Andalas Energy and Power Plc, the AIM traded upstream oil and gas energy company (AIM: ADL), is pleased to announce the appointment of Beaumont Cornish Limited as the Company’s Nominated Adviser with immediate effect. Optiva Securities Limited and Novum Securities Limited remain the Company’s Joint Brokers.
In addition, the Company provides the following update:
- The Company expects to announce and publish its audited accounts for the year ended 30 April 2018 in June 2018;
- The Company announces that as part of ongoing actions to strengthen the Company’s balance sheet each of Simon Gorringe, Daniel Jorgensen and Ross Warner, current Directors of the Company, have each agreed to waive US$100,000 of unpaid contractual salaries for a total of US$300,000.These amounts have been written off for nil consideration. The Company is working to further reduce its current indebtedness and anticipates providing an update in conjunction with publication of the Accounts;
- Upon the termination of David Whitby’s appointment as Director of the Company he was contractually entitled to US$278,017, which was settled post year end for US$52,500 in full and final settlement. He has no ongoing role within the Company.
- As announced on 30 April 2018, the Company reduced its cash burn in the second half by 25% relative to the first half (H1 2018: US$1,015,000) and its unaudited cash balance at 30 April 2018 was US$38,000, which was supplemented by the proceeds from the £600,000 (gross) capital raise announced on 30 April 2018 as previously announced;
- The Company, following the Placing, has 9,662,162,387 ordinary shares of nil par value in issue. Following a review of the Company’s capital structure the Board have resolved to undertake a share consolidation thereby bringing the number of shares in issue more in line with a company of Andalas’ size. Such share consolidation will be conditional on Shareholder approval and therefore a resolution seeking Shareholder approval for the share consolidation is expected to be contained in the notice of AGM.
Commenting on the announcement, Simon Gorringe, CEO said: “This announcement further demonstrates the Boards intention to put the past behind it and to move forward on our new strategy of building a balanced portfolio of assets to deliver value to our shareholders.”
For further information, please contact:”
|Simon Gorringe||Andalas Energy and Power Plc||Tel: +62 21 2965 5800|
|Roland Cornish/ James Biddle||Beaumont Cornish Limited
|Tel: +44 20 7628 3396|
|Colin Rowbury||Novum Securities Limited
|Tel: +44 207 399 9427|
|Christian Dennis||Optiva Securities Limited
|Tel: +44 20 3411 1881|
|Stefania Barbaglio||Cassiopeia Services Ltd||Stefania@cassiopeia-ltd.com|