The Company is pleased to announce that all potential participants in the Formal Sales Process, presently numbering five have, along with Sound Energy plc, been invited into the Company’s data room and the Company has already begun constructive engagement with these parties.
The Company has today issued a brief infographic in the Presentations’ section of the Angus website
Detailing the progress made at its 51% owned Saltfleetby Gas Field on fabrication, testing, assembly and certification on each of the skids together with, where fully advised, estimated delivery dates to site. This infographic is summarised in the table below.
Uncertainty remains around the delivery of three final skids on the above table – two of these due to a common sub-component. The Company continues to hold and encourage suppliers and contractors to work to a First Gas date in Q1, but will advise further on this date when able so to do, and does not presently anticipate any delay to shift more than 20-30 days into April.
It is the Company’s intention to revise our infographic weekly during the build process through social media by graphically identifying completed elements of pipework, cabling and the emplacement of key processing skids, advising by RNS only in the event that material changes occur to the overall timeline.
The proposed side-track has been well planned and permitted but cannot be allowed to interfere with construction and commissioning. On this basis, we would presently anticipate a side-track spud date during Q2 2022.”
George Lucan, CEO, commented:
“It is with particular pleasure that we note that the Company has found so much excellent engineering in the United Kingdom with some of it and, at least as regards construction on site, the majority inside the County of Lincolnshire.
Each of these suppliers and contractors remain focused on the discipline of our timeline and both their and our own teams are working around the clock to improve it.”
Formal Sale Process (“FSP”)
Any interested party will be required to enter into a non-disclosure agreement with the Company on terms satisfactory to the Board. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Beaumont Cornish Limited.
Further announcements regarding timings and procedures for the FSP will be made as appropriate.
The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate.
The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.
The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement (subject to Note 3 to Rule 2.2 of the Takeover Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Interested parties should note Rule 21.2 of the Takeover Code, which will prohibit any form of inducement fee or other offer-related arrangement, and that the Company, although it may do so in the future, has not at this stage requested any dispensation from this prohibition under Note 2 of Rule 21.2. Following this announcement, the Company is now considered to be in an “offer period” as defined in the Takeover Code, and the dealing disclosure requirements summarised below will apply.
This announcement is not an announcement of a firm intention by any party to make an offer under Rule 2.7 of the Takeover Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
Angus Energy Plc
Tel: +44 (0) 208 899 6380
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