Update on Avobone settlement agreement

RNS Number : 2408W

San Leon Energy PLC

10 November 2017

 

10 November 2017

San Leon Energy plc

("San Leon" or the "Company")

Update on Avobone settlement agreement

As announced on 1 November 2017, the Company's lawyers agreed with Avobone's lawyers an extension on paying Avobone the balance of sums owed until 15 January 2017. Subsequently Avobone has sought to change the terms of that agreement, demanding that the Company provides further security. These additional requested terms are totally unacceptable to the Company, and are contrary to the agreement secured and confirmed by the Company's lawyers on 31 October 2017. Avobone was informed of this.

A petition has now been issued by the High Court Dublin returnable for hearing on 4 December 2017 seeking an order to wind up the Company by reason of the Company failing to discharge its outstanding liabilities to Avobone.

The Company has already provided security of payment and shall robustly defend the application.

San Leon can see no reason for Avobone's actions given the imminent payment expected to Avobone of all outstanding sums.

Trading in the Company's ordinary shares on AIM was suspended on 3 November 2017, and that suspension remains in place.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Enquiries:

 

San Leon Energy plc	[phone]
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)	[phone]
Richard Morrison
Ewan Leggat
Whitman Howard Limited (Financial adviser and Joint broker)	[phone]
Nick Lovering
Francis North
Brandon Hill Capital Limited (Joint broker to the Company)	[phone]
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial Public Relations)	[phone]
Chris McMahon
Alexandra Roper
Plunkett Public Relations	[phone]
Sharon Plunkett

 

www.sanleonenergy.com

 

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