Notice of General Meeting
30 November 2018
Anglo African Oil & Gas plc, an independent oil and gas developer, has today sent to shareholders a notice (the "Notice") of General Meeting (the "GM") of the Company.
As announced on 29 November 2018, the Company does not intend to draw down further on the £5 million Convertible Loan Note Financing Facility which it entered into with Sandabel Capital L.P on 23 October 2018. Accordingly, the Company is considering the financing options available to it. One such option is to issue new ordinary shares of 5p each in the capital of the Company ("Ordinary Shares") or options convertible into such Ordinary Shares.
The Company is therefore seeking a general authority to allow the directors to allot equity or other securities for cash up to an aggregate nominal amount of £5,221,000 without first offering them to existing shareholders. This authority is intended to provide the directors the flexibility to raise further capital in the most expedient manner possible, should the need or opportunity arise.
There is no certainty that the directors will use this authority and there is no intention currently to do so. Moreover, there is no certainty that any eventual financing of the Company will involve the issuance of equity at all.
If granted, the authority will last for only six months from the date of the General Meeting, The Company will provide further updates in due course.
The directors consider that the resolutions set out in the Notice are in the best interests of the Company and its shareholders as a whole. The directors who hold shares will be voting in favour of all of the resolutions, and unanimously recommend that you do so as well.
The GM will be held at the offices of finnCap at 60 New Broad Street, London EC2M 1JJ on 17 December 2018 at 11 a.m.
Notice of General Meeting to be held on 17 December 2018
Proxy form for General Meeting to be held on 17 December 2018
Market Abuse Regulation (MAR)
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please visit www.aaog.com or contact:
|Anglo African Oil & Gas plc|
David Sefton, Executive Chairman
James Berwick, Chief Executive Officer
|Tel: c/o St Brides Partners |
+44 20 7236 1177
|finnCap Ltd (Nominated Adviser and Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)|
Camille Gochez (Corporate Broking)
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
|Frank Buhagiar, Hugo de Salis, Juliet Earl|
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56 per cent stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.