UAE Oil Services PLC Potential Acquisition and Suspension (2079Y)
17 August 2018 - 5:58PM
UK Regulatory
TIDMUOS
RNS Number : 2079Y
UAE Oil Services PLC
17 August 2018
UAE Oil Services plc
Potential Acquisition and Suspension
The Directors of UAE Oil Services plc (the "Company"), the
listed special purpose acquisition company, note the increase in
the Company's share price today.
As set out in the Company's Prospectus dated 19 April 2018, the
Company was formed for the purpose of making acquisitions in the
oil and gas support services and infrastructure sector in the
Middle East and North Africa, with an initial focus in the United
Arab Emirates.
The Company confirms that it is in discussions over the
share-for-share acquisition of the OBN Group, an oil services
business in the United Arab Emirates (the "Transaction"). The terms
of the Potential Acquisition have not been finalised and it remains
subject to due diligence, completion of a fundraising and
re-listing of the enlarged group on the London Stock Exchange.
Accordingly, there is no certainty that it will be completed.
If the Transaction is completed, it will constitute a reverse
takeover under the Listing Rules and will be subject to approval by
shareholders of the Company at a general meeting. As the Company is
unable to provide full disclosure under Rule 5.6.15 of the Listing
Rules, the Company has requested the UKLA suspend listing of its
ordinary shares on the Standard Segment of the Official List, and
as traded on the Main Market of London Stock Exchange pending
publication of a prospectus in relation to the General Meeting
setting out details of the Transaction (or in the alternative the
Company announces that the discussions have been terminated).
Suspension of trading will be effective from 4.30 p.m. on 17 August
2018.
Further announcements will be made in due course as the
Transaction progresses.
Enquiries:
UAE Oil Services Plc www.uaeoilservices.com
Stephen Smedley 07585 955975
info@uaeoilservices.com
WH Ireland Ltd (Financial Adviser &
Broker) ++44 (0)20 7220 1666
Tim Feather
James Sinclair-Ford
Walbrook PR (PR advisers) +44 (0)20 7933 8790
Paul McManus uae@walbrookpr.com
Nick Rome
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END
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