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Nu-Oil and Gas PLC to delay closing of IPO amid rising Covid-19 restrictions

Admission to the standard segment of the London Stock Exchange is still expected to occur on or before 24 January

Nu-Oil and Gas PLC (AIM:NUOG) announced it will delay the closing of its initial public offer fundraising until January.

The cash shell, which is planning to acquire maritime security technology solution provider Guardian Maritime, said this was because of “deal saturation in the market” prior to the holiday season as a result of a spike in Covid-19 restrictions.

Admission to the standard segment of the London Stock Exchange is still expected to occur on or before 24 January, in accordance with the long stop date agreed between the company and its financial adviser and broker, Novum Securities.

The pricing statement will be revealed following the completion of the fundraise, which will detail the placing price and the total number of placing shares.

The company still intends to hold its general meeting on 21 December where all shareholders are invited to attend but draws attention to the recent Covid-19 protocol changes in guidance from the government.

Admission to the exchange was planned to occur the day after its general meeting if the desired amount of between £2mln and £2.5mln of new equity had been raised.

Following the closing of the deal and the proposed conditional acquisitions of Guardian Maritime and Guardian Barriers IP, the company will be renamed Guardian Global Security PLC.

Read More: Nu-Oil and Gas PLC to delay closing of IPO amid rising Covid-19 restrictions

2021-12-14 07:39:00

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