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Advance Energy, the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, announces, further to the Company’s announcement of 9 September 2022 regarding the non-binding Heads of Terms in respect of the potential acquisition of a European oil and gas company (‘HoT’) (the ‘Potential Acquisition’), that the previously agreed exclusivity period has been extended from 29 October 2022 to 28 November 2022.
The parties continue to work diligently towards concluding a definitive agreement and the Company will provide further updates in due course.
It is noted that the Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies and is therefore subject, inter alia, to the issue of a new AIM Admission Document that would set out details of the Potential Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition.
The Company’s shares were temporarily suspended from trading on AIM on 9 September 2022, to remain so until Advance Energy is in a position to publish an associated AIM Admission Document for the Potential Acquisition.
As announced on 27 May 2022, Advance Energy became a cash shell on that date under AIM Rule 15. As a result, the Company had six months from that date to complete a reverse transaction or trading in the Company’s shares would be suspended under the AIM Rules. As Advance Energy will not be able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM for a further six months until such time as the Potential Acquisition or another reverse transaction is completed. In the event that a reverse transaction is not completed within the further six months, the Company’s shares would be cancelled from AIM.
It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.
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Source: Advance Energy
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