Advance Energy Announces Results of EGM

Source: 4/16/2021, Location: Europe

Advance Energy plc, the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that at the Company's Extraordinary General Meeting held earlier today ("EGM"), all resolutions proposed were duly passed. The resolutions were put to shareholders via a poll, the results of which were as follows: Accordingly, the Amended Articles have been adopted and the Capital Consolidation, whereby shareholders will be issued one new ordinary share of no par value ("New Ordinary Share") for every 10 existing ordinary shares of no par value (the "Existing Ordinary Share"), will take effect at the close of business (London time) today.

The Existing Ordinary Shares will be cancelled from trading on AIM and the New Ordinary Shares, including the Accrued Director Fee Shares, and the Placing Shares, are expected to be admitted to trading on AIM with effect from 8.00 a.m. on 19 April 2021 under the new ISIN of IM00BKSCP798. Following Admission, the Company will have up to 1,027,614,008 New Ordinary Shares in issue. The final number of New Ordinary Shares in issue on Admission, which is dependent on the number of fractional entitlements created as a result of the Capital Consolidation (which will be cancelled), will be confirmed this evening following the Record Date and announced prior to Admission on the morning of Monday, 19 April 2021.

In addition, on Admission, the following Proposals will become unconditional in all respects:
• The Acquisition by the Company of a 50 per cent. equity interest in Carnarvon Petroleum Timor (with the shares in CPT to be released from escrow on transfer of funds to CPT, which will be confirmed by way of announcement next week); and
• The issue of 840,100,000 Placing Shares and the 15,672,310 Accrued Director Fee Shares; and
• The appointment of Stephen Whyte and Larry Bottomley to the Board as independent Non-executive directors.

Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the up to 1,027,614,008 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 19 April 2021. The New Ordinary Shares will trade under the new ISIN of IM00BKSCP798.

The number of New Ordinary Shares with voting rights in issue on Admission will be confirmed prior to Admission, as noted above. There are no Ordinary Shares held in treasury.

Capitalised terms used in this announcement carry the same meanings as those ascribed to them in the Company's Admission Document dated 31 March 2021 and/or the Company's announcement of 31 March 2021, unless the context requires otherwise .

Leslie Peterkin, Chief Executive Officer of Advance Energy, commented:
"We are delighted to have received the requisite shareholder approval to complete this transaction. In a little over a year we have established a new company, with a compelling growth strategy, and executed a transformative transaction that sets the Company up for an active year and provides us with a strong platform for long-term growth. We can now begin working closely alongside our joint venture partner Carnarvon as we plan for the fully funded B-10 well in Q4 this year which has the potential to be a major value catalyst for Advance Energy. We also continue to screen other strategically complementary opportunities as we seek to assemble a diverse portfolio and achieve our ambitious growth objectives."

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