22 May 2018
Andalas Energy and
Power Plc
(‘Andalas’ or the
‘Company’)
Appointment of
Nominated Adviser and Update
Andalas Energy and Power Plc, the AIM traded upstream oil and
gas energy company (AIM: ADL), is pleased to announce the
appointment of Beaumont Cornish Limited as the Company’s Nominated
Adviser with immediate effect. Optiva Securities Limited and
Novum Securities Limited remain the Company’s Joint Brokers.
In addition, the Company provides the following update:
-
The Company expects to announce and publish its audited accounts
for the year ended 30 April 2018 (the
“Accounts”) in June 2018;
-
The Company announces that as part of ongoing actions to
strengthen the Company’s balance sheet each of Simon Gorringe, Daniel
Jorgensen and Ross Warner,
current Directors of the Company, have each agreed to waive
US$100,000 of unpaid contractual
salaries for a total of US$300,000.These amounts have been written off
for nil consideration. The Company is working to further reduce its
current indebtedness and anticipates providing an update in
conjunction with publication of the Accounts;
-
Upon the termination of David Whitby’s appointment as Director
of the Company he was contractually entitled to US$278,017, which was settled post year end for
US$52,500 in full and final
settlement.He has no ongoing role within the Company.
-
As announced on 30 April 2018, the
Company reduced its cash burn in the second half by 25% relative to
the first half (H1 2018: US$1,015,000) and its unaudited cash balance at
30 April 2018 was US$38,000, which was supplemented by the proceeds
from the £600,000 (gross) capital raise announced on 30 April 2018 as previously announced;
-
The Company, following the Placing, has 9,662,162,387 ordinary
shares of nil par value ("Ordinary Shares") in issue. Following a
review of the Company’s capital structure the Board have resolved
to undertake a share consolidation thereby bringing the number of
shares in issue more in line with a company of Andalas’ size. Such
share consolidation will be conditional on Shareholder approval and
therefore a resolution seeking Shareholder approval for the share
consolidation is expected to be contained in the notice of AGM.
Commenting on the announcement, Simon
Gorringe, CEO said: “This announcement further demonstrates
the Boards intention to put the past behind it and to move forward
on our new strategy of building a balanced portfolio of assets to
deliver value to our shareholders.”
For further information, please contact:”
Simon Gorringe |
Andalas Energy and Power Plc |
Tel: +62 21 2965 5800 |
Roland Cornish/ James Biddle |
Beaumont Cornish Limited
(Nominated Adviser) |
Tel: +44 20 7628 3396 |
Colin Rowbury
|
Novum Securities Limited
(Joint Broker) |
Tel: +44 207 399 9427 |
Christian Dennis |
Optiva Securities Limited
(Joint Broker) |
Tel: +44 20 3411 1881 |
Stefania Barbaglio |
Cassiopeia Services Ltd |
Stefania@cassiopeia-ltd.com |