Result of General Meeting

13 January 2020

Anglo African Oil & Gas plc, an independent oil and gas developer, announces that, at the general meeting, which was held at 11.00 a.m. today ("General Meeting"), the resolutions put to the meeting were duly passed. The results of the votes will shortly be available on the Company's website (www.aaog.com).

 

Following the successful conclusion of the General Meeting, the Company will draw down on the £250,000 loan from Zenith Energy Ltd ("Zenith") on 25 January 2020. The Company is finalising the terms of a convertible loan note with RiverFort for up to £500,000 and a further announcement will be made shortly.

These proceeds will be used to pay down creditors and finance the day-to-day operations of the Company.

The passing of the resolutions of the General Meeting satisfies one of the conditions precedent to the disposal by the Company of 80 per cent of its interest in Anglo African Oil & Gas Congo S.A.U to Zenith (the "Disposal"). The Disposal remains subject to certain regulatory requirements in the Republic of the Congo including notification to the Minister of Hydrocarbons. Should the Disposal complete, the Company will cease to own, control or conduct all, or substantially all, of its existing trading business, activities or assets, and will become an AIM Rule 15 cash shell. Further announcements will be made in due course.

Capital Reorganisation

Following the approval of the requisite resolution at the General Meeting, each ordinary share of £0.05 will be subdivided into ordinary shares of £0.001 ("Ordinary Share") and one C deferred share of £0.049. The Company's resulting share capital will consist of 396,548,396 Ordinary Shares and are expected to be admitted to trading on AIM at 8.00 a.m. on 14 January 2020 ("Admission"). The ISIN of the New Ordinary Shares remains GB00BD0Q3L08.

On Admission, the Company will have 396,548,396 Ordinary Shares in issue with no shares held in treasury. Therefore, the Company's total number of Ordinary Shares with voting rights will be 396,548,396. The figure of 396,548,396 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Resignation of Director

Following the conclusion of the General Meeting, the Company announces that Nick Butler has resigned as a non-executive director of AAOG with immediate effect.  The board would like to thank Nick for his valuable contribution to the Company. 

 Enquiries:

Anglo African Oil & Gas plc

[email protected]

James Cane, Interim Chief Executive and Finance Director

 

 

 

finnCap Ltd (Nominated Adviser)

Tel: +44 20 7220 0500

Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)

 

Camille Gochez (ECM)