Nu-Oil and Gas PLC Update on Proposed RTO Transaction (3808Y)

TIDMNUOG

RNS Number : 3808Y

Nu-Oil and Gas PLC

09 September 2020

9 September 2020

Nu-Oil and Gas plc

("the Company" or "NUOG")

Update on Proposed RTO Transaction

Nu-Oil and Gas PLC (AIM:NUOG), the AIM Rule 15 cash shell, provides the following update.

In line with the guidance issued in Inside AIM: Coronavirus - Temporary Measures 20 March 2020, the Company has been granted an extension to the deadline by which it must complete a reverse takeover (as set out in AIM Rule 15) (a "RTO") by six months from 4 November 2020. Accordingly, the Company has approximately eight months from today's date to complete a RTO.

Since the Company's last notification on 8 July 2020, the Board has progressed discussions with two counterparties who are both in the circular economy industries and specifically in plastics recycling and manufacturing. The Board expects it will be able to provide a further update shortly with further details of a proposed transaction.

The Company was designated as an AIM Rule 15 cash shell on 4 November 2019. In accordance with the provisions of AIM Rule 15, the Company's Ordinary Shares therefore remain suspended from trading on AIM until an AIM Admission Document is published in respect of a reverse takeover transaction.

The Board remains confident that it will conclude a transaction which will constitute a RTO within the stipulated (now extended) timeframe under AIM Rule 15 and will update shareholders accordingly.

Enquiries

 
 Nu-Oil and Gas plc 
 Investor Relations & Communications   Tel: [phone] 
 Strand Hanson Limited                 Tel: [phone] 
  Rory Murphy/Ritchie Balmer/Jack 
  Botros 
 Novum Securities Limited              Tel: [phone] 
 Jon Bellis 
 

Disclaimer

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September 09, 2020 02:00 ET (06:00 GMT)