Sound Energy not to Proceed with Possible Offer for Angus Energy

Source: www.gulfoilandgas.com 4/8/2022, Location: Europe

Sound
The Company notes the announcement made by Sound this morning in which it confirms it does not intend to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") to acquire Angus.

End of Formal Sale Process
On 6 January 2022, Angus Energy plc (the "Angus") announced that it was undertaking a review of the strategic options. These options include, but were not limited to, a sale of the Company which will be conducted under the framework of a "formal sale process" in accordance with the Takeover Code.

The Company now announces that whilst it will continue its strategic review at the asset level only, as explained below, it has ended the "formal sale process" of the Company which it had commenced previously in accordance with Rules 2.4 and 2.6 of the Takeover Code. Accordingly, the Company is no longer in an offer period as defined by the Takeover Code.

George Lucan, CEO, commented: "Our Competent Persons Report of October 2021 gave a P90 valuation of £24 million (P50 of £34 million) to our interest in Saltfleetby, since which time confidence in our ability to achieve First Gas in June has risen, and the wider market has reflected this in our own share price.

After lengthy discussions on a possible combination with Sound, which we consider to have had merit, we were unable to agree terms.

The Company is pleased to continue discussions with two actively interested parties for part or all of our Licence interest at an asset level. However, in the light of a strongly supportive economic backdrop and in constant pursuit of shareholder value, we are now formally closing out our Formal Sales Process as regards potential Offers for the shares of Angus Energy plc although we remain in a Strategic Review period whilst those discussions continue at an asset or licence level."


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