Loan Note Interest and Capital Repayments

RNS Number : 0818X

Prospex Energy PLC

31 December 2021

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

31 December 2021

Prospex Energy PLC

Loan Note Interest and Capital Repayments

Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, provides the following financing update:

Highlights:

· The Company has today repaid a total of £18,764.70 in scheduled capital repayments due on the Loan Note ("LN") issued in December 2018 (the "2018 LN"). 

· The Company has also paid a total of £22,742.87 in interest due on the 2018 LN and the LN issued in 2021 (the "2021 LN"), in addition to the final interest payments due pursuant to the convertible loan note ("CLN") instrument dated 23 December 2020 (the "2020 CLN").

· Capital and interest payments funded from existing cash resources.

Further detail:

The Company now has two outstanding Loan Notes (the 2018 LN and the 2021 LN) following the final conversion of the 2020 CLN as announced on 22 December 2021.  Per the above, the final interest payments made today on the 2020 CLN totalled £1,116.03.

The 2018 LN had a total of £2,162.61 of interest and the scheduled capital repayments £18,764.70 paid to the holders today, which includes the Private Pension Plan of R & E Mays.  Richard Mays is a Non-Executive Director of the Company.  The next and final interest payment of £1,063.25 and capital repayment of £21,445.37 on the 2018 LN falls due on 30 June 2022, following which point the 2018 LN will have been fully paid down.

The 2021 LN (which was issued on 28 June 2021) had a total of £19,464.23 of interest paid to the holders today, which includes Non-Executive Chairman, William Smith.  The interest is due every six months so the next interest payment falls due on 30 June 2022.  The first capital repayment on this 2021 Loan Note of £107,226.93, being one-third of the loan, is due on 31 December 2022, with subsequent equal capital repayments due on 30 June 2023 and 31 December 2023. 

Mark Routh, Prospex's CEO, commented:

"These interest payments and loan repayments have been made possible by the income generated by the El Romeral power plant in southern Spain in which Prospex owns a 49.9% share through its shareholding in Tarba Energía.  We expect to be expanding the generating capacity at El Romeral during 2022 with the planned infill well drilling campaign, thereby boosting our income."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

* * ENDS * *

For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Rory Murphy Ritchie Balmer	Strand Hanson Limited	Tel: [phone]
Colin Rowbury Jon Belliss	Novum Securities Limited	Tel: [phone]
Duncan Vasey	Peterhouse Capital Limited	Tel: [phone]
Susie Geliher Catherine Leftley	St Brides Partners Ltd	Tel: [phone]

 

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