TIDMCERP
RNS Number : 5731R
Columbus Energy Resources PLC
30 June 2020
30 June 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Corporate Update and Total Voting Rights
Columbus, the oil and gas producer and explorer focused on
onshore Trinidad and Suriname, is pleased to provide the following
update related to its proposed merger with Bahamas Petroleum
Company plc and its ongoing corporate activities.
-- The Company is posting a Scheme Document to its shareholders
describing the terms of the proposed merger with Bahamas Petroleum
Company plc ("BPC") and the steps required to make the merger
effective, including obtain shareholder approval for the merger at
a General Meeting on 27 July 2020. The Company would encourage all
shareholders to review the Scheme Document and cast their votes via
the relevant proxy forms. The Scheme Document will also be
available on the Company's website at
https://columbus-erp.com/investors/scheme-of-arrangement/
-- In light of the proposed merger, the Company has taken a
number of steps to simplify its operations and is pleased to
provide the following update:
-- Given the continuing low oil price, the Company has decided
to continue with (until mid-August 2020) the cost reduction
measures as first announced on 15 April 2020, including the payment
of 100% of executive management salaries in shares; reduced
compensation paid to employees; and cessation of non-essential
capital expenditure. The Company will make approximately 15% of its
workforce redundant, following their temporary layoff in April
2020.
-- Due to the impact of COVID-19 on the ability of people to
meet and the ability of auditors to conduct their audit activities
in Trinidad and London, the Company has regulatory approval to
postpone the Company's Annual General Meeting and publication of
Annual Accounts until September 2020.
-- As at 30 June 2020, the Company had a cash balance of
approximately US$1.97 million, including US$766,000 in restricted
cash.
-- Current operations in our fields and the testing of the
Saffron well continue and the cost reduction measures are not
expected to materially impact either of those activities.
-- Prior to the proposed merger, the Company does not intend to
employ the Contractor Shares scheme to settle fees otherwise due to
various contractors. The Company may elect to issue shares to Lind
in lieu of cash payments otherwise due to Lind under the 2019
Facility Agreement.
Leo Koot, Executive Chairman of Columbus, commented:
"I would encourage all our shareholders to read the Scheme
Document describing the proposed merger with Bahamas Petroleum
Company and to vote by way of proxy. As set out in the Scheme
Document, the Board is unanimous in their recommendation to accept
the offer. I would encourage shareholders to consider the merits of
the offer for the reasons set out in the Scheme Document. In the
meantime, we continue to run the business in the best interests of
our shareholders, which includes extending the extensive cost
reduction measures first announced in April. I would like to thank
our employees for their continued support at this time noting that
the operating environment continues to be challenging for the whole
industry, not just Columbus. In my view, it re-enforces the need
for the Company to be bigger and better capitalised, which is one
of the arguments for the merger as set out in the Scheme Document.
Lastly, I want to note that Covid-19 has had a real impact on our
ability to finalise our accounts for the financial year end 31
December 2019. We are working hard to have these finalised as soon
as practical and in the meantime are pleased to provide a cash
balance as at 30 June 2020."
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the
Financial Conduct Authority, the Board of Columbus hereby notifies
the market of the following:
As at the date of this announcement, and after the issuance of
the Lind Shares and the Contractor Shares, the Company's issued
share capital will consist of 935,053,344 ordinary shares with a
nominal value of 0.05p each, with voting rights ("Ordinary
Shares"). The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares in the Company
with voting rights is 935,053,344. This figure may be used by
Shareholders in the Company as denominator for the calculations by
which they may determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Contact Information
Columbus Energy Resources plc
Leo Koot / Gordon Stein / Tony Hawkins +44 (0)20 7203 2039
VSA Capital Limited
Rule 3 Advisor, Financial Adviser and Broker
Andrew Monk / Andrew Raca +44 (0)20 3005 5000
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish / Rosalind Hill Abrahams +44 (0)20 7628 3396
Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and
explorer focused on onshore Trinidad and Suriname. In Trinidad, the
Columbus Energy group has five producing fields, two
appraisal/development project and a highly prospective exploration,
appraisal and development portfolio in the South West Peninsula
("SWP"), which lies in the extreme southwest of Trinidad and
consists of stacked shallow and deep prospects. In Suriname, the
Company has an onshore appraisal/development project. Columbus aims
to create transformational growth by developing its portfolio in a
capital efficient and disciplined manner.
Columbus is guided by the following core values; safe and
sustainable, stronger together, creative excellence, positive
energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management
team with supportive shareholders and intends on leveraging its
expertise and experience to build an attractive and diversified
portfolio of assets across South America in order to build an oil
production led South American exploration business.
To find out more, visit www.columbus-erp.com or follow us on
Twitter @Columbus_ERP .
This 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
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEADKEDALEEFA
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June 30, 2020 09:26 ET (13:26 GMT)
Grafico Azioni Columbus Energy Resources (LSE:CERP)
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