t
Angus Energy PLC received a conversion notice from Forum for £1,000,000 of Deferred Consideration due up to 31 December 2024, resulting in the issuance of 427,893,123 Ordinary Shares. The Company will also issue 137,145,481 Ordinary Shares for accrued interest until 31 December 2024, with the total issued share capital becoming 4,986,893,414 Ordinary Shares following admission expected around 24 March 2025. Additionally, the installation of a new booster compressor is progressing, with commissioning and start-up anticipated before the end of March 2025.
| Date | 19 Mar 2025 |
| Time | 07:00:03 |
| Category | Miscellaneous |
| ID | 1838B |
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
19 March 2025
Angus Energy PLC
("Angus Energy", the "Company" or together with its subsidiaries, the "Group") (AIM:ANGS)
Deferred Consideration and Update on New Compressor
Deferred Consideration, Interest Shares and Total Voting Rights
Pursuant to the Revised Forum Arrangements previously announced on 22 February 2024, the Company has received a conversion notice from Forum for £1,000,000 of the Deferred Consideration. The conversion notice covers principal payments due up to and including 31 December 2024 and will be converted into 427,893,123 Angus Energy Ordinary Shares. The Company will also be issuing a further 137,145,481 Angus Energy Ordinary Shares (together, the "Deferred Consideration Shares") in relation to accrued interest until 31 December 2024.
The new shares will rank pari passu with the Company's existing shares and application has been made for the Deferred Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Deferred Consideration Shares will commence at 8:00 am on or around 24 March 2025.
Paul Forrest, on behalf of Forum said "as a committed shareholder, this conversion reflects our confidence in the Company's future and its continued growth potential. This is a long-term commitment, and we look forward to the Company returning value to us all."
For the purposes of the FCA's Disclosure and Transparency Rules ("DTRs"), following Admission of the new Ordinary Shares, the total issued share capital of the Company will consist of 4,986,893,414 Ordinary Shares, each with equal voting rights.
Booster Compressor update
The installation of the new booster compressor is progressing well with commissioning and start-up on track to occur before the end of March 2025. The compressor will allow Angus to operate Saltfleetby at lower well head pressure, increasing production levels and field recovery.
END
For further information please visit www.angusenergy.co.uk
Angus Energy Plc
Richard Herbert
Chief Executive Director Via Flagstaff
SP Angel Corporate Finance LLP (Nomad and Broker) www.spangel.co.uk
Stuart Gledhill / Jen Clarke / Richard Hail Tel: +44 (0)20 3470 0470
Flagstaff PR/IR [email protected]
Tim Thompson / Fergus Mellon / Alison Alfrey Tel: +44 (0) 207 129 1474
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent oil and gas company. Angus is the leading onshore gas producer in the UK and has ambitious plans to grow onshore production and diversify internationally. Angus Energy has a 100% interest in the Saltfleetby Gas Field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244). Angus Energy operates all fields in which it has an interest.