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UK: Serica Energy provides update on acquisition of Tailwind Energy Investments

21 Mar 2023

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Further to the announcement on 20 December 2022 and subsequent shareholder approval on 27 January 2023, Serica Energy has announced that the conditions precedent pursuant to the sale and purchase agreement (the 'SPA') for the acquisition of Tailwind Energy Investments from Tailwind Energy Holdings have been satisfied (save for the condition precedent relating to the Admission of the Completion Consideration Shares, as defined below). Completion will occur immediately following Admission of the Completion Consideration Shares.

In connection with the Acquisition, up to 111,048,124 new ordinary shares in Serica (the 'Consideration Shares') will be allotted and issued. An application has been made to the London Stock Exchange for 108,170,426 Consideration Shares(1) (the 'Completion Consideration Shares') to be admitted to trading on AIM. It is expected that Admission will take place at 8.00 a.m. on or around 27 March 2023 and that dealings on AIM will commence at the same time. When issued, the Consideration Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of US$0.10 each in the capital of the Company.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcement of the Acquisition made by the Company on 20 December 2022.

(1)  2, 877,698 Consideration Shares will not be issued until the expiry of certain warranty periods

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Source: Serica Energy

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