Proposed Acquisition of Ardan Logistics Kenya by Africa Oilfield Logistics Limited
Africa Oilfield Logistics Ltd (AIM: AOL), the AIM listed African focussed support services and logistics company, is pleased to announce that the Board has decided to exercise the call option (‘Call Option’) granted to it pursuant to the framework and option agreement announced on 28 March 2014 (‘Framework and Option Agreement’), to acquire the entire issued share capital of Ardan Logistics Kenya Limited (‘ALK’) (the ‘Acquisition’).
Exercise of the Call Option constitutes a reverse takeover under the AIM Rules and is therefore conditional, inter alia, on shareholder approval which will be sought at a general meeting to be held at 12.00 p.m. on 22 October 2014 at Richmond House, St Julian’s Avenue, St Peter Port, Guernsey GY1 1GZ (the ‘General Meeting’). At the General Meeting, shareholder approval will also be sought to change the Company’s name to “Atlas Development & Support Services Limited” and to make certain amendments to the Company’s articles of incorporation (together, the ‘Resolutions’).
An admission document setting out information on the Company and its subsidiaries, its businesses and strategy, the background to and reasons for the acquisition of ALK and details of the Resolutions (the ‘Admission Document’), together with notice of the General Meeting, has been posted to shareholders and is also available on www.africaoilfieldlogistics.com
Source: Africa Oilfield Logistics Limited