Caspian Sunrise plc 3A Best acquisition update (1192H)
13 November 2018 - 6:01PM
UK Regulatory
TIDMCASP
RNS Number : 1192H
Caspian Sunrise plc
13 November 2018
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
3A Best acquisition update
The Board of Caspian Sunrise are pleased to provide the
following update:
Background
On 29 May 2018, Caspian Sunrise announced the conditional
acquisition of 3A Best Group JSC ("3A Best") (the "Acquisition"),
an existing Contract Area of some 1,347 sq km located near the
Caspian port city of Aktau, for a consideration of $24 million
payable by the issue of 149,253,732 Caspian Sunrise shares issued
at a price of 12p per share ("the Acquisition").
Completion of the Acquisition was dependent upon the
satisfaction of a number of post signing conditions. The
Acquisition agreement signed in May 2018, specified a long stop
date of 31 December 2018, by which time all conditions were due to
be met. Caspian Sunrise is pleased to confirm that all the material
pre conditions, including the issuance of the new licence have been
completed.
It is now the intention of the parties to formally complete the
acquisition in early 2019. Accordingly, by a separate agreement
dated 9 November 2018, the parties to the Acquisition have extended
the long stop date to 30 June 2019.
Related Party Transaction
The signature of the conditional agreement to purchase 3A Best
in May 2018 was considered a related party transaction under the
AIM Rules by reason of the shareholdings in 3A Best of the family
of Kuat Oraziman, the Chief Executive Officer of Caspian Sunrise.
Therefore the decision to extend the proposed completion date is
also considered to be a separate related party transaction.
The independent directors of the Company in respect of AIM Rule
13, being Clive Carver and Edmund Limerick, consider, having
consulted with WH Ireland, that the terms of the extension to the
long stop to 30 June 2019 date are fair and reasonable insofar as
Shareholders are concerned.
Upon satisfaction of the outstanding conditions Caspian Sunrise
will issue and seek listing for the new Caspian Sunrise shares once
the other conditions for completion have been satisfied.
Following the issue of these consideration shares the total
number of shares then in issue would then be 1,818,927,552, of
which the family of Kuat Oraziman, would hold 795,457,858 shares
representing 43.73%.
Ends
Caspian Sunrise PLC
Clive Carver
Executive Chairman +7 727 375 0202
WH Ireland, Nominated Adviser
& Broker
James Joyce
Jessica Cave
James Sinclair-Ford +44 (0) 207 220 1666
Yellow Jersey PR
Tim Thompson
Henry Wilkinson +44 (0) 203 735 8825
Qualified Person
Mr. Nurlybek Ospanov, Caspian Sunrise PLC's Chief Geologist /
Technical Director who is a member of the Society of Petroleum
Engineers ("SPE"), has reviewed and approved the technical
disclosures in this announcement.
This announcement has been posted to:
www.caspiansunrise.com/investors
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
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
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END
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