Max Petroleum: AGM Approves AGR Energy $13.8m Subscription
Max Petroleum announces that all resolutions proposed at its General Meeting held earlier today relating to the proposed US$13.8 million Subscription by AGR Energy were duly passed.
The Subscription remains conditional upon, inter alia, the following Conditions being satisfied on or before 1 October 2015 (or as extended by the mutual agreement of Max Petroleum and AGR Energy):
(i) the Subscription Shares being admitted to trading on AIM;
(ii) the Kazakh Regulatory Approvals being obtained.
The Company’s circular to Shareholders dated 13 August 2015 noted that, as a result of the uncertainty surrounding the Company’s financial position, its ordinary shares have been suspended from trading on AIM since 2 March 2015. Pursuant to Rule 41 of the AIM Rules, cancellation of admission of AIM securities will occur where these have been suspended from trading for six months. The Company is working to fulfil all relevant conditions for completion of the Subscription, and otherwise to publish information on its financial position, in order to restore trading and avoid cancellation of its ordinary shares from trading on AIM. A further announcement on this matter will be made as soon as practicable.
There can be no guarantee that the Company’s ordinary shares will not be cancelled. In the event that admission of the Company’s ordinary shares to trading on AIM is required to be cancelled, further information on the consequences of this will be provided to Shareholders.
