EDR – Petrichor increases interest in Egdon Resources

Egdon Resources plc (AIM:EDR) notes the following  

·      The press release made today by Infinis Energy Services (“Infinis”) (100% owner of Alkane Energy Limited (“Alkane”) confirming the completion of its sale to Petrichor Holdings Coöperatief U.A (“Petrichor”) of 35,870,487 Egdon Ordinary Shares held by Alkane (representing 13.797 per cent. of the issued share capital of the Company) and the placing by VSA Capital (“VSA”) to an institutional investor of a further 4,129,513 Ordinary Shares (representing 1.588 per cent of the issued share capital of the Company);

·      The effective price of the transactions was 12.8 pence per ordinary share (representing a 22% premium over the Company’s closing mid-price of 10.5 pence per share on 27 July 2018);

·      The TR-1 Notification filed by Infinis confirming it no longer holds an interest in the Company; and

·      The TR-1 Notification filed by Petrichor confirming it has acquired further shares in Egdon raising its interest to 29.99 per cent (77,969,448 Ordinary Shares).

Alkane originally acquired its 40,000,000 Ordinary Shares in Egdon in exchange for the sale of its shale exploration acreage to the company which was completed in June 2014.  The HEYCO Energy Group Inc (of which Petrichor is a subsidiary) has held shares in the Company since 2009.

The issued share capital of Egdon consists of 259,984,822 ordinary shares of 1 pence each with voting rights. No Shares are held in treasury. Therefore, the total number of voting rights in the Company is 259,984,822.

Mark Abbott, Managing Director of Egdon Resources plc, said:

“This further investment by Petrichor, an existing long-term and supportive shareholder in the Company, and at a significant premium to our current share price, represents a considerable vote of confidence in Egdon’s business model and the potential of our assets.”