Further re: ADM cooperation agreement with DBI
18 May 2021
ADM Energy PLC
("ADM" or the "Company")
Further re: ADM cooperation agreement with Dubai Bridge Investments
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes comments made in the press in respect of Dubai Bridge Investments LLC ("DBI") and provides further information on DBI and the collaboration agreement announced on 14 October 2020.
DBI was incorporated in 2013 by Zubair Abdur-Razzaq Al Zubair and describes itself as a sector agnostic, Dubai-based investment vehicle. Mr Al Zubair was formerly a Partner and CEO of AWGAL Investments, the Dubai-based private investment vehicle of Mr Abdulwahab Galdari, where he oversaw a number of investments in the leisure, hospitality and property sectors. Since his time at AWGAL Investments, Mr Al Zubair has been involved with financing opportunities in the natural resources and energy sectors.
Mr Al Zubair is not connected to the Al Zubair family in Oman and is a US citizen with business interests in the United Arab Emirates and the US. The Company has been advised that the use of the title His Excellency by Mr Al Zubair relates to social and cultural adoption rather than it having been awarded in connection with a senior governmental, or such other, position.
ADM's intention is to continue to target undervalued producing or proven but undeveloped investment opportunities principally in sub-Saharan Africa. In this regard, DBI has expressed an interest in introducing funds into several projects considered by ADM. It is likely that any funds introduced would be at a project level and, in the event that ADM and DBI were to proceed with an investment opportunity, this would be subject to separate agreement, satisfactory conclusion of due diligence and confirmation of funding at the time. No funds have been introduced by DBI to date and no charges have been paid to DBI by the Company.
There is no certainty that any funds will be provided or introduced by DBI for investment opportunities that ADM is considering.
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