Gunsynd PLC Oyster Oil & Gas Update (6429B)
June 10 2019 - 2:30AM
UK Regulatory
TIDMGUN
RNS Number : 6429B
Gunsynd PLC
10 June 2019
Gunsynd plc
("Gunsynd" or the "Company")
Oyster Oil and Gas update
Gunsynd has been informed that at the general meeting of Oyster
Oil and Gas Ltd ("Oyster") held on 7 June 2019 all resolutions were
passed, including the resolution to approve the disposition of all
of the outstanding share capital of Oyster's wholly-owned
subsidiary, Oyster Oil & Gas Limited ("Subco"), in settlement
of certain indebtedness owing to Northbay Capital Partners Corp.,
Gunsynd, and certain other creditors, primarily being directors of
Oyster. Oyster's production sharing contracts in Madagascar and
Djibouti are held through Subco.
A further announcement will be made in due course regarding the
exact shareholding the Company will have in Subco, (which will be
based on a calculation of the amount of outstanding debt and rolled
up interest) and Company's strategy for the shareholding in
Subco.
Hamish Harris, the Company's Executive Chairman, commented:
"Whilst our investment in Oyster has not been without
difficulties, we are now in a much stronger position in terms of
equity than we were previously. We have always maintained our
belief in the quality of the Madagascar licence and are now in a
much stronger position to pursue a course of action that would be
advantageous to Gunsynd shareholders."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The directors of Gunsynd accept responsibility for this
announcement.
For further information, please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray
/ Richard Nash +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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