Further to its announcement of 8 January 2020, Amerisur Resources plc (“Amerisur” or the “Company”) announces that the first hearing of the Application Notice seeking a worldwide freezing order against the Company (the “Application”) was heard yesterday.
At the hearing the Court agreed with Amerisur’s position that the substantive merits of the Application should be heard at a later date, expected to be in early March, following the completion of the Transaction. The Court did not grant a worldwide freezing order and declined to order any disclosure of assets by the Company (as sought). Pending the Court’s consideration of the merits of the Application, the Court has issued an interim freezing order in respect of approximately £3.2 million of the Company’s UK assets (the “Order”), a value that is significantly lower than the amount claimed in the Application.
The Court’s Order will not prevent the scheme of arrangement pursuant to which GeoPark Colombia, a wholly owned subsidiary of GeoPark, will acquire the entire issued and to be issued ordinary share capital of Amerisur (the “Scheme”) from being sanctioned or from becoming effective and includes appropriate provisions to this effect. The Scheme is expected to become effective on 16 January 2020.
As noted in the announcement of 8 January 2020, the accusations of environmental damage referenced in the Application have previously been investigated by the Colombian regulator, and have been found not to have any merit.
Effective Date and Timetable for the Transaction
Completion of the Transaction remains subject to the satisfaction or waiver of the remaining Conditions set out in the Scheme Document, including the Court sanctioning the Scheme at the Court Hearing, which is scheduled for 14 January 2020.
Subject to the Scheme receiving the sanction of the Court on that date and the delivery of the Court Order to the Registrar of Companies, the Scheme is expected to become Effective on 16 January 2020.
It is also expected that dealings in Amerisur Shares will be suspended with effect from 7.30 a.m. on 16 January 2020. The last day of dealing in, and for registration of transfers of, Amerisur Shares will therefore be 15 January 2020. If the Court sanctions the Scheme on 14 January 2020, the London Stock Exchange will be requested to cancel trading of Amerisur Shares on AIM. Such cancellation is expected to take effect from 7.00 a.m. on 17 January 2020.
The expected timetable of principal events for the implementation of the Scheme remains as set out on page 9 of the Scheme Document. If any of the dates and/or times in the expected timetable change, the revised dates and/or times will be notified by announcement through a Regulatory Information Service.
Defined terms used but not defined in this announcement have the meaning given to them in the Scheme Document, a copy of which is available on Amerisur’s website at https://www.amerisurresources.com/investor-centre.
This announcement has been released with the consent of GeoPark.
All references in this announcement to times are to times in London (unless otherwise stated).
This announcement does not contain inside information.
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