Proposed Appointment of Liquidators & Cancellation
19 September 2023
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
Proposed Appointment of Liquidators and Cancellation
Argos Resources Limited (AIM: ARG.L) is pleased to provide the following update on the Company's proposed disposal of its PL001 Production Licence interests in the North Falkland Basin (the "Disposal") to JHI Associates Inc. ("JHI") and cancellation of Admission to trading on AIM ("Cancellation").
As previously notified, the Disposal and the Cancellation were approved by Shareholders at a general meeting of the Company held on 26 May 2023, and shareholder approval for the proposed winding up of the Company and the appointment of joint liquidators will be sought at the general meeting of the Company ("GM") to be held at Argos House, H Jones Road, Stanley, Falkland Islands at 5pm on 22 September 2023, Falkland Islands time (9pm, UK time).
The Company is pleased to confirm that the Falkland Islands Government has provided its consent to the transfer of Argos' PL001 Production Licence interests in the North Falkland Basin, and Argos and JHI are now working towards completion of the licence acquisition agreement ("LAA") in the coming days.
If the LAA is completed prior to the GM, and the resolutions proposed at the GM are duly passed, the Company will go into members voluntary liquidation ("Liquidation") immediately following the GM, as part of the planned process to enable a distribution of surplus assets to shareholders.
Assuming the Liquidation proceeds on 22 September 2023, the Cancellation will be processed and the Company's shares will be cancelled from Admission to trading on AIM with effect from 7am on 26 September 2023.
As the GM and proposed Liquidation will take place after market hours in the UK, the Company will provide further updates on the above matters at 7am on 25 September 2023.
The Company announces that its nominated adviser and broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.
For further information:
Argos Resources Limited (+500 22685)
Ian Thomson, Chairman
John Hogan, Managing Director
Cavendish Securities PLC
Neil McDonald (+44 131 220 6939)
Derrick Lee (+44 131 220 9100)