JKX Oil&Gas plc announced its intention of delisting and re-trading shares at London Stock Exchange

JKX Oil&Gas plc, the parent company of JV Poltava Petroleum Company, sent a circular note to its Shareholders proposing the delisting and the approval of a Repurchase Agreement as part of a tender offer for up to 23.3% of Ordinary Shares at 42.0 pence per share, which is an average monthly share price at the Premium Segment of the London Stock Exchange.

Victor Gladun, CEO of JKX Oil & Gas plc commented: “The Directors have conducted a review of the various benefits and drawbacks to the Company and its Shareholders in relation to maintaining the listing of the JKX and also have considered all possible alternatives. The Directors unanimously believe that the Delisting is in the best interest of the Company and its Shareholders. All JKX Shareholders will be able to express their position and support the recommendations of the Board of Directors on November 23 during the voting at the extraordinary Shareholders’ meeting.

JKX will continue to implement strategic business development steps as a private British company, after the support by JKX Shareholders.