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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.14 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 |
Copyright r 17 PR Newswire
1 Year Infinity Eng. Chart |
1 Month Infinity Eng. Chart |
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