Andalas Energy and Power Plc - Result of EGM
PR Newswire
London, March 15
15 March 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Result of AGM and Total Voting Rights
The Extraordinary General Meeting ("EGM") for Andalas Energy and Power plc (AIM:ADL) was held today at 10.00am. All resolutions were passed.
Following the passing of the resolutions at the EGM, the Conditional Placing, as announced on 27 February 2019, was approved.
Accordingly, the Company has issued the conditional placing shares totalling 48,888,889 Ordinary Shares, which will rank pari passu in all respects with all existing ordinary shares in the Company, and has applied for Admission to trading on AIM of such shares with effect from 19 March 2019 ("Admission"). Following Admission, the Company will have an issued share capital of 603,970,301 Ordinary Shares.
Simon Gorringe, CEO of Andalas Energy & Power PLC said: "With the EGM resolutions passed, we can focus on the Colter South discovery and new opportunities for the Company. We believe that the market has undervalued the positive drill results at the Colter South discovery and the impact of the recently completed placing on the Company's cash position. The conditional element of that placing can now complete. It will provide an additional cash injection at a time when the Company has no outstanding asset funding commitments.
"Our immediate focus is to continue to support the joint ventures' evaluation of the Colter South discovery, which includes the assessment of the data from both the initial well and the side track as well as the data from the previous wells and seismic across the licence area over the coming weeks. In addition we are currently reviewing a number of opportunities, which could create significant value for shareholders. We look forward to updating the market in the near future as and when these opportunities develop further.
"In closing Andalas would like to take this opportunity to thank its shareholders and advisors for their continued support of the company as we continue to work towards our long term objective of building a substantial production and exploration company."
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.
| Simon Gorringe | Andalas Energy and Power Plc | Tel: +62 21 2965 5800 |
| Roland Cornish/ James Biddle | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 20 7628 3396 |
| Colin Rowbury | Novum Securities Limited (Joint Broker) | Tel: +44 207 399 9427 |
| Christian Dennis | Optiva Securities Limited (Joint Broker) | Tel: +44 20 3411 1881 |
| Stefania Barbaglio | Cassiopeia Services Ltd | Stefania@cassiopeia-ltd.com |
