TIDMVGAS
RNS Number : 2143A
Volga Gas PLC
28 September 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
28 September 2020
Volga Gas plc
("Volga Gas", or "the Company")
UPDATE ON FORMAL SALE PROCESS
Volga Gas plc (LSE: VGAS), the oil and gas exploration and
production group operating in the Volga Region of Russia, is
pleased to provide an update on its formal sale process.
Further to the announcement made on 26 June 2020, the Company is
continuing to engage in active discussions with a number of parties
regarding the sale of the Company (or its entire business and
assets).
As previously communicated, the Panel has granted a dispensation
from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the
Code such that any interested party participating in the formal
sale process will not be required to be publicly identified under
Rules 2.4(a) or 2.4(b) and will not be subject to the 28 day
deadline referred to in Rule 2.6(a) of the Code for so long as it
is participating in the formal sale process.
There can be no certainty that an offer will be made, nor as to
the terms on which any offer will be made.
The Board reserves the right to alter or terminate the formal
sale process at any time and in such cases will make an
announcement as appropriate. The Board also reserves the right to
reject any approach or terminate discussions with any interested
party at any time.
For further information, please contact:
Volga Gas plc +7 (903) 385 9889
Andrey Zozulya, Chief Executive Officer +7 (905) 381 4377
Vadim Son, Chief Financial Officer +44 (0) 7824 884
Tony Alves, Investor Relations Consultant 342
Renaissance Capital (Financial Advisor) +7 (916) 678-3214
Sergey Sedov +7 (499) 956-4060
Auctus Advisors (Rule 3 Advisor) +44 (0) 7711 627
Jonathan Wright 449
S.P. Angel Corporate Finance LLP (Nominated
Adviser and Broker) +44 (0) 20 3470
Richard Morrison, Richard Hail, Soltan Tagiev 0470
FTI Consulting (Financial PR) +44 (0) 20 3727
Alex Beagley, Fern Duncan 1000
Additional information
Renaissance Capital - Financial Consultant Limited ("Renaissance
Capital") is an affiliate of Renaissance Capital Limited, which is
authorised and regulated by the Financial Conduct Authority of the
United Kingdom. Renaissance Capital is acting exclusively for Volga
Gas in connection with the matters referred to in this announcement
and will not be responsible to anyone other than Volga Gas for
providing the protections afforded to clients of Renaissance
Capital or for providing advice in connection with the contents of
this announcement or any other matter referred to in this
announcement.
Auctus Advisors LLP ("Auctus Advisors") is an authorised
representative of Tamesis Partners LLP, which is authorised and
regulated by the Financial Conduct Authority of the United Kingdom.
Auctus Advisors is acting exclusively for Volga Gas and no one else
in connection with the matters referred to in this announcement and
will not be responsible to anyone other than Volga Gas for
providing the protections afforded to clients of Auctus Advisors or
for providing advice in connection with the contents of this
announcement or any other matter referred to in this
announcement.
SP Angel Corporate Finance LLP ("SP Angel") is authorised and
regulated by the Financial Conduct Authority of the United Kingdom.
SP Angel is acting exclusively for Volga Gas and no one else in
connection with the matters referred to in this announcement and
will not be responsible to anyone other than Volga Gas for
providing the protections afforded to clients of SP Angel or for
providing advice in connection with the contents of this
announcement or any other matter referred to in this
announcement.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Disclosure Requirements of the Takeovers Code
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s), save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
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END
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September 28, 2020 02:00 ET (06:00 GMT)
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