Business
Result of General Meeting and Company Presentation
Result of General Meeting and Company Presentation.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2701B Savannah Petroleum PLC 08 January 2018 \n\nNOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SINGAPORE\n \n8 January 2018\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nResult of General Meeting and Company Presentation\nSavannah held a general meeting at 3.00 p.m. today to approve, inter alia, the Company's proposed acquisition of the Seven Assets from Seven and the Seven Energy Creditor Group, and the issue and allotment of, inter alia, the Second Tranche Placing Shares, the Consideration Shares and the EBT Shares. In total, there were 12 resolutions proposed and the Company is pleased to announce that all 12 resolutions proposed were duly passed. Further details on the Resolutions are contained in the Company's AIM Admission Document published on 22 December 2017 (\"Admission Document\"), which is available on the Company's website. \nThe Second Tranche Placing Shares, the Consideration Shares and the EBT Shares will be issued, allotted and admitted to trading on AIM shortly after settlement of the Exchange Offer, currently expected to be complete in early February. Further updates will be provided as appropriate.\nUnless otherwise defined, capitalised terms in this announcement have the same meaning ascribed to them in the Company's Admission Document. \nUpdate on Lock-up Agreement and Exchange Offer\nSavannah confirms that, as at 5.00 p.m. (London time) on 5 January 2018, no holder of 10.25% Senior Secured Notes which is a party to the Lock-up Agreement entered into by Savannah, the Seven Group and certain creditors of the Seven Group dated 14 November 2017 as amended on 21 December 2017 has provided notice in accordance with the Lock-Up Agreement that it intends to terminate the Lock-Up Agreement. Savannah therefore intends to announce commencement of an exchange offer and consent solicitation with respect to the 10.25% Senior Secured Notes (the \"Exchange Offer\") in due course. The terms and conditions of any Exchange Offer will be provided at the time of the Exchange Offer's announcement.\nUpdated Company Presentation\nAn updated corporate presentation can now be accessed on the Company's website (www.savannah-petroleum.com). The presenta...