Business
Proposed Adjournment of GM to 20 March 2024
Proposed Adjournment of GM to 20 March 2024.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n14 March 2024\nUnited Oil & Gas plc\n(\"United\" or \"the Company\")\n \nProposed Adjournment of General Meeting from 15 March 2024 to 20 March 2024\nUnited Oil & Gas Plc (AIM: \"UOG\"), the oil and gas company with a high impact exploration asset in Jamaica and development asset in the UK provides an update in relation to the announced placing.\n \nFurther to the \"Posting of Circular and Notice of General Meeting\" announcement on 28 February 2024, the general meeting of the Company (\"GM\") will commence as scheduled on 15 March 2024, and promptly be adjourned until 11 am on 20 March 2024, at our registered office located at 38-43 Lincoln's Inn Fields, London, WC2A (the \"Adjourned Meeting\").\nConsequently, the voting period will remain active until 11 am on 18 March 2024.\n \nThe adjournment has been called to enable the Company to engage with shareholders regarding their voting intentions, as it is crucial for the successful passage of resolutions. Methods of participation and voting at the Adjourned Meeting shall be the same as the ones set out in the Circular dated 27 February 2024.\nShareholders are urged to refer to the recommendations in the Chair's letter in the circular which is set out in full below. It is explicitly stated that failure of the equity placing would cast significant uncertainty over the Company's ability to continue as a going concern.\nRecommendation\n \nThe Directors believe that the passing of the Resolutions is in the best interests of the Company and Shareholders, taken as a whole. Shareholders should note that, if the Company does not receive the proceeds of the Fundraising, the Company would have to seek alternative forms of finance and/or undertake other activities such as delaying or reducing capital expenditure. Failure to secure alternative forms of finance at all or on commercially acceptable terms, or undertaking other activities such as delaying or reducing capital expenditure, could have a material adverse effect on the Company's business, financial condition, prospects, capital resources, cash flows, share price, liquidity, results and/or future operations. In particular, failure to conclude the Fundraising will compromise the Company's ability to con...