2nd Jan 2020 11:37
(Alliance News) - Attis Oil & Gas Ltd on Thursday said it has signed a binding memorandum of understanding to acquire an undisclosed North American-focused oil & gas company.
As a result of the proposed deal, which would be considered a reverse takeover of Attis under AIM rules, shares in Attis have been suspended from trading. They will not resume trading until Attis publishes either an admission document detailing the deal or confirmation that talks are over.
Attis said it has agreed in outline a detailed transaction structure with the unnamed target company. This includes various conditions such as mutual due diligence and shareholder approval and Attis having enough cash to put towards the deal.
The firm is planning to dispose of all of its non-core assets, including its Fort Worth field in Texas.
"The proposed transaction is designed to bring to the company an experienced management and technical team and prospective assets," said Attis. "The company expects to dispose all assets that are deemed non-core including its Fort Worth field, potentially triggering the requirement for shareholder approval pursuant to AIM Rule 15. If required, a circular to shareholders requesting approval for the disposal will be posted in due course."
By Anna Farley; [email protected]
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