Update on Oyster Transaction

RNS Number : 6908D

Gunsynd PLC

30 October 2020

 

Gunsynd plc

("Gunsynd" or the "Company")

Update on Oyster Transaction

On 12 May 2020 Gunsynd (AIM: GUN, AQSE: GUN) announced that it had agreed with Sajawin Pty Limited ("Sajawin") to extend the deadline for the unmet Conditions Precedent of the Term Sheet regarding the disposal of Gunsynd's shareholding in Oyster Oil and Gas Limited through a share purchase variation agreement term sheet ("Variation Term Sheet"), from 30 April 2020 to 30 October 2020.  The announcement further stated that if any of the Conditions Precedent were not satisfied by 30 October 2020, then either Party may terminate the Term Sheet and the Variation Term Sheet, at which time the Parties' rights and obligations under the Term Sheet and the Variation Term Sheet would immediately cease and Gunsynd would immediately return the initial payments to Sajawin. 

The Conditions Precedent have not been met as the Madagascar government has yet to renew the licence.  Gunsynd remains in discussions over the transaction and will update the market as and when material developments occur.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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