Gunsynd PLC Disposal of Interest in Horse Hill - Update (2410Z)
30 August 2018 - 9:00AM
UK Regulatory
TIDMGUN
RNS Number : 2410Z
Gunsynd PLC
30 August 2018
Gunsynd PLC
("Gunsynd" or the "Company")
Update on Sale of Interest in HHDL to UKOG PLC
Gunsynd (AIM: GUN, NEX: GUN) announces an update to its
announcement dated 20 August 2018 regarding the disposal of its 2%
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 2% of HHDL
announced on 20 August 2018 it has agreed with the Company to issue
a further 2,600,469 new ordinary shares in UKOG in order that both
the Solo Transaction and the Company's transaction will be
completed at GBP300,000 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
50,000 by way of the additional 2,600,469 UKOG shares.
As a result of this increase the total consideration receivable
by the Company is GBP 600,000, made up of 50,000 in cash and the
balance of GBP 550,000 by way of 31,171,898 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, 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.
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
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END
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