TIDMSRON
RNS Number : 0768F
Saffron Energy PLC
16 February 2018
16 February 2018
Saffron Energy plc
("Saffron Energy" or the "Company")
Posting of AIM Admission Document
Appointment of Director
Restoration of trading on AIM
On 5 October 2017, the Company announced that it had entered
into non-binding heads of terms with each of Sound Energy plc
("Sound Energy") and ASX listed Po Valley Energy Limited ("PO
Valley Energy" or "PVE") under which it was proposed that Saffron
would acquire both Sound Energy's and Po Valley Energy's portfolio
of Italian interests and permits through the acquisition
respectively of Sound Energy Holdings Italy Limited ("SEHIL") of Po
Valley Operations Pty Limited ("PVO") (he "Acquisitions") and to
seek readmission to AIM under its proposed new name of Coro Energy
plc. Pursuant to Rule 14 of the AIM Rules for Companies, the
Company's shares were suspended from trading pending publication of
an AIM admission document.
Subsequent to the suspension of trading in the Company's shares,
the Company announced on 22 January 2018 that it had entered into
binding acquisition agreements with Sound and Po Valley and
outlined the Group's new pan Euro-Asian gas strategy. On the same
day, the Company also announced that it had raised GBP561,138
before expenses and, subject, inter alia, to Shareholder consent, a
further GBP13,438,862 in each case through the issue or ordinary
shares in the Company at a price of 4.38 pence per share.
The Company is delighted to announce that it has today published
a circular to Shareholders comprising an AIM admission document,
that is today being posted to Shareholders and is available on the
Company's website, www.saffronenergy.co.uk.
As a result of the publication of the AIM admission document,
trading in the Company's shares will be restored to trading with
effect from today, 16 February 2018 at 7:30 am.
Shareholders are being invited to attend a general meeting on 29
March 2018 at the offices of Grant Thornton, 30 Finsbury Square,
London EC2P 2YU at which they will be asked to consider and, if
thought appropriate, vote in favour of resolutions necessary for
the Saffron Energy board to implement the acquisitions and
fundraising, and to approve a change of name to Coro Energy plc.
The Company has received an irrevocable undertaking from Po Valley
Energy, which holds 50 per cent. of the Company's Ordinary Shares,
to vote in favour of the resolutions. Should Shareholders pass the
requisite resolutions and, subject to the satisfaction of certain
other conditions, admission of the enlarged Group is expected to
take place on or around 9 April 2018.
In order to pursue the Po Valley Energy Capital Reduction, PVE's
directors must be able to recommend that it is fair and reasonable
to PVE shareholders as a whole, supported by an independent expert
report. The Directors understand that such report is still awaited
and there can be no guarantee that the report will ultimately be
produced in a form suitable to support the transaction, or at all.
If such report is not sufficiently favourable, PVE's directors may
feel unable to make the required recommendation and/or PVE's
shareholders may not approve the Po Valley Energy Capital
Reduction. Accordingly, and notwithstanding that PVE is obliged
under the terms of the PVO Acquisition Agreement to convene the
shareholder meeting, there can be no assurance that the report will
be in a suitable form or that the Po Valley Energy Capital
Reduction and the sale of PVO will go ahead as envisaged in the PVO
Acquisition Agreement. This document has nonetheless, been prepared
on the basis that the PVO Acquisition will progress as specified in
the PVO Acquisition Agreement. The Company will make a further
announcement when the report is published or if it receives
confirmation that no suitable report will be forthcoming. In any
event, the Company will update Shareholders before the General
Meeting. In the event that the report is not issued and/or the PVO
Acquisition does not otherwise go ahead, the Company will publish a
supplementary admission document in accordance with the AIM Rules
as soon as possible.
In the event that the SEHIL Acquisition and/or the PVO
Acquisition does not proceed as envisaged (such as in the event
required approvals therefor or other conditions thereof are not
satisfied), the Company would expect or be required to seek
confirmation from Subscribers (and Turner Pope would be required to
seek confirmation from Placees) that they wish to maintain their
respective commitments as regards the Subscription and the Placing
(as relevant). There can be no assurance that such confirmation
would be given by Placees and Subscribers in any such
circumstance.
Proposed Open Offer
The Company intends also to offer Shareholders who hold shares
on the record date the opportunity to subscribe for shares to the
value of GBP2 million under an open offer, at the same price as
investors have subscribed for shares under the placing and
subscription announced on 22 January 2018. The record date will be
announced to the market in due course.
Related Party Transaction
By virtue of its size and because Po Valley Energy is currently
a substantial shareholder in the Company, the acquisition of Po
Valley Energy's wholly owned subsidiary PVO constitutes a related
party transaction under the AIM Rules for Companies.
The Directors, who are independent at the time of the PVO
Acquisition, being Fiona MacAulay, James Parsons, Marco Fumagalli
and David Garland consider, having consulted the Company's
nominated adviser, Grant Thornton, that the terms of the PVO
Acquisition are fair and reasonable insofar as the Company's
Shareholders are concerned.
Appointment of Director
The Company is delighted to announce the appointment of Ilham
Habibie as a director with immediate effect.
Ilham Habibie is a qualified engineer and holds a PhD in
aeronautical engineering from the Technical University of Munich
and an MBA from the University of Chicago. Ilham has been the Chief
Executive Officer and President of a number of aerospace and other
companies which he founded and has held senior positions at a
number of Indonesian companies in the private sector. The Company
sees Ilham's appointment as an important step in the rolling out of
its new South East Asia focussed strategy.
Further information on Mr Habibie is set out below.
Extracts from the AIM admission document are also shown
below.
Saffron's Chief Executive Officer, Sara Edmonson, said:
"I am delighted to announce the publication of our AIM admission
document and details of our fundraising which will allow us to
immediately begin to execute our Pan Euro Asian expansion strategy.
This marks an exciting new era for our business, and trading in the
Company's ordinary shares will recommence today, with the
Transaction expected to complete, subject to shareholder approval,
and the satisfaction of certain other conditions in April. With
recent board appointments, we have a senior team with the skills to
exploit the very material opportunities in Asian gas that we see
currently and look forward to updating shareholders on our progress
there in due course."
