Share Name Share Symbol Market Type Share ISIN Share Description
Infinity Eng. LSE:INFT London Ordinary Share LU0726886947 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.14p 0.00p 0.00p - - - 0 05:30:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 0.0 -0.3 -0.1 - 2.46

Infinity Energy S.A. - Potential Acquisition

17/10/2017 3:09pm

PR Newswire (US)


Infinity Eng. (LSE:INFT)
Historical Stock Chart

1 Year : From Aug 2017 to Aug 2018

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Infinity Energy S.A.
("Infinity Energy" or the "Company")

Potential Acquisition

The Board of Directors would like to update Shareholders in respect of the Company’s progress in terms of completing an acquisition which would represent a reverse takeover under AIM Rules (“RTO”).

Negotiations have been ongoing between Gerwyn Williams, Chief Executive, and the other Board members regarding the potential acquisition by the Company of Transgas Limited (“Transgas”) by means of a share for share transaction.  Transgas is the parent company of South Western Energy Limited (“SWE”), which holds a number of Petroleum Exploration and Development Licences (“PEDLs”) across the South West of England, including North Somerset and areas to the north and west of Wytch Farm in Dorset covering a total area of 823.98 sq. km. Transgas is owned by Gerwyn Williams and members of his immediate family. SWE holds 100% of the PEDLs.

The consideration for this potential acquisition (being the number of consideration shares to be issued by the Company to the shareholders in Transgas) cannot be agreed until a valuation of SWE's assets is completed – technical and accounting work has been commissioned to achieve this.

In order to facilitate the RTO and create a more suitable corporate structure to support the expansion and growth of the enlarged Company, the Directors are also proposing to seek Shareholders’ consent to migrate the domicile of the Company from Luxembourg to the Island of Guernsey by means of a reregistration process. The Company has been advised that this is a relatively straightforward process and has been carried out numerous times before by other companies.

As previously mentioned, Transgas is owned totally by Gerwyn Williams and family which means that the RTO  will be a related party transaction under the AIM Rules.

In the event that agreement is reached between the Company and Mr Williams, a general meeting of Shareholders will be convened in order to seek Shareholders consent to the RTO and the re-domicile of the Company to Guernsey.

The Directors will update Shareholders on progress in relation to these proposals in due course.

For further information, please contact:

Infinity Energy S.A.
Gerwyn Williams

Tel:  +44 7889 677 397
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson / James Caithie


Tel:  +44 207 213 0880
Joint-Broker
WH Ireland Limited
Paul Shackleton


Tel:  +44 207 220 1666
Joint-Broker
Peterhouse Corporate Finance Limited
Eran Zucker / Lucy Williams


Tel:  +44 20 7469 0930

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