Potential Acquisition and Suspension

RNS Number : 2079Y

UAE Oil Services PLC

17 August 2018

 

UAE Oil Services plc

Potential Acquisition and Suspension

The Directors of UAE Oil Services plc (the "Company"),  the listed special purpose acquisition company, note the increase in the Company's share price today.

As set out in the Company's Prospectus dated 19 April 2018, the Company was formed for the purpose of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus in the United Arab Emirates.

The Company confirms that it is in discussions over the share-for-share acquisition of the OBN Group, an oil services business in the United Arab Emirates (the "Transaction").  The terms of the Potential Acquisition have not been finalised and it remains subject to due diligence, completion of a fundraising and re-listing of the enlarged group on the London Stock Exchange.  Accordingly, there is no certainty that it will be completed.

If the Transaction is completed, it will constitute a reverse takeover under the Listing Rules and will be subject to approval by shareholders of the Company at a general meeting.  As the Company is unable to provide full disclosure under Rule 5.6.15 of the Listing Rules, the Company has requested the UKLA suspend listing of its ordinary shares on the Standard Segment of the Official List, and as traded on the Main Market of London Stock Exchange pending publication of a prospectus in relation to the General Meeting setting out details of the Transaction (or in the alternative the Company announces that the discussions have been terminated). Suspension of trading will be effective from 4.30 p.m. on 17 August 2018.

Further announcements will be made in due course as the Transaction progresses.

Enquiries:

UAE Oil Services Plc	www.uaeoilservices.com
Stephen Smedley	07585 955975 [e-mail]
WH Ireland Ltd (Financial Adviser & Broker)	++44 (0)20 7220 1666
Tim Feather James Sinclair-Ford
Walbrook PR (PR advisers)	[phone]
Paul McManus Nick Rome	[e-mail]

 

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