Result of General Meeting and AIM Rule 15

04 May 2020

Anglo African Oil & Gas plc announces that, at the general meeting, held earlier today (the "General Meeting") the resolution put to the meeting was duly passed. 

The passing of the resolution at the General Meeting satisfies the key condition precedent to completion ("Completion") of the disposal of Anglo African Oil & Gas Congo S.A.U. ("AAOGC") in the manner announced on 17 April 2020. From Completion, which is anticipated later today, Zenith will assume responsibility for all liabilities within and ongoing costs associated with AAOGC, and as a result, shareholders in AAOG will no longer have any exposure to the Tilapia asset or its liabilities or receivables.

The result of Poll Votes:

Resolution

For

Against

Total votes cast

Percentage of total votes cast %

Withheld

Total of poll

Percentage of total poll %

Approvethe Further Deed of Variation

170,186,150

714,167

170,900,317

99.6%

592,934

171,493,251

99.2%


AIM Rule 15

Upon Completion, expected later today, the Company will become an AIM Rule 15 cash shell and, as such, is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from this date. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8 (which requires, inter alia, the raising of at least £6 million and the publication of an admission document). In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified.

With the consideration received from Zenith for the disposal of AAOGC, the Company has sufficient resources for at least the next five months.

 

Enquiries:

Anglo African Oil & Gas plc [email protected]
Sarah Cope, Non-Executive Chair  
   
finnCap Ltd (Nominated Adviser and Broker) Tel: +44 20 7220 0500
Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)  
Camille Gochez (ECM)