ADM Energy Plc - Receipt of Winding Up Petition
ADM Energy PLC
("ADM" or the "Company")
Receipt of Winding Up Petition
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, announces that on
The Company disputes the quantum of the amount claimed, believing it to be materially lower. Further, the Company has engaged a solicitor from Gunnercooke LLP, who following discussions with HMRC, is confident that an adjournment of the hearing will be granted to allow time for the amount claimed to be reconciled and to enable negotiations with HMRC to continue . It has already been confirmed by HMRC that the amount outstanding is less than 50 per cent. of the amount claimed in the petition.
The Company has entered into a short-term funding agreement with TN Black Gold, LLC (“TBG”) which would assist the Company to discharge any agreed liability. Further, the Company is in ongoing discussions with a party regarding the provision of additional funding and continues to explore longer-term structured financing solutions. While the funding agreement with TBG will provide short term funds, in the absence of additional funding or an agreement with HMRC, the Board will continue to evaluate the full range of options available to the Company.
Trading in the Company’s ordinary shares remains suspended from AIM, pending publication of its annual report and accounts for the year ended
Although the Board remains confident, it notes that there can be no certainty that an adjournment will be granted or that an agreement will be reached with HMRC.
Related Party Transaction
TBG is a company managed by
With the exception of
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries:
ADM Energy plc +1 214 675 7579
Randall Connally , Executive Director
www.admenergyplc.com
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
(Nominated Adviser)
Jo Turner , Liam Murray
Capital Plus Partners Limited +44 (0) 20 7432 0501
(Broker)
Jonathan Critchley
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with investments including a 100.0% ownership interest in Vega Oil and Gas, LLC; a 60% economic interest in Eco Oil; a 42% economic interest in OFX Technologies, LLC (
www.ofxtechnologies.com
); a 25% asset interest in Vega Upstream JV, a business established to identify and coordinate investment opportunities in US onshore oil and gas assets; and a 9.2% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward-looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage”, "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
Proactive Investors is a publisher of financial news and information. No content in this record, or published on the Proactive Investors website (the "Site"), constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. No content is tailored to any specific person's needs, objectives, or financial situation.
Proactive Investors is not a registered investment adviser or broker-dealer and does not provide personalized investment advice. Nothing in this record constitutes investment advice or a recommendation to buy, hold, or sell any security. None of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value, or suitability of any particular security, portfolio, transaction, or investment strategy. Any decision to buy, sell, or hold a security should be made only after consulting an appropriately qualified, licensed financial adviser and reading all relevant offering documentation.
This record, and any record we publish by or on behalf of our clients, should not be construed as an offer or solicitation to buy or sell any product or security. Our content is independent financial journalism, produced in a neutral, objective style with full source attribution.
In accordance with the Federal Trade Commission's guidelines on material connections, Proactive Investors discloses the following: we may receive cash or, in some cases, equity compensation from companies whose news is distributed through our platform. This compensation is for news distribution and media services, not for editorial content or coverage decisions. Where Proactive Investors has a commercial relationship with a company covered in this record, that relationship is disclosed within the article. Any such relationship does not determine, influence, or shape the editorial content produced. Where we receive equity compensation, such securities are held independently by a third-party broker and sold at the broker's discretion.
The Site may contain opinions from time to time regarding securities mentioned in other products, including company-related products, and those opinions may differ from those obtained through another Proactive Investors product. Opinions and commentary reflect the views of the named author at the time of writing and are subject to change without notice.
Price and other data is supplied by sources believed to be reliable. Any calculations are made using such data. Neither the data nor the calculations are guaranteed by those sources, by Proactive Investors, by the information providers, or by any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to previously published articles or opinions. Such references may be selective, may reference only a portion of an article, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
FOR OUR FULL DISCLAIMER CLICK HERE