Angus Energy PLC has announced a General Meeting to be held on 14 March 2024, where shareholders will vote on various resolutions. The company recently signed a £20 million loan facility with Trafigura, which will be used to repay existing debts and invest in wells and equipment to increase gas production from Saltfleetby and restart oil production from the Brockham Field in Southern England. Additionally, the company has entered into agreements to settle royalties with lenders through cash or the issuance of new ordinary shares at a 15% discount to the 30-day volume weighted average price until June 2025.
Furthermore, a deed was agreed upon with Forum Energy Services Limited to vary the terms of the Saltfleetby Sale, with deferred consideration to be paid in installments until June 2025. If the company fails to make any cash payments, Forum can elect to receive payment in new ordinary shares issued at a 15% discount to the 30-day volume weighted average price. The company also entered into an agreement with Aleph Commodities Limited and Aleph Finance Limited, where new ordinary shares will be issued to satisfy fees for securing the Facility.
To enable the issuance of new ordinary shares under the various arrangements, the company is required to increase its Directors' authorities, which will be subject to shareholder approval at the General Meeting. The resolutions to be proposed at the General Meeting include granting the Directors authority to allot shares and grant rights to subscribe for or convert any securities into shares up to an aggregate nominal amount of £3,600,000.00. The Circular containing the details of the General Meeting has been posted to shareholders and is available on the company's website.