TIDMUOS
RNS Number : 9759L
UAE Oil Services PLC
25 April 2018
UAE Oil Services Plc
First Day of Dealings
UAE Oil Services Plc (or the "Company") announces that its
entire ordinary share capital, consisting of 1,000,000 Ordinary
Shares of GBP1.00 each, has today been admitted to the Standard
Listing segment of the Official List of the UK Listing Authority
and to trading on the London Stock Exchange's main market for
listed securities under the following TIDM: UOS and ISIN:
IM00BF5G7P11.
Dealings in the Company's shares will commence on the Main
Market at 8.00 a.m. GMT today.
About the Business
The Company has been formed for the purpose of making
acquisitions in the oil and gas support services and infrastructure
sector in the Middle East and North Africa, with an initial focus
in the United Arab Emirates ("UAE").
The Company aims to identify suitable targets within the oil and
gas support services sectors, including but not limited to
bunkering, fleet and storage facilities, shipping, physical
commodity trading, distribution and marketing of finished products.
The Board will focus its search on target companies that supply
refined products with the intention of building a business which
covers aspects of the supply chain for distributing energy and
commodity products throughout the MENA region and beyond.
The Company owns no assets other than cash on bank deposit of
approximately GBP770,000 representing an initial equity investment
of GBP1,000,000 less expenses incurred in relation to
Admission.
The prospectus prepared by the Company in connection with
Admission is available on the Company's website at
www.uaeoilservices.com and is available on the National Storage
Mechanism at http://www.morningstar.co.uk
Nils Trulsvik, Executive Chairman commented:
"The listing of our shares on the Stock Exchange's Main Market
marks the first step in our plans to create an oil and gas support
services business in the MENA. We are excited by the significant
acquisition opportunities and look forward to identifying targets
and commencing our growth strategy."
Enquiries:
UAE Oil Services Plc www.uaeoilservices.com
info@uaeoilservices.com
Walbrook PR (PR advisers) Tel: +44 (0)20 7933 8790
or uae@walbrookpr.com
Paul McManus Mob: 07980 541 893
Nick Rome Mob: 07748 325 236
Extracts from Prospectus
Strategy
The Company's strategy is to seek to acquire and develop a
market leading business through acquisitions of one or more
companies or businesses in the MENA region in the oil and gas
support services and infrastructure sector. The Company will seek
to acquire 100 per cent. ownership in target companies.
Given the number of opportunities that the Board believes will
be available to the Company, it is intended that following its
initial acquisition, the Company will seek to develop a regional
oil and gas support services sector group and become a key player
in the sector by growing organically or through additional
acquisitions. However, as the Company will assume management
responsibilities of any acquired target companies, either through
its own Board or that of the acquired company, it will not seek to
become an investment company and accordingly will not pursue a
policy of diversification and spreading of risk in its acquisition
policy.
Acquisitions
There is no specific expected target valuation or size for an
acquisition, although it is likely that the Company will be
targeting acquisitions in the region of US$50 million to US$300
million.
Upon completion of an Acquisition (especially the first
Acquisition which may constitute a Reverse Takeover), the Directors
may seek to transfer from a Standard Listing to either a Premium
Listing or other appropriate listing, based on the track record of
the company or business it acquires, subject to fulfilling the
relevant eligibility criteria at the time.
Acquisitions will be negotiated with vendors and may be for cash
or equity and accordingly may require the raising of additional
external capital which will be a combination of equity, cash and/or
debt, on a deal by deal basis.
-- The Directors will draw on their sector experience, in
conjunction with their advisers' and shareholders' contacts and
relationships, to identify suitable targets within the oil and gas
support services sectors.
-- It is likely that the Company will seek to acquire the entire
issued share capital of the targeted businesses that have strong
cash flow and high-quality management teams.
The Company will seek to target businesses and companies with
the following attributes:
-- an existing presence in a domestic or sub-regional market in
MENA but with an international business and client base;
-- high cash flow and strong management teams;
-- a business which can withstand oil price fluctuations and regional uncertainty; and
-- the ability to achieve significant growth, both in terms of
profitability and market share, to become a significant and
independent player in the regional oil and gas support services
sector through further investment and acquisitions and/or organic
growth.
Opportunities
The oil and gas industry has been a challenging environment
since the oil price collapse in June 2014, however the more recent
rise in oil prices has created opportunities in the market. There
are also significant opportunities to diversify in the
petrochemical business and other areas that have received under
investment in the past few years.
The UAE has recently announced a proposed change in law pursuant
to which local companies in certain sectors in the UAE would be
permitted to be 100 per cent owned by foreign owners. Currently,
with the exception of certain companies operating from designated
free zones, a company incorporated in the UAE must have a least 51
per cent of its shares held by GCC nationals.
This proposed change in law could provide a significant
opportunity for UAE companies to undertake IPOs on overseas stock
exchanges and attract international investors.
Board
The Directors have the relevant experience for sourcing,
evaluating, structuring and executing Acquisitions. The Company
will not be externally managed and the Board will have full
responsibility for its activities.
Details of the Directors are listed below.
Nils Trulsvik, Executive Chairman (age 68, date of birth: 13
October 1948)
Mr Trulsvik has worked in the oil and gas business since 1974
working on international assignments throughout the world. Mr
Trulsvik is a geophysicist by background who has in the last twenty
years been CEO of a number of listed and unlisted oil and gas
companies and been in charge of operations across a number of
emerging markets. Mr Trulsvik is presently Technical Director of
Starc Limited and Chief Executive officer of JP Kenny Petroleum
Ltd.
Stephen Smedley, Chief Financial Officer (age 43, date of birth:
28 January 1975)
Mr Smedley is a chartered management accountant with a career in
finance spanning more than 23 years. Mr Smedley previously ran his
own accounting & business services company in Gibraltar,
primarily advising high net worth individuals and entrepreneurs on
start-up companies. In 2012, Mr Smedley established his own
business in the UK, Redwood Accounting Ltd, which provides
accounting and tax services to small companies.
Interests of major Shareholders
Mr. Alhammadi holds, in aggregate, 37.5% of the Company's entire
issued share capital and Ms. Alhammadi holds, in aggregate, 32.5%
of the Company's entire share capital. They will be able to
exercise significant influence over the Company and its operations,
business strategy and those corporate actions that require the
approval of Shareholders.
Given the size of their aggregate shareholding and inter alia
their relationship as the founders of the Company, Alhammadi's are
considered to be acting in concert in accordance with the
provisions of the Company's Articles. As such, any further increase
in their respective shareholdings will be subject to Rule 9 of the
Takeover Code.
The Alhammadi family is a UAE family with interest in real
estate investments, development, and infrastructure projects.
---ENDS--
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUSRSRWWASUAR
(END) Dow Jones Newswires
April 25, 2018 03:00 ET (07:00 GMT)
Uae Oil Services (LSE:UOS)
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Uae Oil Services (LSE:UOS)
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