Coro Energy PLC Settlement Agreement (2944Q)
18 June 2020 - 3:10AM
UK Regulatory
TIDMCORO
RNS Number : 2944Q
Coro Energy PLC
17 June 2020
17 June 2020
Coro Energy plc
("Coro", or the "Company")
Settlement Agreement
Coro Energy, the Southeast Asian focused upstream oil and gas
company, announces that, having received appropriate legal advice
on legal action threatened against the Company, it has entered into
a settlement agreement with James Menzies, the Company's former
Chief Executive Officer, in connection with the termination of his
service agreement announced on 2 April 2020 (the "Settlement
Agreement"). Under the Settlement Agreement Mr. Menzies has agreed
to waive all claims against the Company and will receive a cash
termination/notice payment (inclusive of legal fees) of
GBP132,000.
The Settlement Agreement constitutes a related party transaction
under the AIM Rules for Companies pursuant to Mr. Menzies
directorship of the Company within the last 12 months. The
directors of the Company consider, having consulted with the
Company's nominated adviser, that the terms of the Settlement
Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information please contact:
Coro Energy plc Via Vigo Communications
James Parsons, Non-Executive Chairman Ltd
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Mirabaud Securities Ltd (Joint Broker) Tel: 44 (0)20 3167 7221
Peter Krens
Ed Haig-Thomas
Canaccord Genuity Ltd (Joint Broker) Tel: 44 (0)20 7523 4617
Henry Fitzgerald-O'Connor
James Asensio
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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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