PR Newswire
London, December 27
28 December 2018
Andalas Energy and Power Plc
(‘Andalas’ or the ‘Company’)
Director’s Dealing
Andalas Energy and Power PLC announces the following dealing in the ordinary shares of the Company made by, Simon Gorringe, Chief Executive Officer of the Company.
On 27 December 2018, Mr Gorringe acquired 3,000,000 Andalas ordinary shares at a price of 0.66 pence per share, representing 0.82% of the Company's issued ordinary share capital.
Following the acquisition, Mr Gorringe now holds an interest of 5,057,503 Andalas ordinary shares, representing approximately 1.4% of the Company's issued ordinary share capital.
Simon Gorringe said, “My purchase of shares today reflects my belief that Andalas is well positioned having made significant progress in securing an exciting future for the Company.”
“I believe in the potential of Andalas; we have the right strategy, an excellent team and we have a portfolio of opportunities each with near term activity. My acquisition of shares is in addition to other commitments made by myself, and the rest of the executive directors, to support Andalas as we progress to delivering on our projects in 2019. Since the board changes in April 2018, the executive Directors have sought to preserve the Company’s cash by keeping costs tightly under control, including continuing to only be paid part of their salary entitlement, which is alongside the directors write off of $300,000 of contractual unpaid salaries that was announced on 22 May 2018.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please contact:
| Simon Gorringe | Andalas Energy and Power Plc | Tel: +62 21 2965 5800 |
| Roland Cornish/ James Biddle | Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 20 7628 3396 |
| Colin Rowbury |
Novum Securities Limited (Joint Broker) |
Tel: +44 207 399 9427 |
| Christian Dennis | Optiva Securities Limited (Joint Broker) |
Tel: +44 20 3411 1881 |
| Stefania Barbaglio | Cassiopeia Services Limited (Public Relations) | Stefania@cassiopeia-ltd.com |
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a. | Name | Simon Gorringe | ||||||
| 2 | Reason for notification | |||||||
| a. | Position/Status | Executive Director | ||||||
| b. | Initial notification/ Amendment |
Initial | ||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a. | Name | Andalas Energy and Power PLC | ||||||
| b. | LEI | |||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
| a. | Description of the financial instrument, type of instrument Identification Code |
Ordinary Shares | ||||||
| b. | Nature of the transaction | On market Purchase | ||||||
| c. | Price(s) and volume(s) | |||||||
| Price(s) | Volume(s) | |||||||
| 0.0066 GBP | 3,000,000 | |||||||
| d. | Aggregated information - Aggregated Volume - Price |
3,000,000 0.0066 GBP |
||||||
| e. | Date of the transaction | 27/12/2018 | ||||||
| f. | Place of the transaction | UK | ||||||
