Conversion of Loan Note and TVR

RNS Number : 3422W

Prospex Energy PLC

22 December 2021

 

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

22 December 2021

Prospex Energy PLC

Conversion of Loan Note and TVR

Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, announces that it has issued a total of 487,804 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"), following the conversion of a convertible loan note granted in December 2020 (the "2020 CLN"). 

This is the final conversion of the remaining 2020 CLNs, being a conversion of £10,000 of convertible loan notes, thus improving the Company's balance sheet by that amount.  The 2020 CLN is being converted at the agreed price of 2.05p and has been issued to one individual pursuant to a loan note instrument dated 23 December 2020 and also announced by the Company on 24 December 2020.  Following this conversion, all of the December 2020 convertible loan notes issued pursuant to the same instrument are now expunged.  The Company has issued 487,804 new Ordinary Shares as a result of the conversion.  As part of this 2020 CLN conversion, the accrued interest since 30 June 2021 of £473 will be paid in cash to the loan note holder. 

Admission to Trading

The Company has today applied to the London Stock Exchange for admission of 487,804 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 30 December 2021.  On 22 December 2021 there are 176,822,479 Ordinary Shares in issue and 7,361 shares held in Treasury.  Following Admission, there will be 177,310,283 Ordinary Shares in issue.  Deducting the 7,361 held in Treasury there will accordingly be 177,302,922 Ordinary Shares that may be used by 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 FCA's Disclosure and Transparency Rules.

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.

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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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