Gunsynd PLC Disposal of Interest in Horse Hill (2226Y)
20 August 2018 - 8:00AM
UK Regulatory
TIDMGUN
RNS Number : 2226Y
Gunsynd PLC
20 August 2018
Gunsynd PLC
("Gunsynd" or the "Company")
Sale of 2% interest in HHDL to UKOG PLC for GBP550,000 in Shares
and Cash
Gunsynd (AIM: GUN, NEX: GUN) is pleased to report that the
Company has entered into a conditional sale and purchase agreement
("SPA") to dispose of its 2% interest in Horse Hill Developments
Limited ("HHDL") to UK Oil and Gas plc ("UKOG"), a company admitted
to trading on AIM. UKOG already holds a 49.9% interest in HHDL
which in turn holds a 65% interest in two onshore UK petroleum
exploration licences, PEDL 137 and PEDL 246, which contain the
Horse Hill oil discovery.
UKOG has agreed to pay Gunsynd an aggregate consideration of GBP
550,000, made up of GBP 50,000 in cash and the balance of GBP
500,000 by way of 28,571,429 UKOG shares priced at 1.75P being the
bid price at the close of trade on 16 August. The SPA 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, Gunsynd will no longer hold a
direct interest in HHDL but will retain exposure to the project via
share ownership in UKOG and Alba Mineral Resources Plc.
Hamish Harris, executive director of Gunsynd, commented:
"This transaction is a great result for the company and
shareholders and is in line with our intention to monetise our
private investments at the appropriate time. We very much look
forward to further news from UKOG with regards to Horse Hill and
their other holdings on the Weald Basin"
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 +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray
/ Richard Nash +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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