Lock-In Agreement

RNS Number : 6617B

Oracle Power PLC

03 February 2020

 

3 February 2020

 

Oracle Power PLC

("Oracle", or the "Company")

Lock-In Agreement Signed with His Highness Sheikh Ahmed Bin Dalmook Al Maktoum

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant and a proposed coal to urea mine mouth plant located in Block VI of the Thar desert in the south-east of the Sindh province of Pakistan, is pleased to announce that yesterday it entered into a Shareholder Lock-In Agreement with His Highness Sheikh Ahmed Bin Dalmook Al Maktoum ("His Highness") and Sheikh Ahmed Bin Dalmook Al Maktoum Private Office One Person Company LLC, His Highness' private office, (the "Lock-In").

The Lock-In is being entered into voluntarily by His Highness and is effective from today for a term of 12 months (the "Restricted Period"). During the Restricted Period, pursuant to the Lock-in, His Highness has agreed not to sell, transfer or otherwise dispose of the rights to any of the 200,000,000 ordinary shares he has confirmed, by way of execution of the Lock-in, that he beneficially owns in the Company.  The restrictions on disposals also covers any ordinary shares acquired by His Highness and his private office during the Restricted Period, which, for the avoidance of doubt, also includes any ordinary shares acquired via the exercise of warrants.

Naheed Memon, CEO of Oracle Power, commented:

"We would like to express our gratitude to His Highness for volunteering to enter into the Lock-In arrangement, highlighting his long-term view towards Oracle. He remains a supportive and strategic shareholder who is working closely with both ourselves and China Coal as we move Block VI forward."

For further information please contact:

Oracle Power PLC Naheed Memon	[phone]
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros	[phone]
Brandon Hill Capital Limited (Joint Broker) Oliver Stansfield	[phone]
Shard Capital (Joint Broker) Damon Heath	[phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

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