For further information please contact:
Saffron Energy plc / Coro
Energy plc s.edmonson@coroenergyplc.com
j.parsons@coroenergyplc.com
Sara Edmonson, Chief Executive
Officer
James Parsons, Non-Executive
Chairman
Grant Thornton UK LLP (Financial Tel: +44 (0)20 383
and Nominated Adviser) 5100
Colin Aaronson/Jen Clarke/Harrison
J Clarke
Turner Pope Investments (TPI) Tel: +44 (0)20 3621
Ltd (Broker) 4120
Ben Turner/James Pope info@turnerpope.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Proposed acquisitions of Sound Energy Holdings Italy Limited and
Po Valley Operations Pty Ltd
Placing of 11,872,146 Ordinary Shares of 0.1 pence each at 4.38
pence per Ordinary Share
Subscription of 294,951,183 Ordinary Shares of 0.1 pence each at
4.38 pence per Ordinary Share
Issue of 23,307,902 Commission Shares at 4.38 pence per Ordinary
Share
Issue of 684,931 TPI Fee Shares at 4.38 pence per Ordinary
Share
Issue of 86,073 Director Fee Shares at 4.38 pence per Ordinary
Share
Admission of the Enlarged Ordinary Share Capital to trading on
AIM
Proposed change of the Company's name to Coro Energy plc
Appointment of Director
Issue of Director Options
and
Notice of General Meeting
Highlights:
-- The Company announced on 22 January 2018 that it had entered
into binding agreement with Sound Energy Plc ("SOU") for the
acquisition by the Company of 100 per cent. of the outstanding
share capital of Sound Energy Holdings Italy Limited ("SEHIL").
-- The Company announced on 22 January 2018 that it had entered
into binding agreement with Po Valley Energy Limited ("PVE") for
the acquisition by the Company of 100 per cent. of the outstanding
share capital of Po Valley Operations Pty Ltd ("PVO").
-- The Acquisitions are expected to provide the Company with a
compelling blend of substantially onshore exploration potential,
appraisal and production assets.
-- The Acquisition will provide the Company with a material
position in Italy with strong local gas prices.
-- Completion of the Acquisition is conditional, inter alia, on
the passing of Resolutions 1 and 2 at the General Meeting.
-- The Company has conditionally raised GBP13.4 million, before
expenses (GBP12.3 million net of total estimated costs and expenses
relating to the Placing, Subscription, Acquisitions and Admission)
through the Subscription and Placing of a total of 306,823,329 new
Ordinary Shares at 4.38 pence per New Ordinary Share, being equal
to the closing mid-market price per Ordinary Share on 5 October
2017, being the last date prior to the Ordinary Shares being
suspended from trading on AIM pending publication of the admission
document. Subscribers and Placees will receive one warrant for
every two Ordinary Shares subscribed, exercisable at any time over
the next 12 months by paying an exercise price of 6.57 pence per
new Warrant Share, being a fifty per cent. premium to the Placing
and Subscription Price.
-- The Company will issue 23,702,902 new Ordinary Shares at 4.38
pence per new Ordinary Share in lieu of certain cash commissions
payable to Subscribers and the Broker in relation to the
Subscription and Placing.
-- The Company has conditionally agreed to issue 684,931 new
Ordinary Shares to Turner Pope Investments Limited in settlement of
their annual retainer.
-- The Company has conditionally agreed to issue 86,073 new
Ordinary Shares to David Garland in connection with services
performed.
-- The Placing, Subscription, Commission and Broker Shares will
represent approximately 36.1 per cent. of the Enlarged Share
Capital on Admission.
-- The Company is seeking to change its name to Coro Energy Plc.
-- Following shareholder approval and Admission, Coro intends to
deploy the Company's existing cash balances and net proceeds of the
Subscription and Placing towards the acquisition of South East
Asian assets, development of the Italian Licences, and towards the
Company's working capital requirements.
-- The Company is grateful for the support of all its
Shareholders and therefore intends to undertake an Open Offer of up
to 45,662,100 Ordinary Shares at 4.38 pence per Ordinary Share to
raise up to GBP2.0 million, before expenses. This is intended to
provide qualifying shareholders with the opportunity to subscribe
for additional Ordinary Shares at the same price as was available
under the Subscription and Placing.
-- The Company today announces the appointment of Mr Ilham
Habibie to the Board with immediate effect. Pursuant to this
appointment, and the Company's announcement of 13 February 2018,
subject to Shareholder approval Ilham will be granted 10 million
options which will be issued on the same terms as those proposed to
be issued to the current Saffron Energy directors at an exercise
price of 4.38 pence per new Ordinary Share and will vest after 3
years and expire after 5 years.
1. INTRODUCTION
On 5 October 2017, the Company announced that it had entered
into non-binding heads of terms with each of Sound Energy and Po
Valley Energy under which it was proposed that Saffron would
acquire both Sound Energy's and Po Valley Energy's portfolio of
Italian interests and permits and to seek readmission to AIM under
its proposed new name of Coro Energy plc. These acquisitions were
intended to be structured by way of an acquisition of the entire
issued share capital of each of SEHIL, a company incorporated in
England and Wales, and PVO, a company incorporated in Western
Australia, for both of which the principal business is the
exploration for and production of liquid and gaseous hydrocarbons
across Italy. As the proposed set of transactions represented a
reverse takeover in contemplation, as required by the AIM Rules for
Companies, trading in the Company's Ordinary Shares on AIM was
suspended pending publication of this AIM admission document.
Subsequent to the suspension of trading in the Ordinary Shares,
the Company announced on 22 January 2018 that it had entered into
the SEHIL Acquisition Agreement with Sound Energy and the PVO
Acquisition Agreement with Po Valley Energy, each of which gives
effect to the proposals envisaged by the heads of terms. On 22
January 2018, the Company also announced that it had raised
GBP561,138 before expenses and, subject to Shareholder approval of
the Resolutions, an additional GBP13,438,862 through the proposed
issue of Ordinary Shares to CIP and other investors. CIP is an AIM
quoted closed-ended investment company, incorporated as a vehicle
to exploit the expertise of Merchant Capital Manager Limited, an
affiliate of Continental Investment Partners SA, to generate
returns for its shareholders through investment in listed equity,
other financial products and instruments using a private equity
approach. The Company also outlined its proposed new strategy for
the Group following completion of the Acquisitions and Admission,
which is to develop the Group as a significant upstream operator in
the oil and gas sector with a geographic focus on Europe and South
East Asia.
Following the issue of 14,092,500 Ordinary Shares announced on
22 January 2018 and effected on 26 January 2018, application has
been made for these Ordinary Shares to be admitted to trading on
AIM. It is expected that Admission of these Ordinary Shares to
trading on AIM will occur on 19 February 2018.
