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DJ Altona Energy Plc Result of Open Offer - Overview of New Strategy

19 May 2020 
                               ALTONA ENERGY PLC 
                          ("Altona" or "the Company") 
                             RESULT OF OPEN OFFER 
Altona (AQSE: ANR.PL), a mining exploration company, announces that it has 
taken the decision to cancel the Open Offer, due to it not raising the minimum 
amount required to acquire the Petroleum Exploration Licence Application, it 
was pursuing in South Australia. Therefore, those shareholders who subscribed 
for shares in the offer, will now be refunded the full amount of their 
subscription monies in relation to the Open Offer. 
The board will not seek another coal mining licence in South Australia. 
Since the start of April, when the board considered that the Open Offer might 
not receive a sufficiently high enough level of shareholder support, the 
Company has been in discussions with three companies, all of which are looking 
to acquire an Aquis Stock Exchange listing via the process of a reverse 
takeover. The board of Altona is cautiously optimistic that one of these 
negotiations will culminate in a takeover of the Company's Aquis Stock Exchange 
listing, thereby potentially changing the direction of the current strategy of 
the business. In assessing these options the board will consider a number of 
key factors, for example; time to profitability, shareholder value, suitability 
of incoming directors, ability to raise capital, dilutive effect of issuing new 
shares to acquire the business, sustainable 'popularity' of the specific 
It is hoped that a suitable non-binding heads of terms agreement for this 
transaction will be reached in the coming weeks. 
It is expected that a further fund raise will need to be completed in order to 
cover the costs of the reverse takeover process. However, due to the lack of 
interest from shareholders in supporting the Company, as shown by the response 
to the Open Offer, the board is now speaking with potential brokers with the 
view of raising funds through more traditional channels. 
All three of the above companies have indicated that they would be able to 
bring new capital investment into the "NewCo". 
Failure to enter into a transaction, such as contemplated above, in short order 
is likely to leave the Company which insufficient funds to continue as a going 
The Company will keep shareholders apprised of the situation once an outcome 
has been determined. 
For further information, please visit or contact: 
Altona Energy plc 
Christian Taylor-Wilkinson, Interim CEO           +44 (0) 7795 168 157 
Philip Sutherland, Non-Executive Director         +61 (0)402 440 339 
Alfred Henry Corporate Finance Ltd (Aquis 
Corporate Adviser) 
Jon Isaacs / Nick Michaels                        +44 (0) 20 3772 0021 
Leander (Financial PR)                            +44 (0) 7795 168 157 
Company Information 
Altona is a mining exploration company focused on the evaluation, development 
and extraction of minerals. 
The Company was admitted to trading on AIM on 10 March 2005 and was 
subsequently admitted to NEX (now Aquis Stock Exchange) on 1 February 2019.  A 
copy of its admission documents dated 4 March 2005 can be accessed on its 
website,  This website is where items can be inspected 
under Rule 75 of the NEX Rules for Issuers, from 1 February 2019. 

(END) Dow Jones Newswires

May 19, 2020 09:53 ET (13:53 GMT)