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Kistos Announces Proposed Admission to Trading on AIM

Source: www.gulfoilandgas.com 11/23/2020, Location: Europe

Kistos, the closed-ended investment company which has been established with the objective of creating value for its investors through acquisition and management of companies or businesses in the energy sector, is pleased to announce its initial public offering by way of a conditional placing and subscription for new ordinary shares ("Ordinary Shares") at a price of 100 pence per share (the "Placing Price") to raise, in aggregate, gross proceeds of £31.75 million (the "Fundraising").

The Company has today published its admission document and has applied for the admission ("Admission") of its entire issued and to be issued ordinary share capital to trading on the AIM market of the London Stock Exchange ("AIM"). The full terms and conditions of the Placing and Admission are set out in the admission document, which will be made available at the Company's website, www.kistosplc.com.

Admission is expected to occur, and dealings to commence, at 8.00 a.m. on Wednesday 25 November 2020, under the ticker "KIST" with the ISIN GB00BLF7NX68 and the SEDOL BLF7NX6.

Highlights

- Kistos will be led by Andrew Austin (Non-executive chairman), and Richard Benmore, Julie Barlow and Alan Booth (Non-executive directors).

- Andrew Austin was founder and executive chairman of Rockrose Energy plc ("RockRose") from 2016 until September 2020, during which time:

o RockRose carried out two funding rounds, raising a total of £13 million, and returned to shareholders £297.6 million through distributions, dividends, share buybacks and ultimately a sale for cash consideration; and

o RockRose was sold to Viaro Energy Limited ("Viaro") in August 2020 at a price per share of £18.50, representing a premium to the closing mid-market share price on the day prior to announcement of c.64%.

- Pursuant to the Fundraising, the Company has raised £31.75 million (before expenses) at a price of 100 pence per share through the issuance of 31,750,000 new Ordinary Shares.

- Prior to the Fundraising, the Company raised £4.25 million from the Board and certain other individuals (the "Initial Fundraise"), all of whom have chosen to invest a further £10.1 million at the Placing Price pursuant to the Fundraising.

- Immediately following Admission, the Company will have 40,250,000 Ordinary Shares in issue and, based on the Placing Price, the market capitalisation of Kistos at Admission will be £40.25 million.

- To date, the Company has raised a total of £36 million and its cash balance following Admission will be approximately £34.4 million (after the deduction of expenses relating to the Fundraising).

- Andrew Austin's total participation in the Initial Fundraise and the Fundraising is £10.5 million.

Andrew Austin, Non-Executive Chairman of Kistos, said:

"We have established Kistos to invest in energy and the energy transition, with the intention of pursuing a rigorous approach to asset selection and active forward-looking stewardship. The Directors believe that the UK's energy transition agenda will create opportunities arising from the Government and all our objective of meeting net zero by 2050. I am delighted to welcome the new Board, whose depth of experience in legacy energy assets and vision of the energy transition will be central to our growth. We look forward to working with the new shareholders of Kistos following this fundraising."

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