Andalas Energy and Power Plc Result of EGM

 
TIDMADL 
 
15 March 2019 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                     Result of AGM and Total Voting Rights 
 
The Extraordinary General Meeting ("EGM") for Andalas Energy and Power plc 
(AIM:ADL) was held today at 10.00am. All resolutions were passed. 
 
Following the passing of the resolutions at the EGM, the Conditional Placing, 
as announced on 27 February 2019, was approved. 
 
Accordingly, the Company has issued the conditional placing shares totalling 
48,888,889 Ordinary Shares, which will rank pari passu in all respects with all 
existing ordinary shares in the Company, and has applied for Admission to 
trading on AIM of such shares with effect from 19 March 2019 ("Admission"). 
Following Admission, the Company will have an issued share capital of 
603,970,301 Ordinary Shares. 
 
Simon Gorringe, CEO of Andalas Energy & Power PLC said: "With the EGM 
resolutions passed, we can focus on the Colter South discovery and new 
opportunities for the Company.   We believe that the market has undervalued the 
positive drill results at the Colter South discovery and the impact of the 
recently completed placing on the Company's cash position.  The conditional 
element of that placing can now complete.  It will provide an additional cash 
injection at a time when the Company has no outstanding asset funding 
commitments. 
 
 "Our immediate focus is to continue to support the joint ventures' evaluation 
of the Colter South discovery, which includes the assessment of the data from 
both the initial well and the side track as well as the data from the previous 
wells and seismic across the licence area over the coming weeks.   In addition 
we are currently reviewing a number of opportunities, which could create 
significant value for shareholders.  We look forward to updating the market in 
the near future as and when these opportunities develop further. 
 
"In closing Andalas would like to take this opportunity to thank its 
shareholders and advisors for their continued support of the company as we 
continue to work towards our long term objective of building a substantial 
production and exploration company." 
 
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).  Upon the publication of this announcement via a 
Regulatory Information Service ('RIS'), this inside information is now 
considered to be in the public domain. 
 
Simon     Andalas Energy and Power Plc               Tel: [phone] 
Gorringe 
 
Roland    Beaumont Cornish Limited                   Tel: [phone] 
Cornish/  (Nominated Adviser) 
James 
Biddle 
 
Colin     Novum Securities Limited                   Tel: [phone] 
Rowbury   (Joint Broker) 
 
 
Christian Optiva Securities Limited                  Tel: [phone] 
Dennis    (Joint Broker) 
 
Stefania  Cassiopeia Services Ltd                    [e-mail] 
Barbaglio 
 
 
 
END 
 

(END) Dow Jones Newswires

March 15, 2019 07:57 ET (11:57 GMT)