Director's Dealing and Holding in Company

RNS Number : 6510J

San Leon Energy PLC

23 December 2020

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

23 December 2020

San Leon Energy plc

("San Leon" or the "Company")

Director's Dealing and Holding in Company

On 7 May 2020 Oisin Fanning, Chief Executive of San Leon, agreed to purchase 98,000,000 ordinary shares in San Leon from funds managed by Toscafund Asset Management LLP ("Toscafund") at a price of 21.0 pence per ordinary share. A PDMR notification by Mr Fanning was subsequently announced by the Company on 11 May 2020.  The corresponding sale of ordinary shares by Toscafund was announced by the Company on 12 May 2020.

Owing to unforeseen complications, which in part have been related to ongoing uncertainties in financial markets due to Covid-19, it has taken considerably longer for Mr Fanning to arrange financing than he expected and consequently settlement of the share purchase has not occurred.

None of the delay in attaining funding or settlement has been related to the Company's actual or expected performance and, furthermore, Toscafund has been supportive of the efforts Mr Fanning has gone to in endeavouring to settle the purchase consideration.

Both Mr Fanning and Toscafund continue to believe strongly in the alignment and positive backdrop that the completion of a share purchase such as this creates but nevertheless both parties have agreed that the prudent course of action is to recognise that the original share trade will not be settled as originally expected.  Accordingly, Mr Fanning will cease to have any interest in, and funds managed by Toscafund own, the 98,000,000 ordinary shares that were the subject of the transaction and the parties have agreed there is no outstanding liability between them in relation to the transaction.

Toscafund has confirmed to the Company and Mr Fanning that it understands that the non-completion of the transaction has been due to a number of circumstances not apparent at the time of the trade. Toscafund has further reaffirmed its support of the Board of San Leon and the Company's strategy to invest in strategic assets whilst maintaining a financially strong position.

Following this transfer Mr Fanning owns 9,495,864 ordinary shares in the Company, representing 2.1% of the issued share capital of the Company.

Further to the above, San Leon announces that it was informed on 22 December 2020 that funds managed by Toscafund now hold 330,570,719 ordinary shares in the Company, representing 73.5% of the issued share capital of the Company.

Enquiries:

San Leon Energy plc	[phone]
Oisin Fanning, Chief Executive
Allenby Capital Limited (Nominated adviser and joint broker to the Company)	[phone]
Nick Naylor Alex Brearley Asha Chotai
Panmure Gordon & Co (Joint broker to the Company)	[phone]
Nick Lovering
Brandon Hill Capital Limited (Joint broker to the Company)	[phone]
Oliver Stansfield Jonathan Evans
Tavistock (Financial Public Relations)	[phone]
Nick Elwes Simon Hudson
Plunkett Public Relations	[phone]
Sharon Plunkett

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Oisin Fanning
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	San Leon Energy plc
b)	LEI	213800KA6RMGIPCDRZ19
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 0.01 EUR
	Identification code	IE00BWVFTP56
b)	Nature of the transaction
c)	Price(s) and volumes(s)	Price - nil Volume - 98,000,000
d)	Aggregated information	As above
	- Aggregated volume
	- Price
e)	Date of the transaction	22 December 2020
f)	Place of the transaction	Off market

 

END

 

 

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