SDX Energy PLC HEADS OF TERMS SIGNED FOR DISPOSAL OF EGYPT ASSETS (8152K)
August 30 2023 - 5:23AM
UK Regulatory
TIDMSDX
RNS Number : 8152K
SDX Energy PLC
30 August 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
30 August 2023
HEADS OF TERMS SIGNED FOR THE DISPOSAL OF EGYPTIAN ASSETS
-- SDX has signed Heads of Terms for the disposal of all its Egyptian assets;
-- The buyer is a large multinational operator, with existing Egyptian interests;
-- The transaction is expected to complete by the end of Q4 2023;
-- Under new senior management SDX is seeking to optimise its
asset portfolio, enabling it to position the company for both
organic and inorganic growth;
-- SDX continues to examine value-accretive opportunities across
Moroccan energy infrastructure and the energy transition.
The Company is pleased to announce that it has entered into
non-binding Heads of Terms ("Heads of Terms") with a large
multinational operator to divest of all of its Egyptian assets (the
"Disposal"). The Company expects to close the transaction by
year-end.
The signed Heads of Terms represents an important milestone,
towards crystallising value for shareholders and optimising the
Company's asset portfolio. The Disposal will position the Company
for upcoming diversification into Morocco's energy transition
sector. Moving towards the energy transition narrative also gives
access to a wider pool of capital, setting SDX on a new path of
growth with the ultimate aim of delivering sustainable returns for
shareholders.
It is envisaged that the Disposal, if completed, would
constitute a fundamental change of business pursuant to AIM Rule 15
- the consideration, as currently calculated in the Heads of Terms,
will significantly exceed the market cap Consideration Test
threshold. The Disposal would therefore also require the consent of
SDX shareholders being given in a general meeting. Upon signing a
sale and purchase agreement, the Company will issue a further
announcement and publish a circular containing details of the
Disposal and convene a general meeting.
Completion of the Disposal will be subject to, among other
conditions, the negotiation of final transaction documentation and
obtaining Egyptian government approvals for the sale. The Heads of
Terms are non-binding and, therefore there can be no certainty that
the Disposal will complete.
The Company will make further announcements as appropriate.
Daniel Gould, Managing Director, commented:
"The planned sale of SDX's Egyptian assets will be a significant
milestone on the Company's transition roadmap that we will soon be
presenting to our shareholders. SDX, re-energised with new
management, will focus on monetising exciting opportunities around
its Moroccan assets and related energy transition sector-plays in
order to reward and deliver capital growth to our shareholders in
the near term."
For further information:
SDX Energy Plc
Daniel Gould, Managing Director
William McAvock, Chief Financial
Officer
Tel: +44 (0) 20 3219 5640
Shore Capital (Nominated Adviser and Broker) Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton Toby Gibbs/Iain Sexton
Tel: +44 (0) 20 7408 4090 Tel: +44 (0) 20 408 4090
InHouseIR (Investor and Media Relations)
Sarah Dees/Oliver Clark
Email: sdx@inhouseir.com
Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson Camarco (PR)
Tel: +44 (0) 20 3757 4980 Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 203 757 4980
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