MAPLE ENERGY PLC
The Board notes the press release issued by Maple Resources Corporation ("MRC") on 22
October 2014 concerning its interest in the Company's oil and gas assets (the "Press Release").
The Company confirms that, on 15 July 2014 and on subsequent dates, it received offers from MRC to purchase 100% of the interest held directly or indirectly by The Maple Companies, Limited in Maple Gas Corporation del Peru S.R.L., the subsidiary of the Company which carries its hydrocarbons production, refining and distribution operations in Peru, for a consideration of US$47.4 million (the "Offer").
As informed in writing to MRC, the Offer was rejected because it did not provide an integral solution to restructure the Company's operational and financial condition and, since July 15,
2014, MRC has not been able to provide evidence of having sufficient funds available to finance the Offer in a timely manner. Furthermore, the Offer is not satisfactory to the senior lenders of the Company's ethanol business. Accordingly, the Company rejected the Offer and informed MRC about its decision.
Furthermore, the Company notes that the Announcement of MRC was issued in breach of confidentiality undertakings given by MRC to the Company which, amongst other things, prohibited MRC from disclosing to third parties any information regarding its binding offer or negotiations carried out with Maple without its prior written consent.
The Board of Maple continues to diligently progress the actions required to finalise the detailed terms of the proposed transaction referred-to in the Company's announcement of 16 October
2014, with a view to publishing a circular and seeking the necessary shareholder approvals as soon as practicable.
The Company will provide a further update in due course.
Guillermo Ferreyros, Chief Executive Officer, and Executive Director
Cenkos Securities plc (Nominated Adviser)
Derrick Lee +44 131 220 6939
Alan Stewart +44 131 220 6939
|
distributed by
|
