HELIUS ENERGY PLC Helius Energy plc
('Helius' or the 'Company')
Completion of disposal of interest in Helius CoRDe Limited
Further to the announcement by the Company on 20 March 2015 regarding, amongst other things, the sale of its shareholding in Helius CoRDe Limited to Leo Energy Limited (the 'Sale'), Helius announces that the Sale completed on 8 April 2015. The acquisition proceeds of £12.3 million have been paid by Leo Energy Limited.
The Board is exploring the best way to return available cash to shareholders as soon as reasonably practicable and will endeavour to return as much cash to shareholders as possible.
As was announced on 20 March 2015, the Board is currently aware of the following factors which need to be taken into account when determining the amount of cash to be returned to Shareholders:
· retention amount held in escrow under the terms of the SPA: £1.23m;
· professional fees relating to the Disposal: c.£0.3m;
· existing creditors of the Company and expected operational costs to the end of the retention period: £0.7m; and
· contingency: £0.1m.
A further announcement on this will follow in due course.
For more information please contact:
Helius Energy plc
John Seed (Chairman)
William J. Ingram Hill (Chief Operating Officer)
Alan Lyons (Chief Financial Officer)
Numis Securities LtdTel: +44 (0) 20 7260 1000
Jamie Lillywhite (as Nominated Adviser)
James Black (as Corporate Broker)
Citigate Drewe Rogerson Tel: +44 (0) 20 7638 9571
Chris Gardner
Malcolm Robertson
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