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DJ Karoo Energy Plc AIM Update, General Meeting and Suspension

 
TIDMKEP 
 
18 March 2019 
 
                               Karoo Energy plc 
 
                       ("Karoo Energy" or the "Company") 
 
                  AIM UPDATE, GENERAL MEETING AND SUSPENSION 
 
Karoo Energy is updating shareholders on its proposed fundraising and its 
intended move to AIM. 
 
The Company believed that it had secured conditional funding, sufficient in its 
view, for its intended AIM admission. The Directors proposed to seek authority 
from Shareholders, under the Companies Act 2006, at the General Meeting to be 
held today, 18 March 2019 to, inter alia, enable it to issue shares to the 
placees upon admission to AIM, as announced on 1 March 2019. 
 
The Company's engaged Nominated Adviser, pursuant to admission to AIM, has now 
informed that the Company is unable to be proposed as suitable for an AIM 
listing. This is disappointing and frustrating given the conditional fundraise 
and the substantial work undertaken by the Company and its advisers, including 
the preparation and issuance of a full pathfinder admission document. The 
Company cannot now pursue the proposed move and the conditional AIM 
fundraising. 
 
The Company is in urgent discussions on a potential restructuring and potential 
re-financing. There can be no assurance that any refinancing will succeed, and 
should it fail, the Company will not be able to continue to trade. Accordingly, 
the Company's shares have been suspended pending financial clarification. The 
Company has trade creditors in the region of GBP300,000. 
 
The General Meeting of the Company to be held today, 18 March 2019 at 11.00 
a.m., will take place as planned. 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
Karoo Energy plc 
Noel Lyons 
Telephone: 020 3130 0674 
 
Corporate Adviser 
 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9795 
 
 
 
END 
 

(END) Dow Jones Newswires

March 18, 2019 03:00 ET (07:00 GMT)