Placing and Subscription, Conversion of Debt

RNS Number : 8010M

Clontarf Energy PLC

21 July 2014

 



21 July 2014

Clontarf Energy plc

("Clontarf" or "the Company")

Placing and Subscription

Conversion of Debt

Intended Conversion of Directors' Loans

Clontarf Energy Plc is pleased to announce that the Company has conditionally raised £121,500 before expenses through a placing and subscription of 16,200,000 new ordinary shares ("the Placing Shares") at a price of 0.75p per Placing Share.

In addition, in order to strengthen the Company's balance sheet, the Board has agreed to issue 9,111,067 new ordinary shares to a creditor ("Creditor Shares") at a price of 0.75p per Creditor Share and intends to issue a further 70,302,632 new ordinary shares in repayment of directors' loans and accrued remuneration totalling £409,382 and £117,888 respectively ("the Directors' Loan Shares") at a price of 0.75p per Directors' Loan Share.

It is intended that the Directors' Loan Shares will be issued as shown in the table below.

Director	Existing shareholding	Directors' Loan Shares	Enlarged shareholding	% of enlarged share capital
John Teeling	22,286,633	31,906,122	54,192,755	14.16
David Horgan	10,842,233	11,108,655	21,950,888	5.73
James Finn	11,024,867	27,287,855	38,312,722	10.01

Application will be made for the Placing Shares and the Creditor Shares to be admitted to trading on AIM ("Admission"). Admission is expected to be effective on 28 July 2014.

A further announcement will be made in due course in relation to the intended issue of the Directors' Loan Shares and the resultant total voting rights in the Company.

ENDS

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy plc

John Teeling, Chairman                                                                                        [phone]

James Finn, Director

Nominated Adviser and Broker

Northland Capital Partners Limited

Gavin Burnell / Lauren Kettle                                                                            [phone]

Alice Lane / John Howes (Broking)

Public Relations

Blytheweigh                                                                                                             [phone]

Tim Blythe                                                                                                                 [phone]

Halimah Hussain                                                                                                     [phone]

Camilla Horsfall                                                                                                       [phone]

Pembroke Communications

Natalie Tennyson                                                                                                   [phone]

Alan Tyrrell                                                                                                                [phone]

 

END

 

 

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