Angus Energy has provided an update regarding its forthcoming General Meeting (GM), which is scheduled to be held on October 30, 2023. The company clarified that the agreement with Kemexon, announced on March 28, 2023, required mutual agreement between Kemexon and Angus Energy for the conversion of a loan into equity. Due to the company's financial position, impending repayment date, and the lender's option to extend, Angus Energy was only able to agree to a conversion of the loan at a price per share of 0.66 pence, which was approximately the share price at that time. The board acknowledged that this conversion price was below the initially intended price of 1p, but it was a positive outcome for the company to discharge the loan at market price without a discount to the prevailing share price.
For further information on Angus Energy, please visit their website or contact Richard Herbert at +44 (0) 208 899 6380. The company's Nomad is Beaumont Cornish Limited, and they can be reached at +44 (0) 207 628 3396. WH Ireland Limited is the broker, and they can be contacted at +44 (0) 207 220 1666. Flagstaff PR/IR can be reached at [email protected] or +44 (0) 207 129 1474, and Aleph Commodities can be contacted at [email protected].
The announcement includes forward-looking statements, which are subject to risks and uncertainties. The company's actual performance, achievements, and financial condition may differ from the forward-looking statements. The forward-looking statements made in the announcement are valid as of the date of the statement, and the company is not obligated to update them unless required by law or regulations. Comparisons of results for current and prior periods should be viewed as historical data and not indicative of future trends or performance.