HISTORY OF THE GROUP AND BACKGROUND TO THE TRANSACTION
Historically, the current assets of the Company were owned and
operated by Po Valley Energy, which was incorporated in Australia
in 1999, and has been listed on the Australian Stock Exchange since
2004. Po Valley Energy's principal business was the exploration
for, and production of, liquid and gaseous hydrocarbons in Italy
and specifically in the Lombardy and Emilia Romagna regions of the
broader Po-Veneto plain within the territory of the Italian
Republic. This onshore region, together with the offshore region of
the Northern Adriatic, is Italy's most important gas province. Po
Valley Energy completed its first successful drilling and testing
of the Sillaro Field in 2005, secured its first production
concession in 2008 and achieved its first gas production in 2010.
Until 24 February 2017, Po Valley Energy conducted its operations
through its two principal subsidiaries, NSI, a company incorporated
in Italy, and PVO.
In 2016, Po Valley Energy took the decision to separate its
existing production and near-term production assets from its
longer-term development assets, with the existing production and
near-term production assets being transferred to the Group. In
order to achieve this, in 2016, Po Valley Energy initiated a
capital re-structuring that involved:
-- transferring the total interest of PVO in the Sillaro Licence
and the Sant' Alberto Licence into NSI which would become the
operator of production and near-term production assets;
-- retaining PVO as the vehicle through which it would operate
its longer term development assets;
-- incorporating the Company as Saffron Energy plc, with Po
Valley Energy as its sole shareholder, to act as an intermediate
holding company of NSI.
The Company was incorporated on 10 November 2016 to acquire NSI
from Po Valley Energy.
On 24 February 2017, Saffron was admitted to trading on AIM
having completed the acquisition of NSI and the raising of
GBP2,500,000 through a placing and subscription. Po Valley Energy
remains the Company's largest shareholder, holding 50.00 per cent.
of the Existing Ordinary Shares.
During 2017, the Saffron board had been in discussions with
Sound Energy and Po Valley Energy to combine their interests in
Italy as a way to develop a materially larger and well-funded
natural gas and oil company with critical mass through a balanced
portfolio of high quality assets which are described below:
NSI
NSI, since 24 February 2017 the Company's wholly owned
subsidiary, has a 100 per cent. interest in, and is the operator
of, the Sillaro Licence and the Sant' Alberto Licence. It also has
a 90 per cent. interest in and is the operator of the Cascina
Castello Production Licence, where the Bezzecca Field is currently
being operated. Sillaro, Bezzecca and Sant'Alberto are all located
in the Po Valley region of Northern Italy. Sillaro, Bezzecca and
Sant'Alberto cover a combined area of approximately 65.5km2 and
together provide 2P (Proved and Probable) reserves attributable to
the Group of 186.1 MMscm and 2C (contingent) resources of 102.4
MMscm. The Sillaro Field has been producing gas since 2010 and has
further development potential, the Bezzecca Field has been
producing since April 2017 and the Sant'Alberto Field is expected
to commence production in the first half of 2019.
PVO
PVO has a 100 per cent. interest in the AR94PY Licence, located
offshore in Northern Italy, which contains the D40ACPY Teodorico
production concession and the PL3-C gas prospect, and a 63 per
cent. working interest in the Podere Gallina Licence, which
contains the Selva stratigraphic gas trap and the Cembalina, Fondo
Perino, and East Selva Prospects. It also has a 100 per cent.
interest in the Torre del Moro Licence (which contains a single and
significant oil prospect) and Casa Tonetto. All of these assets are
located in the Po Valley region of Northern Italy. Teodorico
provides 2P (proved and probable) reserves of 1,033.6 MMscm of gas
and, together with PVO's other assets, provides 2C (contingent)
resources of 603.8 MMscm.
In addition, PVO owns interests in the Cadelbosco Di Sopra (85
per cent.) and Grattasasso (100 per cent.) licences which it has
agreed to sell pursuant to the agreement described in paragraph
15.14 of Part 6 of the Admission document. The proceeds of such
licence sales are to be applied to settle an outstanding loan made
by PVE to PVO pursuant to the PVO Acquisition Agreement and an
amended and restated loan agreement to be agreed between PVE and
PVO an entered into prior to completion of the PVO acquisition
Agreement (in a form acceptable to the Company).
SEHIL
SEHIL owns 100 per cent. of APN, through which it holds its
Italian assets. APN has a 100 per cent. interest in, and is the
operator of, the Rapagnano gas field. This field was first
discovered in 1952 and had a cumulative historical production of
124.2 MMscm (as at 31 October 2017). APN also has a 100 per cent.
working interest and, subject to registration of a transfer to it
of the remaining 25 per cent., a 100 per cent. legal interest in
and is the operator of San Lorenzo. APN also has a 100 per cent.
interest in Carità, D.R74.AP, Fonte San Damiano, Santa Maria
Goretti, and Badile (which was considered to be non-commercial and
is to be restored at Sound Energy's cost as further described in
paragraph 15.17 of Part 6 of the Admission Document). SEHIL has
also submitted applications in respect of D503- BR-CS (Dalla) and
Costa Del Sole. All of APN's assets are situated along the east
coast of Italy, other than Costa Del Sole, which is located on the
South West coast of Sicily and Badile, which is located in North
West Italy. Together, they provide 2P (proved and probable)
reserves of 19.0 MMscm and 2C (contingent) gas resources
attributable to SEHIL of 557.8 MMscm of gas and 2.4 MMbbls of oil.
Following the Acquisitions, in aggregate, the Company will own 2P
(proved and probable) gas reserves of 1,238.7. MMscm, 2C
(contingent) gas resources of 1,264.0 MMscm, and 2C oil resources
of 2.4 MMbbls.
The proposed acquisitions of SEHIL and PVO will result in the
Company becoming the owner and operator of a significant portfolio
of production and development assets in Italy with a strong board
with substantial experience and expertise in the sector, coupled
with a demonstrable track record of delivering value for
shareholders.
The SEHIL Acquisition Agreement
The SEHIL Acquisition Agreement is conditional on (amongst other
things): (i) completion of the Placing and Subscription; (ii)
Shareholder approval of the Resolutions; (iii) approval by the
shareholders of Sound Energy of the Sound Capital Reduction (which
was obtained subject to court approval on 8 February 2018; and
(iii) Admission. The SEHIL Acquisition has been structured as a
purchase of the entire issued share capital of SEHIL, free of any
encumbrances.
