Glenwick PLC Update on i3 Energy Investment (1073Q)

TIDMGWIK

RNS Number : 1073Q

Glenwick PLC

24 November 2016

Glenwick Plc

("Glenwick" the "Company")

Update on i3 Energy Investment

Following the announcement in September 2016 that the Company had entered into a definitive agreement to invest GBP1.1 million into i3 Energy ( www.i3.energy ) via a pre-IPO convertible loan note, the Company is pleased to provide its shareholders with the following update.

As part of the standard process for a UK North Sea acquisition, i3 is awaiting final consent from the UK Oil & Gas Authority for their approval of the licence assignment from the seller to i3 and appointment of i3 as the operator. i3 will thereafter seek admission of its shares onto the Alternative Investment Market (AIM) of the London Stock Exchange concurrent with an initial public offering ("IPO") to raise funds for the development of this North Sea oil discovery.

Following the proposed i3 IPO, the Company will convert its loan into i3 shares and will seek to distribute those shares by way of dividend back to Glenwick shareholders.

As the i3 pre-IPO investment will not constitute the implementation of the Company's investing policy (as the Company has not completed an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules), the Company may also seek to complete an additional acquisition constituting a reverse takeover, and the Company is currently conducting due diligence on various potential targets. Alternatively, the Company may seek an orderly and solvent winding up of the Company in accordance with AIM rule 41 following the distribution to Glenwick shareholders of the holding in i3.

The Company looks forward to providing shareholders with further updates in due course.

For further information, please contact:

 
  FIM Capital Limited                     [phone] 
   Graham Smith                            250 
  Allenby Capital Limited (Nominated 
   Adviser and Joint-Broker)                [phone] 
   John Depasquale/Nick Harriss             5656 
  Peterhouse Corporate Finance Limited 
   (Joint-Broker)                           [phone] 
   Lucy Williams / Heena Karani             0933 
 
 

END

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCAKQDQQBDDODB

(END) Dow Jones Newswires

November 24, 2016 09:49 ET (14:49 GMT)