Africa Oilfield Logistics Ltd has announced that the Board has decided to exercise the call option granted to it pursuant to the framework and option agreement announced on 28 March 2014 to acquire the entire issued share capital of Ardan Logistics Kenya Limited.
Exercise of the Call Option constitutes a reverse takeover under the AIM Rules and is therefore conditional, on shareholder approval which will be sought at a general meeting to be held on 22 October 2014.
At the General Meeting, shareholder approval will also be sought to change the Company’s name to “Atlas Development & Support Services Limited” and to make certain amendments to the Company’s articles of incorporation.
Africa Oilfield logistics has also announced the resignations of Mr Phil Edmonds and Mr Andrew Burns from the board – with Mr Ian Mann taking up the position of Chairman – together with the appointments of Mr Lachlan Monro as Chief Operating Officer and Mr Barry Lobel as Chief Financial Officer, with immediate effect.
“The acquisition of the entirety of Ardan’s operations is the next step in the Company’s objective of becoming the leading professional, efficient and profitable turn-key development and support services group in sub-Saharan Africa. Under the new branding of “Atlas Development & Support Services”, we intend to take a joined-up approach to the expansion and delivery of our industry-leading services, extending the current contract base, new business pipeline and geographic reach of operations and further enhancing the revenue generation of the Group,” says Chief Executive Officer of Africa Oilfield Carl Esprey.
A fortnight ago Africa Oilfield Logistics Ltd has announced that Ardan Risk & Support Services had entered into a 15 year lease over a sizeable land plot in Northern Kenya to be used for warehousing, fuel distribution, cold storage and fleet maintenance.[twitter-follow screen_name=’oilnewskenya’]