Under the SEHIL Acquisition Agreement and subject to Shareholder
approval of the Resolutions, the consideration for the acquisition
of SEHIL will be fully satisfied through the issue of 185,907,500
new Ordinary Shares, being the SEHIL Consideration Shares. The
SEHIL Consideration Shares are intended to be issued by the Company
directly to Sound Energy's shareholders pursuant to the terms of a
deed poll (the "Deed Poll"). To enable a direct distribution of the
SEHIL Consideration Shares to its shareholders, Sound Energy has
proposed the Sound Capital Reduction to its shareholders for
approval. Subject to Shareholder approval of the Resolutions and
court approval of the Sound Capital Reduction, the issuance of the
SEHIL Consideration Shares to Sound Energy shareholders in
consideration for the transfer by Sound Energy to the Company of
the shares in SEHIL will constitute an indirect capital repayment
by Sound Energy to its shareholders (which would not be possible
without the Sound Capital Reduction having taken place).
Under the terms of the SEHIL Acquisition Agreement, Sound Energy
will retain: (i) its economic rights to receive the proceeds of any
future sale of the land comprising Badile (the "Badile Land"),
which had an unaudited carrying value of GBP1.6 million as at 30
June 2017; and (ii) the benefit of expected SEHIL Italian VAT
receivables totalling EUR4.0 million linked to Badile drilling
costs. Under the Proposed SEHIL Transaction, the Company has
undertaken to remit the net proceeds of the Badile Land sale and
the VAT rebate to Sound Energy on receipt by SEHIL. Furthermore the
Company has agreed to grant Sound an overriding royalty of 5 per
cent. on all revenue that may be derived from any wells drilled in
D.R74.AP.
Also under the terms of the SEHIL Acquisition Agreement, Sound
Energy is required to deliver to the Company, on completion of the
SEHIL Acquisition Agreement, evidence in form and substance
satisfactory to the Company that the indebtedness of SEHIL and
Apennine as at the completion date is zero, or such other amount as
may be agreed prior to the completion between the Company and Sound
Energy. In addition, Sound Energy has agreed procure that all
indebtedness between (i) SEHIL and APN; and (ii) the Sound Energy
group or third parties is repaid and/or released (in a manner which
ensures that no tax arises or becomes payable as a result of any
such repayment or release by SEHIL or APN) such that, on completion
of the SEHIL Acquisition Agreement, SEHIL and APN has no
indebtedness (unless otherwise agreed in writing between Sound
Energy and the Company). The SEHIL Acquisition Agreement includes a
completion accounts mechanism to reconcile outstanding indebtedness
and/or cash within SEHIL and/or APN identified following completion
of the SEHIL Acquisition Agreement.
The PVO Acquisition Agreement
Pursuant to the terms of the PVO Acquisition Agreement, the
Company will acquire the entire issued share capital of PVO in
consideration for the issue to Po Valley Energy of 200,000,000
Ordinary Shares, (being the PVO Consideration Shares), subject to
Shareholder approval of the Resolutions. This reflects the
consideration for PVO of 185,907,500 Ordinary Shares envisaged in
the heads of terms announced on 5 October 2017, along with the
issue of additional Ordinary Shares to reflect a working capital
adjustment.
The PVO Acquisition Agreement is conditional on (amongst other
things): (i) completion of a firm and conditional placing; (ii)
Shareholder approval of the Resolutions; (iii) the shareholders of
Po Valley Energy approving the Po Valley Energy Capital Reduction;
(iv) Admission; (v) Po Valley Energy providing evidence
satisfactory to the Company that, on completion of the PVO
Acquisition, the indebtedness of PVO shall be limited to certain
permitted indebtedness (the "Permitted PVO Indebtedness"); and (vi)
delivery by Po Valley Energy to the Company of an amended and
restated loan agreement between Po Valley Energy and PVO dealing
with (inter alia) the treatment of the Permitted PVO Indebtedness
following completion of the PVO Acquisition. The Permitted PVO
Indebtedness comprises (i) certain agreed interim debt (the "PVO
Interim Debt"); (ii) an amount equal to the expected sale proceeds
of each of Cadelbosco di Sopra and/or Grattasasso; (iii) an amount
equal to an agreed VAT rebate to be paid by PVO to Po Valley Energy
on completion of the PVO Acquisition); and (iv) amounts advanced by
the Company to PVO.
Whilst the heads of terms dated 5 October 2017 anticipated that
the acquisition of PVO would be structured as an option agreement,
the PVO Acquisition has been structured as a conditional sale and
purchase of the entire issued share capital of PVO free of any
encumbrances. Pursuant to the terms of the PVO Acquisition
Agreement, the PVO Consideration Shares are (subject to Shareholder
approval of the Resolutions) to be issued by the Company to Po
Valley Energy, which shall immediately distribute the PVO
Consideration Shares to its shareholders. To enable a distribution
of the PVO Consideration Shares to its shareholders, Po Valley
Energy will propose the Po Valley Energy Capital Reduction to its
shareholders.
In order to pursue the Po Valley Energy Capital Reduction, PVE's
directors must be able to recommend that it is fair and reasonable
to PVE shareholders as a whole, supported by an independent expert
report. The Directors understand that such report is still awaited
and there can be no guarantee that the report will ultimately be
produced in a form suitable to support the transaction, or at all.
If such report is not sufficiently favourable, PVE's directors may
feel unable to make the required recommendation and/or PVE's
shareholders may not approve the Po Valley Energy Capital
Reduction. Accordingly, and notwithstanding that PVE is obliged
under the terms of the PVO Acquisition Agreement to convene the
shareholder meeting, there can be no assurance that the report will
be in a suitable form or that the Po Valley Energy Capital
Reduction and the sale of PVO will go ahead as envisaged in the PVO
Acquisition Agreement. The AUIM admission document has,
nonetheless, been prepared on the basis that the transaction will
progress as specified in the PVO Acquisition Agreement. The Company
will make a further announcement when the report is published or if
it receives confirmation that no suitable report will be
forthcoming. In any event, the Company will update Shareholders
before the General Meeting. In the event that the report is not
issued and/or the PVO Acquisition does not otherwise go ahead, the
Company will publish a supplementary admission document in
accordance with the AIM Rules as soon as possible.
As announced by Po Valley Energy on 25 September 2017, Po Valley
Energy has entered into a conditional sale agreement with a private
oil and gas company, backed by a private equity fund based in
London, for the sale of each of Cadelbosco di Sopra (an 85 per
cent. interest) and Grattasasso (held 100 per cent.) (the "Licence
Sales" and each a "Licence Sale"). The Licence Sales remain subject
to Ministry approval of the legal transfer of interest, and so Po
Valley Energy and the Company have agreed a number of matters in
the PVO Acquisition Agreement as regards the Licence Sales (as
summarised in paragraph 15.18 of Part 6 of the Admission
Document).
