Anglo African Oil & Gas PLC Result of General Meeting (6264Z)
January 13 2020 - 7:24AM
UK Regulatory
TIDMAAOG
RNS Number : 6264Z
Anglo African Oil & Gas PLC
13 January 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").
Anglo African Oil & Gas plc ("AAOG" or "the Company")
Result of General Meeting
Anglo African Oil & Gas plc, an independent oil and gas
developer, announces that, at the general meeting, which was held
at 11.00 a.m. today ("General Meeting"), the resolutions put to the
meeting were duly passed. The results of the votes will shortly be
available on the Company's website (www.aaog.com).
Following the successful conclusion of the General Meeting, the
Company will draw down on the GBP250,000 loan from Zenith Energy
Ltd ("Zenith") on 25 January 2020. The Company is finalising the
terms of a convertible loan note with RiverFort for up to
GBP500,000 and a further announcement will be made shortly.
These proceeds will be used to pay down creditors and finance
the day-to-day operations of the Company.
The passing of the resolutions of the General Meeting satisfies
one of the conditions precedent to the disposal by the Company of
80 per cent of its interest in Anglo African Oil & Gas Congo
S.A.U to Zenith (the "Disposal"). The Disposal remains subject to
certain regulatory requirements in the Republic of the Congo
including notification to the Minister of Hydrocarbons. Should the
Disposal complete, the Company will cease to own, control or
conduct all, or substantially all, of its existing trading
business, activities or assets, and will become an AIM Rule 15 cash
shell. Further announcements will be made in due course.
Capital Reorganisation
Following the approval of the requisite resolution at the
General Meeting, each ordinary share of GBP0.05 will be subdivided
into ordinary shares of GBP0.001 ("Ordinary Share") and one C
deferred share of GBP0.049. The Company's resulting share capital
will consist of 396,548,396 Ordinary Shares and are expected to be
admitted to trading on AIM at 8.00 a.m. on 14 January 2020
("Admission"). The ISIN of the New Ordinary Shares remains
GB00BD0Q3L08.
On Admission, the Company will have 396,548,396 Ordinary Shares
in issue with no shares held in treasury. Therefore, the Company's
total number of Ordinary Shares with voting rights will be
396,548,396. The figure of 396,548,396 may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Resignation of Director
Following the conclusion of the General Meeting, the Company
announces that Nick Butler has resigned as a non-executive director
of AAOG with immediate effect. The board would like to thank Nick
for his valuable contribution to the Company.
Enquiries:
Anglo African Oil & Gas plc info@aaog.com
James Cane, Interim Chief Executive and
Finance Director
finnCap Ltd (Nominated Adviser) Tel: +44 20 7220 0500
Christopher Raggett, Giles Rolls, Teddy
Whiley (Corporate Finance)
Camille Gochez (ECM)
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END
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