Business
Publication of Circular and Notice of GM
Publication of Circular and Notice of GM.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6329T\n Pharos Energy PLC\n 25 November 2021\n \n \n \n \n Pharos Energy plc\n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n Publication of Circular and Notice of General Meeting: \n \n \n Farm-Out of the Group's interests in the El Fayum and North Beni Suef Concessions, Egypt\n \n \n \n \n \n Pharos has today published a shareholder Circular relating to the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions (the \"Assets\") to IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG (\"IPR\") (the \"Transaction\"), pursuant to the conditional agreements entered into by Pharos and IPR Lake Qarun on 14 September 2021. \n \n \n \n \n \n Following completion of the Transaction, the firm consideration payable to the Group is US$5 million on completion plus a disproportionate funding contribution from IPR Lake Qarun of US$38.425 million net to Pharos (to be adjusted for working capital and interim period adjustments from the effective economic date of 1 July 2020). In addition, the Group will be entitled to contingent consideration depending on the average Brent Price each year from 2022 to the end of 2025, capped at a maximum total payment of US$20 million. Detailed terms are set out in the Circular.\n \n \n \n \n \n Under the UK Listing Rules, the Transaction constitutes a Class 1 transaction and is therefore conditional on the approval of Pharos shareholders by a simple majority of votes cast. The Transaction is also conditional upon, inter alia, the waiver or deemed waiver by EGPC of its pre-emption rights in respect of the Transaction and the signature of the Deeds of Assignment by EGPC and the Minister.\n \n \n \n \n \n The Circular contains further details of the Transaction and a notice convening a General Meeting of Pharos to be held at the offices of Shepherd and Wedderburn LLP, 5 Cheapside, Octagon Point, London EC2V 6AA at 10.00 a.m. (GMT) on 14 December 2021 (\"the General Meeting\") to consider and, if thought fit, approve the Transaction.\n \n \n \n \n \n The expected timetable of principal events in relation to the General Meeting and the Transaction is as follows:\n \n \n \n \n ...