Conditional Subscription Update

RNS Number : 1041P

ADM Energy PLC

08 October 2019

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

8 October 2019

ADM Energy PLC 

("ADM" or the "Company") 

Conditional Subscription Update

ADM Energy PLC (AIM:ADME), an oil and gas investing company quoted on AIM, provides an update in respect of  completion of the fundraising announced on 30 September 2019.

On 30 September 2019, the Company announced that a conditional fundraising ("Fundraising"), would  proceed to completion following shareholder approval at the Company's general meeting on the same day.  The Fundraising was expected to complete, and the new ordinary shares admitted to trading on AIM ("Admission"), on or around 4 October 2019.  The Company announces that completion of the Fundraising in its entirety has been delayed pending receipt of funds and it will now be effected in stages.  The Fundraising, which totals approximately £562,360 through the issue of 8,033,713 new ordinary shares, is expected to have fully completed by the end of October 2019.

Accordingly, the Company is pleased to announce that it has completed, conditional upon Admission, the first stage of the Fundraising raising approximately £283,450 by way of the issue of 4,049,311 new ordinary shares of 1 pence each ("New Ordinary Shares") at a price of 7 pence per share.

Application has been made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on or around 9 October 2019.

Additional stages of the Fundraising will be subject to separate application to the London Stock Exchange for admission to trading on AIM and further updates will be made in due course.

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have 57,664,808 ordinary shares of 1 pence each in issue. There are no ordinary shares held in treasury. The figure of 57,664,808  may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information please contact:

ADM Energy plc	[phone]
Osamede Okhomina, CEO
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie
Pello Capital Limited	[phone]
(Broker)
Dan Gee
Luther Pendragon	[phone]
(Financial PR) Harry Chathli, Alexis Gore, Joe Quinlan

 

END

 

 

UPDEVLBBKBFLFBX