CANCELLATION OF UNCLAIMED SHARES FROM 2019 PLAN

RNS Number : 4650N

SDX Energy PLC

31 May 2022

 

31 May 2022

SDX ENERGY PLC ("SDX", the "Company" or the "Group")

CANCELLATION OF UNCLAIMED SHARES FROM 2019 COURT APPROVED PLAN OF ARRANGEMENT

SDX Energy Plc (AIM: SDX), the MENA-focused energy company, announces that following the expiry of deposit deadline it has cancelled the unclaimed shares.

Background

SDX Energy Plc ("SDX UK") announced on 17 May 2019 that shareholders in SDX Energy Inc. ("SDX Canada") voted in favour of all items of business brought before them at the Company's annual and special meeting of shareholders (the "Meeting") on 17 May 2019. At the Meeting, amongst other things, the shareholders of SDX Canada approved the re-domiciliation of SDX Canada to the United Kingdom pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act (the "Arrangement") with SDX UK.

SDX UK acquired all of the issued and outstanding common shares in the capital of the SDX Canada (the "SDX Canada Shares") in exchange for new ordinary shares in SDX UK ("SDX UK Shares") on a one-for-one basis and as a result, on closing of the Arrangement, SDX UK became the ultimate parent company of SDX Canada and its subsidiaries.

Registered holders of SDX Canada Shares were encouraged to complete and return an enclosed Letter of Transmittal (the "Letter of Transmittal") together with the certificates representing their SDX Canada Shares to TSX Trust Company (the "Depositary"). Further to this, a small minority of former registered SDX Canada Shareholders failed to submit a Letter of Transmittal in accordance with the Circular ("Non Claiming Shareholder"). The SDX UK Shares to which Non Claiming Shareholders would otherwise be entitled ("Unclaimed SDX UK Shares") have been held on trust by Link Corporate Trustees (UK) Limited (the "Trustee") pursuant to a trust deed ("Trust Deed") since May 2019.

Cancellation of Unclaimed SDX UK Shares

Further to the announcement by SDX UK on 19 April 2022, the 815,024 SDX UK Shares being held by the Trustee on behalf of Non Claiming Shareholders and for which a Letter of Transmittal duly completed was not lodged with the Depositary in accordance with the terms of the Letter of Transmittal have been transferred by the Trustee for the benefit of SDX UK.

Further to this deadline passing, SDX UK announces that the Company has, on 30 May 2022, cancelled the 815,024 Unclaimed SDX UK Shares.

As a result of the above cancellations, as at the date of this announcement, the Company's issued share capital is 204,563,045 and total number of voting rights is 204,563,045. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

About SDX

SDX is an international oil and gas exploration, production, and development company, headquartered in London, United Kingdom, with a principal focus on MENA. In Egypt, SDX has a working interest in two producing assets: a 36.9% operated interest in the South Disouq and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn Yunus North gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in four development/production concessions, all situated in the Gharb Basin. The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs. SDX has a strong weighting of fixed price gas assets in its portfolio with low operating costs and attractive margins throughout, providing resilience in a low commodity price environment. SDX's portfolio also includes high impact exploration opportunities in both Egypt and Morocco.

For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com . 

For further information:

SDX Energy Plc Mark Reid Chief Executive Officer Tel: [phone]
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Callum Stewart Jason Grossman Ashton Clanfield Tel: [phone]
Camarco (PR) Billy Clegg/Owen Roberts/Violet Wilson Tel: [phone]

This RNS does not include inside information.

 

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