Pursuant to the terms of the PVO Acquisition Agreement, PVO and
Po Valley Energy will enter into the Royalty Deed pursuant to which
PVO will be required to procure that 5 per cent. of the total
proceeds of natural gas sales relating to Podere Maiar-1 or any
other well drilled on the Podere Gallina Licence shall be paid in
arrears to Po Valley Energy. In addition, pursuant to the terms of
the PVO Acquisition Agreement, Po Valley Energy undertakes and
agrees that the Company shall be permitted to deduct, from any and
all payments made under the Royalty Deed, an amount equal to any
agreed claim brought by the Company against Po Valley Energy which
may be outstanding at the date any such royalty payment is due for
payment, in accordance with the terms of the Royalty Deed, up to a
maximum total amount of GBP750,000.
Following completion of the PVO Acquisition, it is expected that
Po Valley Energy will have effectively
disposed of all of its non-cash assets. Po Valley Energy
undertakes pursuant to the terms of the PVO
Acquisition Agreement not to take any steps to initiate any
insolvency proceedings in respect of itself
for a period of two years following completion of the PVO
Acquisition.
In the event that the SEHIL Acquisition and/or the PVO
Acquisition does not proceed as envisaged (such as in the event
required approvals therefor or other conditions thereof are not
satisfied), the Company would expect or be required to seek
confirmation from Subscribers (and Turner Pope would be required to
seek confirmation from Placees) that they wish to maintain their
respective commitments as regards the Subscription and the Placing
(as relevant). There can be no assurance that such confirmation
would be given by Placees and Subscribers in any such
circumstance.
The group's assets
After Admission, and through its three subsidiaries, the Company
will altogether own 2P (proved and probable) gas reserves of
1,238.7 MMscm, 2C (contingent) gas resources of 1,264.0 MMscm, and
2C oil resources of 2.4 MMbbls.
For NSI and PVO, the Licences, Permits, Concessions and
Applications are all situated within the Po Valley region. The Po
Valley runs south east from Milan to the Adriatic coast at Venice.
Oil and gas has been produced in the area for over 60 years. The
region was under exclusive concession to ENI, the Italian
state-owned petroleum authority, until 1998 when the area was
opened up to free enterprise and competition. The basin opens into
the Adriatic Sea to the East.
For APN, the Licences, Permits, Concessions and Applications are
situated along the East coast of Italy, other than the Costa Del
Sole oil discovery which is situated in Sicily and Badile, which is
situated in North West Italy.
Strategy of the Group and its competitive advantages
On 22 January 2018, the Company announced its intention to
follow a combined European and South East Asian regional
exploration strategy focused on multi trillion cubic feet, low
cost, onshore gas piped to high value, growing markets with a view
to building a full-cycle exploration and production gas company.
The Company believes that South East Asia possesses some of the
world's fastest developing economies where demand for gas currently
significantly outstrips supply. This, combined with increasing
growth across the region and the increasing shortage of gas in the
major markets, provides a compelling investment proposition for
investors.
In order to implement its strategy, the Company will continue to
develop its Italian assets after Admission and to acquire
additional assets in Europe and South East Asia that enhance its
portfolio and where there are operating and other synergies.
This strategy has two parts:
a. Italian consolidation and expansion
Through the Transaction, the Company is seeking to build and
consolidate a portfolio of oil and gas assets located predominantly
in the Po Valley region of Northern Italy, but also located along
the east coast of Italy. The Acquisitions will substantially
increase the Company's hydrocarbon asset base and will create a
balanced portfolio of production, development and exploration stage
assets, along with the associated fixed plant infrastructure. On
completion of the Transaction, the Company will become the owner
and operator of a significant portfolio of production and
development assets in Italy. The combined Italian portfolio will
contain total 2P (Proved and Probable) gas reserves of
approximately 1,554.3 MMscm and 2C (Contingent) gas resources of
approximately 1,149.6 MMscm and total 2C oil resources of 2.8
MMbbls. The Company will operate its Italian assets as a full cycle
exploration and production company. Saffron intends to develop its
portfolio with a work programme focused initially on expanding
daily production volumes in order to increase the Company's
earnings potential. Additionally Saffron plans to leverage the
expertise and local knowledge of its management team to acquire and
develop further potential exploration Licences, Permits,
Concessions and Applications and new production concessions in the
region to underpin long term and sustainable growth.
The Directors believe that Italy remains an attractive market
with gas and oil of high quality, an accessible and low-cost
transportation network and a pricing environment that has been
stable and higher than other comparable European countries.
b. International expansion
Building upon the foundation of the Group's Italian assets as
well as the skills and expertise of its Board and management team,
Saffron intends to initiate an international growth strategy based
on carefully targeted exploration in South East Asia.
The Directors believe that within South East Asia there are a
number of highly favourable jurisdictions, within which they
believe the Group will be able to acquire a number of multi
trillion cubic feet onshore gas targets that can be piped to high
value, growing markets.
South East Asia has some of the fastest developing economies in
the world combined with increasing shortages of gas in the region
exacerbated by underinvestment in exploration in recent years and
an increasing trend toward stricter emission standards (in regard
to which natural gas offers the cleanest viable source of
large-scale baseload and peaking power). Following Admission, the
Company plans to implement this part of its growth strategy by
seeking to acquire a range of assets across South East Asia,
leveraging its management team's expertise and contacts and
existing infrastructure and processing capability, to enable new
discoveries that can be brought to market quickly.
Competitive advantages
The Directors believe that the Group has a number of competitive
advantages including:
-- a board with substantial experience and expertise in the
sector and with a proven track record for delivering exceptional
shareholder value;
-- access to capital, arising from the Board's network of relationships;
-- a technical team with decades of experience not only in the
Italian region, but also in sourcing and developing international
acquisitions in upstream gas;
-- base business operations in Italy, a stable jurisdiction with
a significant demand for gas that it is presently only able to meet
through imports;
-- significant existing gas reserves that underpin current and
future production targets, thereby mitigating any exploration risk
in future returns; and
-- five production licences, secured in a challenging regulatory
environment, within which the Board believes there is upside
potential
Details of the Placing and Subscription
On 22 January 2018, the Company announced that it had agreed to
issue, conditional on Shareholder approval of the Resolutions,
319,634,703 Ordinary Shares to new institutional and other
investors at the Placing and Subscription Price, which is equal to
the closing mid-market price per Existing Ordinary Share on 4
October 2017, being the date prior to when the Existing Ordinary
Shares were suspended from trading on AIM pending publication of an
AIM admission document.
