Curzon Energy PLC Potential Transaction and Exclusivity Update (6205R)
01 Luglio 2020 - 8:00AM
UK Regulatory
TIDMCZN
RNS Number : 6205R
Curzon Energy PLC
01 July 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
01 July 2020
Curzon Energy Plc
("Curzon" or the "Company")
Potential Transaction and Exclusivity Update
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil
and gas company, announces an update regarding a potential
transaction, details of which were first announced on 18 March
2020.
The period of exclusivity originally entered into between Sun
Seven Stars Investment Group ("SSSIG") and the Company and
previously announced, lasted to 30 June 2020 and has been agreed to
be extended by SSSIG and the Company. Formal terms covering the
extension of the exclusivity period and the nature of the
additional financial support to be provided by SSSIG to the Company
have yet to be finalized. These terms and particularly the details
surrounding the financial support associated with the extension,
will be announced once formalised.
The announcement on 18 March 2020 of the potential transaction
contemplated a relatively short initial due diligence period,
however, the full impact of the COVID-19 pandemic, resulting in
lockdowns first in the UK and followed by the US, and market
instability, has caused delays and disruptions to the overall due
diligence process.
From 18 March 2020 to date, under the original agreement,
financial support totalling GBP185,000 has been provided by way of
a loan from SSSIG to the Company. This loan carries a 10% interest
rate per annum, is repayable in one-year and, if a potential
transaction between the parties is agreed and completed, will be
convertible into equity at the time of that transaction.
The parties remain positive regarding a potential transaction
and, following the conclusion of due diligence, the next steps
envisaged would involve agreement on terms and then progression to
definitive transaction documentation.
While the parties continue to work constructively towards a
potential transaction, there can be no certainty that due diligence
when complete will be positive, nor to be able to predict the
length of time required to reach definitive agreement, or the
likelihood of concluding a successful transaction.
The Company will continue to update the markets on progress as
appropriate.
For further information please
contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Optiva Securities Limited +44 (0) 20 3137 1902
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END
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