TIDMSLE
RNS Number : 3423K
San Leon Energy PLC
20 September 2016
20 September 2016
San Leon Energy plc
("San Leon" or the "Company")
Result of General Meetings
San Leon Energy plc (AIM: SLE) is pleased to announce that all
of the resolutions proposed at the Annual General Meeting and all
of the resolutions proposed to approve the OML 18 Production
Arrangement at the Extraordinary General Meeting held this morning
were passed.
Following the resolutions being passed, the Company will
complete the acquisition of OML 18 Production Arrangement by 30
September 2016.
Placing
As previously announced, the Company has raised gross proceeds
of GBP170.3 million by way of a placing of 378,400,000 Ordinary
Shares at 45 pence per Placing Share with new and existing
investors, the proceeds of which will be used to purchase Loan
Notes, repay creditors and outstanding loans and for general
working capital purposes.
Significant Shareholders
So far as the Board is aware, the names of the persons who,
directly or indirectly, on Admission will be interested in 3 per
cent. or more of the issued share capital of the Company are as
follows:
No. of Ordinary % Share Capital
Shares
Toscafund Managed
Funds 241,064,456 54.41
Total Investment
Solutions SA 39,743,590 8.97
Amara Equity Invest
SA 39,743,589 8.97
The Capital Group
Companies Inc. 37,463,000 8.46
Optima Worldwide
Group Plc 19,546,176 4.41
Board Changes
On Admission, the Board will be strengthened by the appointment
of Mr Mutiu Sunmonu as Non-Executive Chairman, Mr Joel Price as
Chief Operating Officer, Mr Alan Campbell as Commercial &
Business Development Director, Mr Ewan Ainsworth as Finance
Director and Messrs Nick Butler and Mark Phillips as Non-Executive
Directors. Mr Oisin Fanning will assume the role of Chief Executive
Officer and Mr Ray King will remain as Non-Executive Director and
Company Secretary, whilst Mr Paul Sullivan and Mr Daniel Martin
will resign from the Board. Further regulatory disclosures
regarding the Proposed Directors are set out in the notes to this
announcement.
Directors' holdings
Immediately following Admission, the holdings of the Directors
and Proposed Directors will be as follows:
Name No. of Ordinary % of Enlarged No. of options
Shares Share Capital over Ordinary
Shares
Mr. Mutiu Sunmonu - - 1,000,000
Mr. Oisin Fanning 3,635,594 0.82% 1,762,500
Mr. Joel Price - - 3,500,000
Mr. Alan Campbell - - 3,500,000
Mr. Ewen Ainsworth 66,666 0.02% 1,000,000
Mr Ray King - - 1,000,000
Mr. Nick Butler - - 1,000,500
Mr. Mark Phillips - - 1,000,000
Portfolio Optimisation
Further to the announcement on 16 May 2016, the Company
announces that the following Polish licences or licence
applications have been relinquished, or are in the advanced stages
of relinquishment.
Permian Basin: Blocks 206 & 208
Baltic Basin: Braniewo, Gniew, Prabuty S
SW Carboniferous Basin: Olesnica
Carpathian Basin: Bestwina
There is no material effect on book value. The Company will
continue to optimise its portfolio in line with its announced
strategy of prioritising production and cash generation, while
reducing costs which are not core to that strategy.
Admission and Total Voting Rights
Application has been made by the Company to the London Stock
Exchange for 443,025,720 Ordinary Shares representing the entire
Enlarged Share Capital of the Company, to be admitted to trading on
AIM, comprising 61,809,052 Existing Ordinary Shares of San Leon,
378,400,000 Placing Shares and 2,816,668 Director's Share.
Admission is expected to take place at 8.00 am on 21 September
2016.
Following Admission, the total number of Ordinary Shares in
issue will be 443,025,720. There are no Ordinary Shares in
Treasury. Accordingly, the total number of voting rights in the
Company on Admission will be 443,025,720. This figures may be used
by shareholders as the denominator for the calculations to
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
and Transparency Rules.
