Saffron Energy Confirms Re-Admission Date Pending Acquisitions

22nd Mar 2018 10:24

LONDON (Alliance News) - Saffron Energy PLC said Thursday it expects to be re-admitted to London's AIM market in April after its purchase of Italian assets from Sound Energy PLC, while it also hired a new chief executive.

Saffron, which is soon to be renamed Coro Energy PLC, has hired former Salamander Energy PLC CEO James Menzies in the same role. Current CEO Sara Edmonson will move to the role of deputy CEO.

Saffron is buying Sound Energy subsidiary Sound Energy Holdings Italy Ltd for 185.9 million Saffron shares and a 5% royalty on all revenue derived from the exploration licence DR74AP, also known as Laura.

It was also meant to buy assets from Po Valley Energy Ltd for 200.0 million new Saffron shares, but pulled out of this at the end of February to focus on deals in south-east Asia.

The Sound Italy purchase is conditional on Saffron shareholder approval at the end of March and the completion of the GBP13.4 million fundraise, now confirmed as part of its re-listing on AIM, which is required as the acquisition is classed as a reverse takeover. Saffron is to issue 516.8 million shares on admission at 4.38 pence each.

Shares were up 4.7% on Thursday at 4.24p. Saffron expects to be re-admitted on April 9 as Coro Energy.