TIDMBCE
RNS Number : 1922S
Beacon Energy PLC
07 March 2023
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OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014)
AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (AS AMENDED FROM TIME TO TIME) ("UK MAR") .
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
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BE IN THE PUBLIC DOMAIN.
7 March 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Reverse Takeover Transaction
Update re PrimaryBid Offer and Publication of Pathfinder
Admission Document
Beacon Energy plc ( AIM: BCE ), the energy company seeking
growth through acquisition or farm-in to interests in discovered
upstream projects, announces, further to the Company's announcement
of 3 March 2023, that a Pathfinder Document has been made available
to potential investors on the PrimaryBid platform in relation to
the PrimaryBid Offer and has also been made available on the
Company's website. It is noted that the Pathfinder Document is a
draft Admission Document and is not intended to be relied upon for
investment purposes and does not constitute an offer of securities
for sale in any jurisdiction. The Company's Admission Document,
which will include a Notice of Extraordinary General Meeting, is
intended to be published in the coming days and will then be made
available on the Company's website.
Change in Accounting Reference Date
Beacon Energy also announces that, subject to the completion of
the acquisition of Rhein Petroleum GmbH, it is changing its
accounting reference date from 31 March to 31 December to align
with the reporting periods for Rhein Petroleum GmbH, the company
that Beacon Energy proposes to acquire.
As a result of the proposed change of accounting reference date
the Company's reporting calendar is expected to be:
-- Publication of audited accounts for the 8 month period to 31
December 2022, no later than 30 June 2023
-- Publication of unaudited accounts for the 6 month period to
30 June 2023, no later than 30 September 2023
-- Publication of audited accounts for the 12 month period to 31
December 2023, no later than 30 June 2024
Proposed Issue of Accrued Fee Options
The Board has agreed that, on and subject to completion of the
acquisition of Rhein Petroleum, the Company will issue options,
exercisable at nil cost, to the Company's existing directors in
lieu of accrued and unpaid fees of, in aggregate, GBP212,185 during
the period from 1 February 2022 to 31 December 2022 inclusive, with
the number of options to be issued calculated by dividing the
outstanding fees by the price per share in respect of the fundraise
currently being completed by the Company ("Accrued Fee Options").
The final number of Accrued Fee Options to be issued will be
disclosed in the Company's Admission Document, expected to be
published later this week.
The issue of the Accrued Fee Options to the Company's existing
directors is considered to be a related party transaction for the
purposes of Rule 13 of the AIM Rules for Companies. Due to the
issuance of the Accrued Fee Options to all of the directors, there
is not a director, or directors, independent of the issue of the
Accrued Fee Options to provide the necessary AIM Rule 13 related
party transaction opinion. Accordingly, Strand Hanson Limited, the
Company's Nominated Adviser, confirms it is satisfied that the
terms of the Accrued Fee Options is fair and reasonable insofar as
the Company's shareholders are concerned.
Enquiries:
Beacon Energy plc
L arry Bottomley (CEO)
Stewart MacDonald (Proposed CFO) +44 (0)1624 681 250
Strand Hanson Limited (Financial and Nominated Adviser)
Rory Murphy / James Bellman +44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / Jon Krinks +44 (0)20 7466 5000
Tennyson Securities (Joint Broker)
Peter Krens / Ed Haig-Thomas +44 (0)20 7186 9030
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
Strand Hanson Limited, which is authorised and regulated by the
Financial Conduct Authority in the UK, is acting exclusively for
the Company and no one else in connection with Admission. Strand
Hanson Limited will not regard any other person as its client in
relation to Admission and will not be responsible to anyone other
than the Company for providing the protections afforded to its
clients, nor for providing advice in relation to the contents of
this announcement or any transaction, arrangement or other matter
referred to herein.
Tennyson Securities (a trading name of Shard Capital Partners
LLP), which is authorised and regulated by the Financial Conduct
Authority in the UK, is acting exclusively for the Company and no
one else in connection with Admission. Tennyson Securities Limited
will not regard any other person as its client in relation to
Admission and will not be responsible to anyone other than the
Company for providing the protections afforded to its clients, nor
for providing advice in relation to the contents of this
announcement or any transaction, arrangement or other matter
referred to herein.
Optiva Securities Limited, which is authorised and regulated by
the Financial Conduct Authority in the UK, is acting exclusively
for the Company and no one else in connection with Admission.
Optiva Securities Limited will not regard any other person as its
client in relation to Admission and will not be responsible to
anyone other than the Company for providing the protections
afforded to its clients, nor for providing advice in relation to
the contents of this announcement or any transaction, arrangement
or other matter referred to herein.
For further information, please visit www.beaconenergyplc.com and @BeaconEnergyPlc on Twitter
To register for Beacon Energy's email alerts, please complete
the following form:
https://www.beaconenergyplc.com/media-centre/news/#alerts
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
MSCNKOBDPBKDNNK
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March 07, 2023 10:15 ET (15:15 GMT)
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