Definitions in this announcement are the same as those in the
Admission Document dated 26 August 2016.
This announcement includes inside information.
Oisín Fanning, Executive Chairman of San Leon said:
"We are delighted to have shareholder approval to complete this
transformational transaction for the Company.
I welcome our new Directors onto the Board shortly, and would
like to take the opportunity to thank Paul Sullivan and Daniel
Martin very much for their many years of valuable service as they
leave the Board."
Enquiries:
San Leon Energy plc
Oisin Fanning, Executive +353 1291
Chairman 6292
Brandon Hill Capital
Limited
Joint Broker
Oliver Stansfield +44 (0) 20
Jonathan Evans 3463 5000
SP Angel Corporate
Finance LLP
Nominated Adviser
and Joint Broker
Ewan Leggat +44 (0) 20
Richard Morrison 3470 0470
Whitman Howard Limited
Joint Broker
Nick Lovering +44 (0) 20
Francis North 7659 1234
Vigo Communications
Financial Public
Relations
Chris McMahon +44 (0) 20
Alexandra Roper 7830 9700
Plunkett Public Relations +353 (0) 1
Sharon Plunkett 280 7873
Notes:
Regulatory disclosures on the Proposed Directors:
Full Name Age Current directorships Past directorships
Mr. Mutiu 61 Imperial Homes None
Olaniyi Adio Mortgage Bank
Sunmonu Julius Berger
Petralon Energy
Resources
Unilever Nigeria
Limited
Mr. Joel David 44 None None
Price
Mr. Finian 43 None G-Tricity Limited
Alan Campbell
Mr. Kristian 54 Adamant Ventures Adamant Advisors
Ewen Ainsworth LLP Limited
Discovery Energy Gulf Keystone
Limited Petroleum Limited
Nostra Terra Gulf Keystone
Oil & Gas Company Petroleum HBH
Limited Limited
Sahara Resources Gulf Keystone
GOS Inc. Petroleum Numidia
Limited
Shaikan Petroleum
Limited
Mr. Nicholas 61 International Jupiter Strategy
Jones Butler Futures Forum Limited
Caerus European Caerus LLP
Associates Limited CEBR Energy Limited
Ridgeway Information Marico 3 Plc
Limited
Asia House
Cambridge Centre
for Energy Studies
Limited
Promus Associates
Limited
Centre for European
Reform
Mr. William 50 Angel Acquisitions Blues EBT Trustee
Mark Phillips Limited Limited
Champ Advisory Blues Group (Holdings)
Limited Limited
Charterhouse Penta 2011 Limited
Nursing Agency Penta 2011 SP
Limited Limited
Healthcare Locums Penta Capital
Limited LLP
Penta Capital
Investments Limited
Penta Capital
Partners Limited
Penta Capital
SP GP Limited
Penta Co-Invest
GP Limited
Penta Co-Investment
2011 GP Limited
Penta ESOP Trustee
Limited
Penta Fund I GP
Limited
Penta GP Holdings
Limited
Penta GP LP (2009)
Limited
Penta Partner
Limited
Penta Private
Equity Limited
The Sports & Leisure
Group Limited
Mark Phillips was a director of various Penta Capital LLP's
investment companies. The following companies went insolvent whilst
Mark Phillips was a director of these companies:
-- The Rubicon Corporation Limited and Quote Solutions Limited
(both of which were part of the same trading group) were placed
into administration in January 2006 as part of a group
restructuring ahead of a sale to EMR Technology Ventures Pvt Ltd,
an Indian Company.
-- Transrent Holdings Limited was placed into administration in
January 2006 as a result of unsustainable trading and fraudulent
activities by senior management led to unsuccessful efforts to
refinance debt within the business.
-- KAIHL Limited and Kinsey Allen International Limited (both of
which were part of the same trading group), were placed into
administration on 1 June 2010 following sustained market
disturbances and reduced business volumes from 2007 onwards,
leading to unsustainable trading.
There is no further information to be disclosed under Schedule
2(g) of the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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