Under the Placing and Subscription, and subject to Shareholder
approval of the Resolutions, the Placees and Subscribers will be
granted Warrants on the basis of one Warrant for every two Ordinary
Shares placed and/or subscribed. The Warrants will be issued,
subject to Shareholder approval of the Resolutions, upon issue of
the Ordinary Shares and are exercisable for one year from the date
of issue at the Warrant Exercise Price, which is 150 per cent. of
the Placing and Subscription Price. No application will be made for
the Warrants to be admitted to trading on AIM or any other stock
exchange.
The total fundraising includes a GBP6 million subscription by
CIP. On 22 January 2018, CIP subscribed for 12,811,364 Ordinary
Shares to raise gross proceeds of GBP561,138 under the Company's
existing authorities, and also received 1,281,136 Ordinary Shares
in settlement, at the Placing and Subscription Price, of a 10 per
cent. cash commission payable to CIP in respect of that
subscription. These Ordinary Shares were issued on 26 January 2018.
CIP will subscribe for a further 124,174,936 Ordinary Shares,
alongside other investors, pursuant to the Subscription, subject to
approval by Shareholders and effective on Admission. CIP will also
receive 12,417,493 Ordinary Shares upon Shareholder approval, in
settlement, at the Placing and Subscription Price, of a 10 per
cent. cash commission payable to CIP in respect of such further
subscription. In common with other investors, conditional on
Shareholder approval, CIP will receive 68,493,150 Warrants in
respect of its subscriptions for Ordinary Shares. The issue of the
Ordinary Shares to CIP is conditional on various conditions as set
out in paragraph 15.21 of Part 6 of the Admission document.
The CIP Subscription Letter contains certain warranties given by
the Company in favour of CIP, including as regards the Company's
existence and capacity, the valid issue of the Ordinary Shares and
Warrants to be issued to CIP (subject to approval of the
Resolutions where relevant) free of encumbrances, and the accuracy
of the announcement made by the Company on 22 January 2018
regarding the Acquisitions, subject to certain time and monetary
limitations.
Further details of the Subscription Agreements and the CIP
Subscription Letter are set out in paragraphs 15.20 and 15.21
respectively of the Admission Document. Turner Pope has agreed,
pursuant to the Placing Agreement, to place the Placing Shares on a
reasonable endeavours basis.
The Company believes that Admission to AIM will enable it to,
inter alia:
-- access investors and raise funds for the development of the
Group, both at the time of Admission and thereafter;
-- provide the flexibility to raise capital for future corporate
acquisitions and to use its quoted securities as consideration for
such acquisitions; and
-- raise the profile of the Group among investors and give
confidence to customers, suppliers and regulatory authorities.
No Warrants will be issued in respect of the Commission
Shares.
Use of proceeds
While a proportion of the funds raised through the Placing and
Subscription will be used to fund the cost of the Transaction and
to develop the Group's portfolio of Italian assets, the Company
intends that the majority of the proceeds will principally be
utilised to fund due diligence and acquisition costs associated
with international expansion. The table below sets out the expected
excess cash after proposed expenditure for the further development
of the Italian assets. This excess cash is intended to be used to
fund the international expansion strategy.
Source and Uses EUR'000 GBP'000
Gross Proceeds 15,400 14,000
Capital exploration
costs (4,515) (4,105)
Transaction costs (962) (875)
Repayment of
loan (2,013) (1,830)
Employee costs (4,036) (3,669)
Professional
fees (479) (435)
Total uses (12,005) (10,914)
Directors, Senior Management and Employees
The Board of the Company will be led by James Parsons as
Non-executive Chairman and the Company's executive team will
comprise Sara Edmonson as Chief Executive Officer, Andrew Dennan as
Chief Financial Officer and Leonardo Salvadori as Managing
Director, Italy.
The Board of Directors and a summary of their experience is set
out below:
James Parsons, Non-executive Chairman, aged 45
James has over 20 years' experience in the fields of strategy,
management, finance and corporate development in the energy
industry. James has been the Chief Executive Officer of Sound
Energy plc since October 2012, having joined as Chief Financial
Officer in 2011. James started his career with the Royal Dutch
Shell group in 1994 and spent 12 years with Shell working in
Brazil, the Dominican Republic, Scandinavia, the Netherlands and
London. Following his time at Shell, James worked in the European
division of Inter Pipeline Fund, a Toronto-Listed resources
business, where he held the position of Finance and Corporate
Development Director of Inter Pipeline Europe. James is a qualified
accountant and has a BA (Hons) in Business Economics.
Sara Melinda Edmonson, CEO, aged 37
Sara has been the Chief Executive Officer of Saffron since 31
October 2017 and prior to that was a Non-executive Director of
Saffron following its IPO Admission in February 2017. Sara was
previously Chief Executive Officer of Po Valley Energy having
joined the company in July 2010 as Chief Financial Officer. She is
fluent in Italian, having previously worked both in Italy and
internationally for EY Transaction Advisory Services. During her
tenure at EY, Sara advised numerous blue chip corporate clients on
transactions in Russia, Romania, Turkey and the US including the
US$5 billion acquisition of DRS Technologies by Finmeccanica in
2008. She holds an MBA from St John's University in New York
City.
Marco Fumagalli, Non-executive Director, aged 47
Marco is a director and shareholder of CIP and is a founding
partner at Continental Investment Partners SA, a cornerstone
investor in AIM quoted Sound Energy plc where he also sits on the
board as a Non-executive director. He is also a leading shareholder
in Greenberry plc, which is a cornerstone shareholder in Echo
Energy, for which he also acts as a Non-executive director. A
chartered accountant, Marco has spent most of his career in the
Private Equity sector, starting at 3i in 1995. He holds a degree in
Business Administration from the University "Bocconi" of Milan.
Fiona Margaret Barkham (professional name: MacAulay, former
names MacAulay and Oxley),
Independent Non-executive Director, aged 54
Fiona has over 30 years' experience in the oil and gas industry,
most recently as Chief Executive Officer of Echo Energy plc and
prior to that as Chief Operating Officer and Technical Director of
Rockhopper Exploration plc. Fiona, a Chartered Geologist, started
her career with Mobil North Sea Limited in 1985 and has
subsequently held senior roles in a number of leading oil and gas
firms, including Amerada Hess and BG. She is European President of
the American Association of Petroleum Geologists.
