Swala Australia intended to list on the UK AIM market as stated in this announcement
Date: 4th March 2015 Intention to list on the UK AIM Market and Corporate Update
Swala Energy Limited (“Swala” or the “Company”) is pleased to announce that it is in the preliminary stages of planning a listing on the AIM Market of the London Stock Exchange (“AIM”). The Company is seeking the listing in order to improve its liquidity, open it to investment from the London capital markets that have experienced African oil and gas success, and expose it to larger potential investment that can aid the Company’s continued development.
As part of this process, the Company has engaged Stifel Nicolaus Europe Limited (“Stifel”, formerly Oriel Securities Limited) to act as its Nominated Advisor (“NOMAD”) and broker for the transaction. The former Oriel Securities has a strong reputation in the exploration and production sector, having been involved in transactions valued at over US$3 billion over the last four years, and its recent acquisition by Stifel expands this capability in additional markets and sectors.
Any admission to AIM is subject, inter alia, to approval of the London Stock Exchange, and there can be no certainty that admission will occur. The Company is working towards completing the process within the next 6 months, allowing for necessary due diligence, preparation of audited accounts and competent persons reports covering all its licences.
In conjunction with this engagement the Company’s Exploration Director, Mr. Neil C. Taylor, has indicated that he will step down from the Board in order to allow the Company to engage a Non-Executive Director that is known to the London Capital Markets. Mr. Taylor shall remain as Exploration Manager of the Company.
The Company also takes the opportunity to advise on the progress of the commercial discussions involving FirstEnergy Capital LLP (“FirstEnergy”). On 20 January 2015 Swala announced the appointment of FirstEnergy to manage a process with a view of reviewing its options to maximise the long-term value of the Company’s portfolio, including asset farm-downs, a potential merger or sale. Swala is pleased to report that subsequently a number of credible companies have approached the Company and are actively reviewing the asset data. The Company shall provide additional updates on this process as it progresses.
Dr. David Mestres Ridge (Swala CEO) said: “The dual listing on London’s larger and more liquid stock exchange is a natural progression for Swala and will allow us to gain access to larger capital markets, an important step ahead of our 2015 drilling campaign. We are extremely pleased to have secured Stifel’s services as NOMAD and broker. Stifel is a company with an established presence in the oil and gas investment markets of Europe and North America.
We have been very happy with the work carried out by FirstEnergy to date and look forward to updating the market on the progress of ongoing discussions.”
For further information please contact: Swala Energy Limited Walbrook Investor Relations
Dr. David Mestres Ridge (CEO) Mr. Ben Knowles
TEL: +61 8 6270 4700 TEL: +61 8 6189 2230 [email protected] MOB: +61 426 277 760 www.swala-energy.com[email protected]
SL1 Price at posting:
3.7¢ Sentiment: None Disclosure: Not Held
