Andalas Energy and Power Plc Change of Nomad and Update

 
TIDMADL 
 
22 May 2018 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                  Appointment of Nominated Adviser and Update 
 
Andalas Energy and Power Plc, the AIM traded upstream oil and gas energy 
company (AIM: ADL), is pleased to announce the appointment of Beaumont Cornish 
Limited as the Company's Nominated Adviser with immediate effect.  Optiva 
Securities Limited and Novum Securities Limited remain the Company's Joint 
Brokers. 
 
In addition, the Company provides the following update: 
 
  * The Company expects to announce and publish its audited accounts for the 
    year ended 30 April 2018 (the "Accounts") in June 2018; 
 
  * The Company announces that as part of ongoing actions to strengthen the 
    Company's balance sheet each of Simon Gorringe, Daniel Jorgensen and Ross 
    Warner, current Directors of the Company, have each agreed to waive 
    US$100,000 of unpaid contractual salaries for a total of US$300,000.These 
    amounts have been written off for nil consideration. The Company is working 
    to further reduce its current indebtedness and anticipates providing an 
    update in conjunction with publication of the Accounts; 
 
  * Upon the termination of David Whitby's appointment as Director of the 
    Company he was contractually entitled to US$278,017, which was settled post 
    year end for US$52,500 in full and final settlement.He has no ongoing role 
    within the Company. 
 
  * As announced on 30 April 2018, the Company reduced its cash burn in the 
    second half by 25% relative to the first half (H1 2018: US$1,015,000) and 
    its unaudited cash balance at 30 April 2018 was US$38,000, which was 
    supplemented by the proceeds from the GBP600,000 (gross) capital raise 
    announced on 30 April 2018 as previously announced; 
 
  * The Company, following the Placing, has 9,662,162,387 ordinary shares of 
    nil par value ("Ordinary Shares") in issue. Following a review of the 
    Company's capital structure the Board have resolved to undertake a share 
    consolidation thereby bringing the number of shares in issue more in line 
    with a company of Andalas' size. Such share consolidation will be 
    conditional on Shareholder approval and therefore a resolution seeking 
    Shareholder approval for the share consolidation is expected to be 
    contained in the notice of AGM. 
 
Commenting on the announcement, Simon Gorringe, CEO said: "This announcement 
further demonstrates the Boards intention to put the past behind it and to move 
forward on our new strategy of building a balanced portfolio of assets to 
deliver value to our shareholders." 
 
For further information, please contact:" 
 
Simon Gorringe             Andalas Energy and Power Tel: [phone] 
                           Plc 
 
Roland Cornish/ James      Beaumont Cornish Limited Tel: [phone] 
Biddle                     (Nominated Adviser) 
 
Colin Rowbury              Novum Securities Limited Tel: [phone] 
                           (Joint Broker) 
 
Christian Dennis           Optiva Securities        Tel: [phone] 
                           Limited 
                           (Joint Broker) 
 
Stefania Barbaglio         Cassiopeia Services Ltd  [e-mail] 
 
 
 
END 
 

(END) Dow Jones Newswires

May 22, 2018 02:00 ET (06:00 GMT)