TIDMPGR

RNS Number : 7926P

Phoenix Global Resources PLC

05 September 2017

5 September 2017

Phoenix Global Resources plc

("Phoenix" or the "Company")

Update on Reduction of Capital and Interoil Demerger

The Company announced on 24 July 2017 that, amongst other things, it was proposing a Reduction of Capital and the Interoil Demerger (the "Demerger").

The Reduction of Capital and the Demerger were to be implemented pursuant to resolution 4 in the notice of general meeting which was held on 9 August 2017 (the "General Meeting"). Whilst Shareholders approved this resolution, together with all the other resolutions proposed at the General Meeting, the Company has subsequently been advised that the Court would not be able to confirm the Reduction of Capital proposed in resolution 4 in the form approved by Shareholders for a technical reason relating to the size of the Company's share premium account. Except for resolution 4, all other resolutions passed at the General Meeting remain unaffected.

The Board has consequently deferred the implementation of the Demerger to give the Company time to consider how best to address this technical issue. The Board intends to implement the Reduction of Capital and the Demerger and will therefore convene another general meeting to propose new resolutions in due course.

A further announcement will be released as soon as practicable, including a new timetable as the dates in the expected timetable on page 4 of the Admission Document relating to the Reduction of Capital and the Demerger are no longer applicable.

For further information, please contact:

 
 Phoenix Global           Anuj Sharma,              T: +54 11 5530 
  Resources plc            CEO                       9920 
                           Philip Wolfe              T: +44 20 3757 
                           Billy Clegg,              4983 
                           Head of Communications    T: +44 20 3757 
                                                     4983 
 
   Stockdale Securities     Antonio Bossi             T: +44 20 7601 
                            David Coaten              6100 
 
   Panmure Gordon           Adam James                T: +44 20 7886 
                            Atholl Tweedie            2500 
 
   Camarco                  Gordon Poole/James        T: +44 20 3757 
                            Crothers                  4980

Capitalised terms used but not defined in this announcement have the same meaning as in the Admission Document published by the Company on 24 July 2017 and available on its website at www.phoenixglobalresources.com

About Phoenix

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent oil and gas exploration and production company with assets primarily in Argentina.

The Company's website is www.phoenixglobalresources.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 05, 2017 02:00 ET (06:00 GMT)

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