Disposal of Interest in Horse Hill - Update

RNS Number : 2462Z

Primorus Investments PLC

30 August 2018

 

Primorus Investments plc

("Primorus" or the "Company")

Update on Sale of Interest in HHDL to UKOG PLC

Primorus Investments plc (AIM: PRIM, NEX: PRIM) announces an update to its announcement dated 20 August 2018 regarding the disposal of its 5% interest in Horse Hill Developments Limited ("HHDL") to UK Oil and Gas plc ("UKOG").

The Company notes the announcement made today by UKOG regarding its acquisition of an additional 15% of Horse Hill Developments Ltd ("HHDL") from Solo Oil plc ("Solo Transaction").  This announcement states that, to ensure parity with the acquisition of 5% of HHDL announced on 20 August 2018 it has agreed with the Company to issue a further 6,501,173 new ordinary shares in UKOG in order that both the Solo Transaction and the Company's transaction will be completed at £300,000 per 1% of HHDL.

The Company is therefore pleased to announce that it has been advised that it will receive increased sale consideration of GBP 125,000 by way of the additional 6,501,173 UKOG shares.

As a result of this increase the total consideration receivable by the Company is GBP 1,500,000, made up of 375,000 in cash and the balance of GBP 1,125,000 by way of 63,644,030 UKOG shares.

This is conditional on the written consent of each of the members of HHDL to the sale of shares as set out in HHDL's articles of association. 

Once the disposal is completed, Primorus will no longer hold a direct interest in HHDL but will retain exposure to the project via share ownership in UKOG plc.

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

The directors of Primorus accept responsibility for this announcement.

For further information, please contact:

Primorus Investments plc:	[phone]
Alastair Clayton
Nominated Adviser:	[phone]
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson / Richard Nash
Broker:	[phone]
Turner  Pope Investments Limited
Andy Thacker

 

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