Argos Resources Ltd Update on Disposal and Cancellation (6986J)
18 Agosto 2023 - 3:00AM
UK Regulatory
TIDMARG
RNS Number : 6986J
Argos Resources Ltd
18 August 2023
18 August 2023
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
Update on Disposal and Cancellation
Argos Resources Limited (AIM: ARG.L), provides an update on the
proposed disposal of the Company's PL001 Production Licence
interests in the North Falkland Basin to JHI Associates Inc.
("JHI").
On 3 May 2023, Argos announced that it had entered into a
Licence Acquisition Agreement ("LAA") with JHI, pursuant to which
JHI would acquire Argos' PL001 Production Licence interests in the
North Falkland Basin (the "Licence") in return for consideration
primarily comprising new JHI Common Shares (the "Disposal").
Assuming completion of the LAA, the Company's sole asset would be a
holding in JHI Common Shares and in this scenario the Directors
believed that it would be in the best interests of the Company and
its shareholders to seek shareholder approval for cancellation of
the admission of the Ordinary Shares to trading on AIM
("Cancellation"). The Disposal and the Cancellation were approved
by Argos' shareholders at a general meeting of the Company held on
26 May 2023.
The Disposal remains subject to the Falkland Islands Government
("FIG") providing its consent to the transfer of the Licence. FIG's
consent to the transfer has not yet been received and is expected
shortly, with completion of the LAA now anticipated by the end of
September 2023. To facilitate this, Argos and JHI have signed an
addendum to the LAA to extend the long stop date for completion to
30 September 2023.
General Meeting
In the Company's circular dated 3 May 2023 (the " Circular"),
the Board confirmed that it intended to take the necessary actions
for the Company to be wound up and for the JHI Common Shares to be
distributed to the Company's shareholders on the register of
members at the relevant time.
The Board now intends to seek shareholder approval for the
Company to be wound up and a liquidator appointed ahead of the
Cancellation, but conditional on the LAA completing. To facilitate
this, the Company is preparing to publish a circular and notice of
meeting to convene the general meeting, with these documents
expected to be posted to shareholders on or around 31 August
2023.
Suspension of Trading
Trading in the Company's ordinary shares on AIM was suspended on
3 July 2023 ("Suspension") and the Suspension is expected to remain
in place until Cancellation occurs. The Company will continue to
make announcements in accordance with its obligations under the AIM
Rules.
Cancellation of Admission to Trading on AIM
The Company will notify a definitive timetable for Cancellation
as soon as practicable, following completion of the LAA.
Further details on the Disposal and Cancellation are set out in
the Circular, which is available on the Company's website
www.argosresources.com .
For further information:
Argos Resources Limited (+500 22685)
www.argosresources.com
Ian Thomson, Chairman
John Hogan, Managing Director
Cenkos Securities PLC
Neil McDonald (+44 131 220 6939)
Derrick Lee (+44 131 220 9100)
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END
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