The Directors of Egdon Resources plc announce the results of the Annual General Meeting held at the offices of Norton Rose Fulbright on 8 December 2016.
Resolutions 1 to 6 were duly passed by shareholders unanimously.
A Poll was called for Resolution 7, being a Special Resolution in respect of the waiver of pre‑emption rights on the issue of a limited number of shares for cash, and was defeated by 109,198,514 (73.18%) to 40,025,137 (26.82%) out of a total number of shares in issue of 258,979,583.
View or download 2016 AGM Voting Results and Proxy Appointments
At the meeting, Managing Director Mark Abbott presented a review of the business. The presentation will be available and can be accessed from the Company’s website: www.egdon-resources.com.
The Company has been informed of the following recent transactions by Directors:
In the Open Offer Philip Stephens, Non-executive Chairman, purchased 12,890 shares; Mark Abbott, Managing Director, purchased 50,563 ordinary shares; Andrew Lodge, non-executive Director purchased 31,250 shares and Kenneth Rafcliff, non-executive Director purchased 9,984 shares; all at the Open Offer price of 13.5p.
A trust of which Walter Roberts, non-executive director and company secretary, is a trustee distributed 70,182 shares to each of the two beneficiaries thus reducing his beneficial holding although none of these shares have been sold.
Following these transactions and in order to update the percentages following the recent placing and open offer, the holdings of those Directors holding shares in the Company are as set out in the following table.
||Holding of Ordinary Shares
||Percentage of Enlarged Share Capital
Egdon announces the result of the Open Offer for up to approximately £2.06 million at 13.5 pence per share, further details of which were set out in the Open Offer Circular (the “Circular”) despatched to Shareholders on 8 November 2016.
The Open Offer has been 1.3 times oversubscribed and valid acceptances have been received in respect of the entirety of the Open Offer Shares.
Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of an additional interest in PEDL201 in the Company’s East Midlands core area.
Egdon will acquire a 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy limited for an all share consideration of £50,000. The number of consideration shares will be calculated based on the average closing mid-price for the five days prior to the day of completion.
Egdon will have a 45.00% operated interest in PEDL201 following completion of this acquisition which will add a total of 2,471 net acres to Egdon’s licence holdings. The licence is considered by Egdon to hold significant prospectivity for both conventional and unconventional resources. The transaction is subject to Oil and Gas Authority approval.
Commenting on the acquisition, Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf. This acquisition is consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”
Egdon Resources plc (AIM:EDR) notes the announcement made today by operator IGas Energy plc (“IGas”) in relation to the decision of Nottinghamshire County Council’s Planning and Licensing Committee in respect of the Springs Road planning application. Egdon holds a 14.5% interest in PEDL140 where the proposed wells are located.
The IGas statement reads as follows;
“IGas Energy plc (“IGas”), one of the leading producers of hydrocarbons onshore Britain, is pleased to announce that Nottinghamshire County Council’s Planning and Licensing Committee has granted planning consent for the application to develop a hydrocarbon wellsite and drill up to two exploratory wells in Misson Springs, North Nottinghamshire.
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This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Egdon Resources plc or other evaluation of any securities of Egdon Resources plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.
EGDON RESOURCES PLC
(“Egdon” or the “Company”)
Posting of Open Offer Circular
Egdon is pleased to announce that, further to its announcement of 1 November 2016, it has today posted a circular (the “Circular”) to Qualifying Shareholders regarding an Open Offer of up to approximately £2.06 million.
As a result of the exercise of share options by an employee, on 4 November 2016 Egdon Resources plc (AIM:EDR) issued 100,000 new ordinary shares of 1p each. Following this, and following the issue of the subscription shares as notified on 1 November 2016, the Company’s issued ordinary share capital will be 243,745,490 ordinary shares.