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Termination of discussions on proposed acquisition

RNS Number : 3386V
Brady Exploration PLC
12 December 2013
 



 

Brady Exploration plc

("Brady" or the "Company")

 

Termination of discussions with Energy Equity Resources (Norway) Limited ("EER") and the lifting of suspension

 

On 31 October 2013, Brady, the AIM listed natural resources focused investing company, announced that it was continuing to work towards the acquisition of the entire issued share capital of EER, a UK incorporated company with oil and gas interests in Nigeria.  The proposed acquisition would constitute a reverse takeover under rule 14 of the AIM Rules for Companies.

 

Unfortunately, whilst the proposed acquisition was at a very advanced stage, it has not been possible to complete the necessary equity fundraising in the time available for Brady to effect such a transaction.  Consequently, although the Board of Brady understands that EER will still be seeking to complete a fundraising, the Company and EER yesterday decided to terminate discussions in relation to the above transaction.

 

Accordingly, the Company has requested that the suspension of trading in the Company's ordinary shares on AIM be lifted. Trading will re-commence at 7:30 a.m. on 12 December 2013.

 

The Board of Brady will continue to consider opportunities in line with its investing policy.

 

For further information on the Company, visit: www.bradyexploration.com or contact:

 

Alex Borrelli

 

Brady Exploration plc

Tel: +44 (0) 7747 020 600

 

 

 

Nick Naylor 

Nick Athanas

 

Allenby Capital Limited

(Nominated Adviser and Joint Broker)

Tel: +44 (0) 20 3328 5656

 

 

 

Jon Levinson

Lucy Williams

Peterhouse Corporate Finance

(Joint Broker)

Tel: +44 (0) 20 7469 0935

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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