Ilham Akbar Habibie, Independent Non-executive Director, aged
54
Ilham is a qualified engineer and holds a PhD in aeronautical
engineering from the Technical University of Munich and an MBA from
the University of Chicago. Ilham has been the Chief Executive
Officer and President of a number of aerospace and other companies
which he founded and has served as a scientist and lecturer at the
Technical University of Munich. Ilham has held senior positions at
a number of Indonesian companies in the private sector, including
Chief Executive Officer and President Director of PT. Ilthabi
Rekatama and Commissioner of PT Citra Tubindo tbk. Ilham served as
a Non-executive Director at Sound Oil Plc (now known as Sound
Energy plc) and has been an Independent Commissioner of PT
Intermedia Capital Tbk. Ilham has served as a Non-executive
Director of Hichens, Harrison (Asia) Ltd and serves as a Member of
Board of Commissioners at PT Malacca Trust Wuwungan Insurance and
as Director of PT Ilthabi Bara Utama.
Information regarding key members of Senior Management to the
Company and a summary of their experience is set out below:
Andrew Dennan, aged 33
Andrew has over 10 years' experience in capital markets
including the fields of corporate finance, stock broking and
investment management. Throughout his career he has been involved
in leading proprietary investment decisions, capital raising, risk
oversight and portfolio management. He holds a BSc (Hons) degree in
Actuarial Science from City University, London and a CFA Investment
Management Certificate.
Leonardo Salvadori, aged 59
Leonardo has over 30 years' oil and gas industry experience
managing exploration, new ventures and asset teams in Indonesia,
Egypt and Italy. Leonardo joined Sound Energy from Dana Gas Egypt
in 2015 where he was Managing Director of its Egyptian operated
business. As a geologist and geophysicist Leonardo's first 20
years' experience was with ENI working in several strategic roles
across the Middle East, North Africa, Asia and Europe.
Directors' Shareholdings and Other Interests
As at the date of this document and immediately following
Admission, the interests of the Directors and their families
(within the meaning set out in the AIM Rules) in the issued share
capital of the Company, all of which are beneficial, and the
existence of which is known or could, with reasonable diligence, be
ascertained by that Director, are as follows:
At the On Admission
date of
this document
Directors' Shares Percentage Shares Percentage
interests - 0.00% 584,150 0.06%
James Parsons
Sara Edmonson 1,000,000 0.50% 2,500,053 0.27%
Marco Fumagalli - 0.00% 0 0.00%
Ilham Habibie - 0.00% 0 0.00%
Fiona MacAulay - 0.00% 0 0.00%
David Garland - 0.00% 0 0.00%
1. James Parsons is interested in 3,192,283 shares in Sound
Energy plc, representing a 0.31 per cent. interest in that company.
On Admission, he will be issued 584,150 Consideration Shares
pursuant to the SEHIL Acquisition Agreement.
2. Sara Edmonson is interested in 2,966,406 shares in Po Valley
Energy Limited, representing a 0.50% interest in that company. On
Admission, she will be issued 1,500,053 Consideration Shares
pursuant to the PVO Acquisition Agreement.
3. Marco Fumagalli holds no Ordinary Shares directly. Mr
Fumagalli holds a 25 per cent, interest in Continental Investment
Partners S.A, which has a 6.64 per cent. interest in Sound Energy
plc and will hold 12,336,561 Ordinary Shares representing a 1.35
per cent. interest in the Company on Admission. In addition, Mr
Fumagalli is a director of and holds a 1.82 per cent interest in
CIP Merchant Capital Limited. CIP is interested in 14,092,500
Ordinary Shares representing 7.05 per cent of the Existing Ordinary
Shares. Following Admission, CIP will be interested in 150,684,929
Ordinary Shares, representing 16.44 per cent. of the Enlarged Share
Capital. Information about the interests of the Concert Party, of
which Mr Fumagalli is deemed a member, is set out in paragraph 19
of the Admission Document.
Directors' options
Subject to Shareholder consent, the Company intends to aware the
following options:
Director Number of Options
Sara Edmonson 10,000,000
David Garland 2,000,000
James Parsons 10,000,000
Fiona MacAulay 10,000,000
Marco Fumagalli 10,000,000
Ilham Habibe 10,000,000
Major Interests in Ordinary Shares
Save as disclosed below the Directors are not aware of any
person who, directly or indirectly, jointly or severally at the
date of this document and at Admission is or will be interested in
3 per cent. or more of the issued ordinary share capital or the
Enlarged Issued Share Capital of the Company:
As at the date of this document
Shareholder Number of Ordinary Percentage of issued
Shares ordinary share
capital
Po Valley Energy
Limited 100,000,000 50 %
At Admission
Percentage
Number of Ordinary Percentage
Shareholder Shares of Enlarged
Share Capital
CIP Merchant Capital Ltd 150,684,929 16.44 %
Michael Masterman 79,236,570 8.64 %
Kevin Bailey 67,118,029 7.32 %
Lombard Odier Asset Management
(USA) - 1798 Volatis Fund
Limited 50,110,403 5.47 %
Cazadores Investments Ltd. 34,246,575 3.74 %
Lombard Odier Asset Management
(USA) - LMAP EPSILON Limited 31,569,553 3.44 %
Lock-in and Orderly Market Arrangements
The Locked-in Shareholders who at Admission will hold in
aggregate 3,084,203 Ordinary Shares (representing approximately
0.34 per cent. of the Enlarged Share Capital), have undertaken,
save in limited circumstances, not to dispose of any of their
interests in Ordinary Shares (including Ordinary Shares that they
may acquire) at any time prior to the first anniversary of
Admission.
In addition, in order to ensure an orderly market in the
Ordinary Shares, the Locked-In Shareholders have further
undertaken, in respect of themselves and each of their connected
persons, that for a further period of 12 months thereafter they
will not (subject to certain limited exceptions) deal or otherwise
dispose of any such interests other than through Turner Pope (or
such other broker appointed by the Company from time to time).
In addition, in order to ensure an orderly market in the
Ordinary Shares, each of Michael Masterman, Kevin Bailey and Byron
Pirola (who are all shareholders of PVE and who will receive
Ordinary Shares at Admission following completion of the PVO
Acquisition and the Po Valley Energy Capital Reduction) are
required, pursuant to the PVO Acquisition Agreement, to agree, for
a period of six months following Admission, except in certain
limited circumstances, that they will only dispose of their
Ordinary Shares through Turner Pope or such other broker appointed
by the Company from time to time.
