Nu-Oil and Gas PLC Results of General Meeting (1944S)
04 Novembre 2019 - 3:21PM
UK Regulatory
TIDMNUOG
RNS Number : 1944S
Nu-Oil and Gas PLC
04 November 2019
4 November 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Results of General Meeting
Further to the Company's announcement of 11 October 2019 and its
posting of the Circular, the Company announces all Resolutions were
approved by Shareholders at the General Meeting held earlier today
in London. Accordingly, the Company will proceed with the Proposals
outlined in the Circular.
AIM Rule 15
The sale of the Company's 50% interest in MFDevCo to RMRI has
become effective. Therefore, the Company is now deemed to be an AIM
Rule 15 cash shell and is required to make an acquisition (or
acquisitions) which constitutes a reverse takeover under AIM Rule
14 on or before the date falling six months from today or be
suspended from trading on AIM. The Company does not intend to
re-admit to trading on AIM as an investing company under AIM Rule
8.
Board Appointments and Future Strategy
Nu-Oil announces the appointment of Mr Jay Bhattacherjee and Mr
Andrew Dennan, as Non-Executive Chairman and Non-Executive
Director, respectively. Mr Bhattacherjee and Mr Dennan join the
Board alongside Non-Executive Directors, Graham Scotton and Frank
Jackson.
The reconstituted Board intends to complete an acquisition in
the oil & gas space within six months.
Mr Bhattacherjee and Mr Dennan have each been granted options
over 90 million New Ordinary Shares (exercisable at a price of
0.0625 pence per New Ordinary Share, and with a 5 year term) and
are both shareholders in C4 Energy Ltd, which is interested in the
Loan Notes that can be converted into a maximum of 5 billion New
Ordinary Shares, subject to a restriction preventing conversion of
such amount that would result in C4 Energy Ltd holding more than
29.9% of the share capital of the Company as enlarged by the issue
of the New Ordinary Shares pursuant to any conversion.
Admission and total voting rights
Following approval of the Share Capital Restructuring, which has
resulted in the creation of 1,498,726,550 New Ordinary Shares (of
0.0001 pence each), and in anticipation of the issue of the
1,000,000,000 Placing Shares and the 91,666,667 Settlement Shares,
application has been made for the admission of, in aggregate,
2,590,393,217 New Ordinary Shares to be admitted to trading on AIM
("Admission"). Admission is expected to become effective at 8.00
a.m. on 6 November 2019.
Following Admission, the Company will have 2,590,393,217 shares
in issue, with 12,445,378 of such shares held in treasury.
Accordingly, the total voting rights in the Company will be
2,577,947,839, which can be used by shareholders as the denominator
for the calculations by which they will 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.
Unless stated otherwise, defined terms in the text above are as
per the Circular and the Company's RNS dated 11 October 2019.
Enquiries
Nu-Oil and Gas plc
Investor Relations Tel: +44 (0)330 995 7988
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Botros
Novum Securities Limited Tel: +44 (0)20 7399 9425
Jon Belliss
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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
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November 04, 2019 09:21 ET (14:21 GMT)
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