Phoenix Global Resources PLC Response to share price movement (7644P)
22 Juni 2022 - 8:34AM
UK Regulatory
TIDMPGR
RNS Number : 7644P
Phoenix Global Resources PLC
22 June 2022
FOR IMMEDIATE RELEASE
22 June 2022
Phoenix Global Resources plc
("Phoenix" or the "Company")
Response to share price movement
The Board of Phoenix notes the recent share price movement and
confirms that an independent committee of the Board of directors of
Phoenix (the "Independent Committee") is in discussions with the
Company's 84% shareholder, Mercuria Energy Group Limited
("Mercuria"), regarding a possible cancellation of the Company's
admission on AIM and trading on the Buenos Aires Stock Exchange and
related cash exit opportunity for other shareholders in the Company
("Minority Shareholders"), who may not wish to remain shareholders
in the Company following any such cancellation (the "Possible
Cancellation and Exit Opportunity") .
Under the proposed discretionary exit opportunity to Minority
Shareholders, Mercuria has communicated to the Company its
intention to offer a purchase price of 7.5 pence for each Phoenix
share in cash, being a 25 per cent. premium to the closing
mid-market price per ordinary share and a c.50 per cent. premium to
the 30-day VWAP on 21 June 2022 (being the latest practicable date
prior to this announcement).
These discussions remain at a preliminary stage and a further
announcement will be made in due course. There can be no certainty
that the Possible Cancellation and Exit Opportunity will proceed
nor as to the terms on which it will be undertaken or its form.
The person responsible for making this announcement is Nigel
Duxbury, Company Secretary.
- Ends -
For further information, please contact:
Phoenix Global Resources plc 020 3912 2800
Nigel Duxbury, Chief Financial Officer
and Company Secretary
Shore Capital (Financial Adviser, Nominated
Adviser and Joint Broker) 020 7408 4090
Toby Gibbs
David Coaten
Panmure Gordon (Financial Adviser and
Joint Broker) 020 7886 2500
John Prior
Atholl Tweedie
MAR
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014.
Legal Entity Identifier ("LEI")
Phoenix's LEI is 213800KGHZ6DKGJNNT92
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on both the London Stock Exchange (AIM: PGR) and the Buenos Aires
Stock Exchange (BCBA: PGR) and offers its investors an opportunity
to invest directly into Argentina's Vaca Muerta shale formation and
other unconventional resources. The Company has over 0.8 million
licenced working interest acres in Argentina (of which
approximately 0.7 million are operated), 54.0 million boe of
working interest 2P reserves and average working interest
production of 4,553 boepd in 2021. Phoenix has signi cant exposure
to the unconventional opportunity in Argentina through its
approximately 0.4 million working interest acres with Vaca Muerta
and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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