Conversion of Loan Notes and TVR

RNS Number : 2980N

Prospex Energy PLC

29 September 2021

 

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

29 September 2021

Prospex Energy PLC

Conversion of Loan Notes 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 1,307,644 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"), following the conversion of a portion of the outstanding convertible loan notes issued in December 2020 (the "2020 CLNs").

The conversion of these 2020 CLNs will cancel a total of £26,806.72 convertible loan notes, thus improving the Company's balance sheet by that amount.  The 2020 CLNs are being converted at a price of 2.05p and were issued to an individual pursuant to a loan note instrument dated 23 December 2020 and announced by the Company on 24 December 2020.  Following the conversion, £10,000 of the 2020 CLNs issued pursuant to the same instrument is outstanding.  As a result of this 2020 CLN conversion the accrued interest since 23 December 2020 of £652.82 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 1,307,644 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 4 October 2021.  On 1 October 2021 there will be 175,514,835 Ordinary Shares in issue and 7,361 shares held in Treasury.  Following Admission, there will be 176,822,479 Ordinary Shares in issue.  Deducting the 7,361 held in Treasury there will accordingly be 176,815,118 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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