Business
Disposal of Interest in Horse Hill - Update
Disposal of Interest in Horse Hill - Update.
About this update from Gunsynd Plc
[{"type":"text","content":"\n \nRNS Number : 2410Z Gunsynd PLC 30 August 2018 \n\nGunsynd PLC\n(\"Gunsynd\" or the \"Company\")\n \nUpdate on Sale of Interest in HHDL to UKOG PLC\n \nGunsynd (AIM: GUN, NEX: GUN) announces an update to its announcement dated 20 August 2018 regarding the disposal of its 2% interest in Horse Hill Developments Limited (\"HHDL\") to UK Oil and Gas plc (\"UKOG\").\nThe Company notes the announcement made today by UKOG regarding its acquisition of an additional 15% of Horse Hill Developments Ltd (\"HHDL\") from Solo Oil plc (\"Solo Transaction\"). This announcement states that, to ensure parity with the acquisition of 2% of HHDL announced on 20 August 2018 it has agreed with the Company to issue a further 2,600,469 new ordinary shares in UKOG in order that both the Solo Transaction and the Company's transaction will be completed at £300,000 per 1% of HHDL.\nThe Company is therefore pleased to announce that it has been advised that it will receive increased sale consideration of GBP 50,000 by way of the additional 2,600,469 UKOG shares.\nAs a result of this increase the total consideration receivable by the Company is GBP 600,000, made up of 50,000 in cash and the balance of GBP 550,000 by way of 31,171,898 UKOG shares.\nThis is conditional on the written consent of each of the members of HHDL to the sale of shares as set out in HHDL's articles of association. \nOnce the disposal is completed, Gunsynd will no longer hold a direct interest in HHDL but will retain exposure to the project via share ownership in UKOG and Alba Mineral Resources Plc.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. \nThe directors of Gunsynd accept responsibility for this announcement.\nFor further information, please contact:\n \n\n\n\nGunsynd plc\nHamish Harris\n\n\n \n+44 20 7440 0640\n\n\n\n\nCairn Financial Advisers LLP\nJames Caithie / Liam Murray / Richard Nash\n\n\n \n+44 20 7213 0880\n\n\n\n\nPeterhouse Corporate Finance\nLucy Williams\n\n\n \n+44 20 7469 0930\n \n\n\n\n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution o...