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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
San Leon Energy Plc | LSE:SLE | London | Ordinary Share | IE00BWVFTP56 | ORD EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 5.75M | 40.72M | 0.0905 | 1.82 | 74.24M |
TIDMSLE
RNS Number : 5842V
San Leon Energy PLC
03 November 2017
3 November 2017
San Leon Energy plc
("San Leon" or the "Company")
Discussions with Midwestern
The Company notes the article in City AM concerning the ongoing discussions relating to an offer for the Company. San Leon can confirm that it received a letter on 11 September 2017 from Midwestern Oil and Gas Limited ("Midwestern") with an indicative proposal that included San Leon acquiring Midwestern's shares in Midwestern Leon Petroleum Limited ("MLPL") (the "Proposal"). Midwestern and San Leon are both indirect shareholders in Eroton, the operator of OML 18, onshore Nigeria, through their respective shareholdings in MLPL. The Proposal did not include an offer by Midwestern to acquire the issued share capital of San Leon. The Proposal had a long stop date of 31 October 2017 by which San Leon was to accept the Proposal and San Leon did not agree to the Proposal by said date.
San Leon remains in discussions with Midwestern, which are at a very early stage and broad ranging, regarding a potential corporate transaction, which could include an offer by Midwestern for San Leon or an offer by San Leon for certain assets of Midwestern. Such an acquisition could constitute a reverse takeover under the AIM Rules for Companies (the "AIM Rules") and, in accordance with rule 14 of the AIM Rules, would require the publication of an AIM admission document ("Admission Document") and approval of shareholders of the Company at a general meeting to proceed. Accordingly, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.
A further announcement will be made in due course.
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.
Directors' Responsibility Statement
The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Enquiries:
+ 353 1291 San Leon Energy plc 6292 Oisin Fanning, Chief Executive SP Angel Corporate Finance LLP +44 20 3470 (Nominated Adviser) 0470 Richard Morrison Richard Hail Soltan Tagiev Whitman Howard Limited (Financial +44 20 7659 adviser and Joint broker) 1234 Nick Lovering Francis North Brandon Hill Capital Limited (Joint +44 203 463 broker to the Company) 5000 Oliver Stansfield Jonathan Evans Vigo Communications (Financial +44 207 830 Public Relations) 9700 Patrick d'Ancona Chris McMahon +353 1 280 Plunkett Public Relations 7873 Sharon Plunkett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 03, 2017 14:25 ET (18:25 GMT)
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