RAME Rame Energy

TIDMRAME

RNS Number : 0761T

Rame Energy PLC

30 December 2016

Rame Energy plc

("Rame" or the "Company")

Resignation of Nominated Adviser and Broker

Further to the announcement released on 26 September 2016, Andrew Beckingham and Colin Prescott of Leonard Curtis Recovery Limited (the "Joint Administrators"), have informed the Directors of the Company that they have to date been unable to conclude a satisfactory agreement with potential funding parties of the Company that would allow a Company Voluntary Arrangement to be proposed by the Company in satisfaction of the Company's debts. As a result, the Joint Administrators will shortly report to creditors upon the steps to be taken to arrange for the distribution of net funds within the Administration estate to creditors in accordance with their statutory order of priority and to exit the Administration proceedings.

An exit from Administration proceedings will likely result in the eventual dissolution of the Company and in order to preserve any remaining stakeholder value, the Company has agreed with Cantor Fitzgerald Europe that it will resign as the Company's nominated adviser and broker with immediate effect. The Company's shares will be cancelled from trading on AIM on 3 January 2017 pursuant to AIM Rule 41, having been suspended from trading since 1 July 2016.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Enquiries:

 
  Leonard Curtis Recovery Limited              Andrew.dally@leonardcurtis.co.uk 
   (Administrators) 
   Andrew Beckingham 
   Colin Prescott 
 
  Rame Energy plc (Via the Administrators) 
  Tim Adams 
   Kevin McNair 
 
 
 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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