Conversion of Loan Notes, Warrants and TVR

RNS Number : 1901N
Prospex Energy PLC
28 September 2021
 

 

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

 

28 September 2021

 

Prospex Energy PLC

 

Conversion of Loan Notes, Warrants 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 10,071,523 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"), following the conversion of warrants over Ordinary Shares ("Warrants") and the conversion of convertible loan notes granted in December 2020 (the "2020 CLNs"). 

 

1,338,282 Warrants have been converted by one individual and one organisation who were granted the Warrants pursuant to a warrant agreement dated 23 December 2020 and as announced by the Company on 24 December 2020.  The warrants have been exercised at 2.25p and therefore the Company has received £19.025.99 as a result of the conversion. The Company has issued 1,338,282 new Ordinary Shares as a result of the conversion.

 

The conversion of the 2020 CLNs will cancel a total of £179,031.56 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 six individuals, two organisations and a pension fund pursuant to a loan note instrument dated 23 December 2020 and also announced by the Company on 24 December 2020.  Following the conversion, £36,806.69 of the 2020 CLNs issued pursuant to the same instrument are outstanding.  The Company has issued 8,733,241 new Ordinary Shares as a result of the conversion.  As part of the 2020 CLN conversion the accrued interest since 23 December 2020 of £4,359.94 will be paid in cash to the loan note holders. 

 

Two of the Company's directors are converting all of their 2020 CLNs (one via a SIPP).  As they are Persons Discharging Managerial Responsibility, ('PDMR'), the required PDMR forms are set out below this announcement.

 

Admission to Trading

 

The Company has today applied to the London Stock Exchange for admission of, in aggregate, 10,071,523 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 1 October 2021.  On 30 September 2021 there will be 165,443,312 Ordinary Shares in issue and 7,361 shares held in Treasury.  Following Admission, there will be 175,514,835 Ordinary Shares in issue.  Deducting the 7,361 held in Treasury there will accordingly be 175,507,474 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.

 

* * ENDS * *

 

 

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

 

 

Mark Routh

Prospex Energy PLC

Tel: +44 (0) 20 7236 1177

Rory Murphy
Ritchie Balmer

 

Strand Hanson Limited

 

Tel: +44 (0) 20 7409 3494
 

Colin Rowbury
Jon Belliss

Novum Securities Limited

Tel: +44 (0) 20 7399 9427

Duncan Vasey

Peterhouse Capital Limited

Tel: +44 (0) 20 7220 9797

Susie Geliher
Catherine Leftley

 

St Brides Partners Ltd

 

Tel: +44 (0) 20 7236 1177

 

 

PDMR Notification

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

William Smith

2.

Reason for the Notification

a)

Position/status

Director of the Company

b)

Initial notification/amendment

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.1p each in the share capital of Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Conversion of Loan Notes

c)

Price(s) and volume(s)

Price(s)

Volume(s)

2.05 pence

 

1,312,359

 

d)

Aggregated information

Aggregated volume Price

1,312,359

2.05 pence

e)

Date of the transaction

28 September 2021

f)

Place of the transaction

London

 

 

 

PDMR Notification

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

The personal SIPP of Richard Mays

2.

Reason for the Notification

a)

Position/status

Director of the Company

b)

Initial notification/amendment

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

4.

Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Conversion of Loan Notes

c)

Price(s) and volume(s)

Price(s)

Volume(s)

2.05 pence

 

653,822

 

 

 

d)

Aggregated information

Aggregated volume Price

653,822

2.05 pence

e)

Date of the transaction

28 September 2021

f)

Place of the transaction

London

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCLPMFTMTMTMJB
UK 100

Latest directors dealings