SeaEnergy PLC Exclusivity Agreement (4315Y)
May 17 2016 - 2:01AM
UK Regulatory
TIDMSEA
RNS Number : 4315Y
SeaEnergy PLC
17 May 2016
SeaEnergy PLC
("SeaEnergy", the "Company" or the "Group")
EXCLUSIVITY AGREEMENT
Further to the announcement on 26 April 2016, SeaEnergy, the
innovation-led offshore energy services business, provides an
update on the progress of the potential disposal of the Return to
Scene business ("R2S") (the "Potential Disposal").
SeaEnergy and its advisers KPMG, have been in detailed
discussions with a number of potential purchasers of R2S. The
Company has now selected a preferred bidder and entered into an
exclusivity agreement with this party (the "Preferred Bidder").
Under the agreement, the Preferred Bidder has made a non-refundable
payment which will help to fund the Group though May.
The Preferred Bidder has indicated that it intends to acquire
all aspects of the R2S business and it is planned for the disposal
to be completed within a short timeframe.
However, there can be no guarantee that the Potential Disposal
will be completed. The Directors anticipate that the proceeds of
the Potential Disposal, if received, would be sufficient to repay
the bank overdraft, nearly all of the Group's secured debt and a
proportion of amounts owing to unsecured creditors.
The Group has other assets, including an 18.67% interest in
Lansdowne Oil & Gas plc (the shares of which are currently
suspended from trading) and two UK royalty interests. Any value for
shareholders is likely to depend on the realisation of these
assets.
Further updates will be made in due course and the shares of the
Company remain suspended from trading pending clarification of the
financial position.
ENDS
John Aldersey-Williams
Chief Executive Officer
Tel: +44 1224 748480
Claire Fleming
Corporate Communications & Research Manager
Tel: +44 7880 358920
Tim Feather/Liam Gribben
Nominated Adviser and Broker
WH Ireland Limited
Tel: 0113 394 6600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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