In accordance with DSE Listing Rule 154, Swala Oil & Gas (Tanzania) plc. (“Swala” or “Company”) hereby issues a 5days Notice (25th to 29th April 2016) that its securities quoted on the DSE will be
placed in a voluntary suspension from the 2nd to 31st of May 2016 and it hereby provides the following information in relation to the said Voluntary suspension.
The voluntary suspension is to allow the Company to progress the details of a proposed corporate restructure and proposed fund raising.
It is currently intended that the proposed corporate restructuring will incorporate a series of transactions that may involve the transfer of its exploration licences into a single entity in order to simplify Swala’s corporate structure. This process may be subject to shareholder approval and/or other regulatory approvals in multiple jurisdictions and may require an associated fundraising activity. Given the complex nature of the proposed corporate restructuring and the potential need for consultation and review with various regulatory and other parties, the Company is of the view that it would be prudent to have in place a period of voluntary suspension of trading in the Company’s quoted securities until the details of this proposal have been finalised.
The company shares shall commence trading effective 1st June 2016 unless a further suspension deemed necessary and consented to by the DSE.
For further information please contact:
Frontline Porter Novelli
T. +255 787 611 213