquisition of PVO from Po Valley Energy Limited (\"Po Valley Energy\").\nSouth East Asian activities\nThe Company confirms that it is currently reviewing and negotiating a number of substantial and highly prospective opportunities in South East Asia. These opportunities are consistent with its multi Tcf exploration gas strategy.\nFurther announcements in respect of any new asset acquisitions will be released as these various opportunities develop.\nWithdrawal from the PVO acquisition.\nOn 16 February 2018, the Company announced that it had published a circular to shareholders comprising an AIM admission document (\"AIM Admission Document\"), convening a general meeting at which shareholders were invited to approve, inter alia, the proposed acquisitions of Sound Energy Holdings Italy Limited (\"SEHIL\") and PVO and the issue of shares necessary to complete the fundraising announced on 22 January 2018. \nGiven the rapid pace of development of the Company's activities in South East Asia, the regulatory and taxation issues inherent in the Po Valley Energy corporate approval process and the Saffron board's desire to limit upfront equity dilution, the Company has mutually agreed with Po Valley Energy to terminate the PVO acquisition agreement.\nAs required by the AIM Rules for Companies, the Company will shortly be issuing a Supplementary AIM admission document reflecting these changes (\"Supplementary AIM Admission Document\"). The Company believes that the timetable for re-admission is unlikely to be substantially changed from that set out in the AIM Admission Document.\nThe Supplementary AIM Admission Document is expected to confirm that the general meeting to approve the acquisition of SEHIL and the issue of shares nece...