Volga Gas PLC Proposed cancellation of trading on AIM (4023R)

TIDMVGAS

RNS Number : 4023R

Volga Gas PLC

08 March 2021

8 March 2021

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

Notification pursuant to AIM Rule 41

Proposed cancellation of trading on AIM

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, notes the announcement on 05 March 2021 by GEM Capital Holdings ("GEM") that its recommended offer to acquire the entire issued and to be issued ordinary share capital of Volga Gas (the "Offer") has become unconditional in all respects.

GEM has now acquired, or agreed to acquire, Volga Gas Shares representing in excess of 75 per cent. of the voting rights of Volga Gas. Accordingly, at the request of GEM, and as set out in the Offer Document published on 14 December 2020, the Board has applied for the cancellation of admission to trading on AIM of Volga Gas Shares (the "Delisting").

Volga Gas confirms that it has agreed with AIM that the Delisting is expected to occur on 8 April 2021. Admission of the Volga Gas Shares to trading on AIM will be cancelled without the requirement for a resolution of shareholders approving such cancellation pursuant to Rule 41 of the AIM Rules.

It is anticipated that the cancellation of listing and trading on AIM will take effect on or shortly after 7.00 a.m. (London time) on 8 April 2021.

The Delisting will significantly reduce the liquidity and marketability of any Volga Gas Shares not acquired by Hanover Bidco and the Board therefore recommends those Volga Gas Shareholders who have not already accepted the Offer to accept the Offer as soon as possible. The procedure for acceptance of the Offer is set out in the Offer Document.

Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the Offer Document.

For further information, please contact:

 
 Volga Gas plc 
                                               [phone] 
 Andrey Zozulya, Chief Executive Officer        [phone] 
  Vadim Son, Chief Financial Officer            [phone] 
  Tony Alves, Investor Relations Consultant     342 
 
                                               [phone] 
 S.P. Angel Corporate Finance LLP               0470 
 (Nominated Adviser and Broker) 
 Richard Morrison, Richard Hail, Adam Cowl 
 Auctus Advisors LLP 
  (Rule 3 Adviser to Volga Gas)                 [phone] 
  Jonathan Wright                                449 
 Renaissance Capital - Financial Consultant 
  Limited 
  (Financial Adviser to Volga Gas)              [phone] 
  Sergey Sedov                                   [phone] 
                                               [phone] 
 FTI Consulting                                 1000 
 A lex Beagley , Fern Duncan 
 

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March 08, 2021 02:00 ET (07:00 GMT)