Proposed Open Offer
The Company is grateful for the support of all its Shareholders.
The Company therefore intends to launch an open offer of up to
45,662,100 Open Offer Shares at the Placing and Subscription Price
of 4.38 pence per Open Offer Share. Should the Offer be fully
subscribed, the Offer Shares would amount to 4.98 per cent. of the
Enlarged Share Capital. A circular containing full details of the
Open Offer is intended to be posted to Shareholders in due course.
The Company does not intend to offer Warrants to subscribers for
Ordinary Shares under the Open Offer.
Share Option Scheme
On 12 February 2018 the Directors resolved to adopt a new share
option scheme ("Share Option Scheme"). Under the terms of the Share
Option Scheme, the Directors will have an absolute right to grant
an option to acquire Ordinary Shares in the Company to any of the
directors and employees of any member of the Group. Pursuant to the
Share Option Scheme, the Directors will be entitled to specify such
conditions as they see fit (subject to certain limitations) before
such directors and employees are eligible to take up any options
under the scheme. The Company is seeking (inter alia) authority to
issue up to 20,000,000 new Ordinary Shares pursuant to the
Resolutions to be proposed at the General Meeting. If approved,
such Ordinary Shares will be issued in accordance with the terms of
the Share Option Scheme. In addition, on 12 February 2018, the
Directors resolved to award up to 5,000,000 Warrants to consultants
of the Group.
General Meeting
A notice convening a General Meeting of the Company to be held
at 11.00 a.m. (UK time) on 29 March 2018 at the offices of Grant
Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU is set out at
the end of this document. At that meeting, Resolutions will be
proposed in order to seek Shareholder approval for the following
matters:
1. the Acquisitions be approved by the Shareholders as required by the AIM Rules;
2. the Directors be generally and unconditionally authorised,
for the purposes of Section 551 of the 2006 Act, to exercise all
powers of the Company to allot equity securities (within the
meaning of section 560 of the 2006 Act) in respect of the
Consideration Shares, the Placing Shares, the Subscription Shares,
the Commission Shares, the TPI Fee Shares, the Director Fee Shares,
the Warrants, the Director Options, the issue of Ordinary Shares
pursuant to the Share Option Scheme and Open Offer and, in
addition, up to an aggregate nominal amount of GBP350,000;
3. the Directors be generally and unconditionally empowered, for
the purposes of Section 570 of the 2006 Act to exercise all powers
of the Company to allot equity securities for cash pursuant to the
authorisation conferred by (ii) above as if the statutory
pre-emption provisions set out in section 561 of the 2006 Act did
not apply to the allotment, provided that this power shall be
limited to, the allotment in respect of the Consideration Shares,
the Placing Shares, the Subscription Shares, the Commission Shares,
the TPI Fee Shares, the Director Fee Shares, the Warrants, the
Director Options, the issue of Ordinary Shares pursuant to the
Share Option Scheme and Open Offer and the allotment of equity
securities (within the meaning of section 560 of the 2006 Act) in
connection with an offer by way of a rights issue to Shareholders
and holders of other equity securities and, in addition, up to an
aggregate nominal amount of GBP350,000;
4. to approve the change of name of the Company to Coro Energy Plc.
Sound Energy has held and PVE will be holding general meetings
to approve (amongst other things) the Sound Capital Reduction (in
the case of Sound Energy which was approved, subject to court
approval, on 8 February 2018) and the Po Valley Energy Capital
Reduction (in the case of PVE). Completion of the Acquisitions is,
inter alia, subject to these approvals.
Definitions
Defined terms in this announcement have the same meaning as
those terms have in the AIM admission document, a copy of which can
be found on the Company's website, www.saffronenergy.co.uk
Information about Ilham Habibie
Aside from a directorship held with the Company, Ilham Akbar
Habibie, aged 54 holds the following directorships or been a
partner in the following partnerships within the five years prior
to the date of this announcement:
Director Current Directorship Previous Directorship
Ilham Habibie PT. Ilthabi Rekaama Perhimpunan Alumni
Jerman
PT. Ilthabi Mandiri (PAJ), Association
Tekhnik of German
PT. Ilthabi Aerospace Alumni
Group
PT. Malacca Trust PT. Citra Tubindo,
Wuwungan Tbk
Insurance, Tbk PT. DHL Excel Supply
Chain
PT. Regio Aviasi Indonesia
Industri
PT .Inter Media Capital Indonesian Volley
Tbk Ball Association
Pollux Habibie Internasional (PBVSI)
PT. Orbit Ventura KADIN, Committee
Indonesia for Germany,
PT. Industri Mineral Austria and Switzerland
Indonesia
PT. Ilthabi Digital KADIN, Committee
Edukasi for Research
PT. Ilthabi Energia and Technology
PT. Ilthabi Mandiri KADIN, Research
Technik and Technology
PT. Ilthabi Sentra Digital Economy,
Herbal International
Mitra Eneria Ltd. Chamber of Commerce
(ICC),
PT. Metinca Prima Jakarta Indonesia
Industrial Work
The Habibie Foundation, Business Action
Human for Support of
Resource Development Information Society
in Science (BASIS), ICC,
and Technology Division Paris, France
Indonesian Philharmonic Indonesian Technology
Innovation
Orchestra Foundation Foundation (Yayasan
Inovasi
CREATE Foundation, Teknologi Indonesia-
Centre for INOTEK)
Research on Education,
Arts,
Technology & Entrepreneurship
Edutech Digital Utama
The Habibie Center,
Institute for
the Democratization
of Science
and Technology (IDST)
International Islamic
Education
Centre of Indonesia
The Islamic Chamber
of
Commerce and Industry
(Ikatan
Saudagar Muslim Indonesia
-
ISMI)
Board of Trustees
IULI Foundation
WanTikNas, The National
Information and Communication
Technology Council
Indonesian Volley
Ball Association
(PBVSI)
Bandung Smart City
Council,
Working Team
The International
Islamic Forum for
Science, Technology
and Human
Resources Development
(IIFTIHAR)
KADIN Telematics,
Broadcasting,
Research and Technology
Ikatan Cendekiawan
Muslim
Indonesia (ICMI)
KADIN, Committee
for Germany
ICC Indonesia
There is no further information that is needed to be announced
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AIMUNSARWKAUARR
(END) Dow Jones Newswires
February 16, 2018 02:00 ET (07:00 GMT)
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