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Prospex Oil & Gas ‘confident’ in becoming a diverse energy company - https://bit.ly/3ginxbb
Why this idiot is still managing company? He need to leave ASAP.
30/06/2020 12:45pm
UK Regulatory (RNS & others)
Prospex Oil And Gas (LSE:PXOG)
Intraday Stock Chart
Tuesday 30 June 2020
Click Here for more Prospex Oil And Gas Charts.
TIDMPXOG
RNS Number : 5582R
Prospex Oil and Gas PLC
30 June 2020
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
30 June 2020
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Result of AGM and Share Capital Reorganisation
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that all the resolutions proposed at its Annual General Meeting ('AGM') and as set out in the Notice of AGM of 8 June 2020 ('Notice'), held earlier today, were all duly approved by shareholders.
A poll was held on each of the resolutions and was passed by the required majority. Resolutions 1 to 6 were passed as ordinary resolutions. Resolutions 7 to 9 were passed as a special resolutions. The results of the poll were as follows:
VOTES VOTES VOTES VOTES
RESOLUTIONS FOR % AGAINST % TOTAL WITHHELD
1 - TO RECEIVE
THE ANNUAL REPORT
AND ACCOUNTS 333,232,161 99.89% 200,200 0.11% 333,583,161 0
------------ ------- ---------- ------ ------------ ----------
2 - RE-APPOINTMENT
OF DIRECTORS 331,170,502 99.52% 1,449,566 0.48% 332,770,868 812,293
------------ ------- ---------- ------ ------------ ----------
3 - RE-APPOINTMENT
OF DIRECTORS 330,170,502 99.22% 2,449,566 0.78% 332,770,868 812,293
------------ ------- ---------- ------ ------------ ----------
4 - RE-APPOINTMENT
OF AUDITORS 331,982,995 99.25% 2,365,553 0.75% 334,499,348 200,000
------------ ------- ---------- ------ ------------ ----------
5 - RE-APPOINTMENT
OF AUDITORS 330,866,808 99.25% 2,365,553 0.75% 333,383,161 200,000
------------ ------- ---------- ------ ------------ ----------
6 - ALLOTMENT
OF SHARE CAPITAL 327,052,315 98.63% 4,377,646 1.37% 331,583,161 2,000,000
------------ ------- ---------- ------ ------------ ----------
7* - CHANGE OF
NAME 331,867,008 99.49% 1,565,353 0.51% 333,583,161 0
------------ ------- ---------- ------ ------------ ----------
8* - DISAPPLICATION
OF STATUTORY
PRE-EMPTION RIGHTS 319,089,195 96.35% 4,377,746 3.65% 331,162,441 2,420,720
------------ ------- ---------- ------ ------------ ----------
9* - SHARE CAPITAL
REORGANISATION 320,322,008 96.60% 3,565,653 3.40% 331,583,161 2,000,000
------------ -------
Gas producer electricity producer
I quite like it :)
RESOLUTION 9– SHARE CAPITAL REORGANISATION
The Existing Ordinary Shares have a current nominal value of £0.001 per share. In the future if the Company
wished to raise funds via an issue of Existing Ordinary Shares it could not do so at a price of less than £0.001,
being the Existing Ordinary Shares’ nominal value and the approximate current share price of the Company.
The Company is therefore proposing to undertake the Share Capital Reorganisation, the effect of which will be
that the number of Ordinary Shares in issue will be reduced and the Company’s share price will
correspondingly increase. This will allow the Directors to raise further funds for the Company following the
Annual General Meeting, without having to call another general meeting should any fundraise price be below
£0.001 per share and the Board determine this to be correct course of action. The Board has, at present, no
definite plans to issue further New Ordinary Shares.
TIDMPXOG
RNS Number : 4445R
Prospex Oil and Gas PLC
30 June 2020
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
30 June 2020
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Annual General Meeting Statement
Prospex Oil and Gas Plc, the AIM quoted investment company, is holding its Annual General Meeting ('AGM') later today. At the meeting, Edward Dawson, CEO of Prospex, will make the following statement:
"The 2020 Prospex Oil & Gas AGM is unusual, not just because COVID-19 has prevented shareholders from attending and voting in person, but also because a resolution has been put forward for shareholders to vote by proxy to change the Company's name to Prospex Energy Plc. In our view, the proposed name change reflects how far we have come in terms of building a portfolio of onshore European projects that are at various stages of development and cover the entire energy cycle including exploration, development, production and power generation. Today, Prospex has a producing gas field in Romania, an integrated gas and power project in Spain, a gas discovery in Italy that is expected to come online in H1 2021 and a large scale exploration / appraisal project in southern Spain that has the potential to hold up to 830 Bcf of gas.
"It is no coincidence that all our projects target gas as opposed to oil. Historically gas prices are less volatile than oil benchmarks, due in part to the fuel typically being sold to local markets at prices agreed in multi-year contracts, providing a greater degree of predictability to revenues. Natural gas is the cleanest hydrocarbon in terms of carbon emissions when combusted, and so is increasingly viewed as an important transition fuel as the world moves towards net zero emissions. We believe now is the right time to change the Company's name to Prospex Energy as the Board attaches a great deal of importance to its Environmental, Social and Governance ('ESG') obligations and the Company is on course to become a 49.9% owner of an 8.1 MW power station that sells electricity to the Spanish grid, subject to the completion of the transfer of the El Romeral asset.
"The proposed name change is not based solely on the Company's assets today but also on those we expect to acquire in the future. Three of our four core projects are either currently producing gas, such as the Bainet field in Romania and the El Romeral gas and power project in Spain, or being advanced towards first production, as is the case with the Selva gas field in Italy, but all our projects offer multiple follow-up opportunities to substantially grow the number of gas fields within our portfolio.
"At El Romeral in Spain there are, gross contingent resources of 5 Bcf and gross prospective gas resources of 90 Bcf have been identified at two development locations and 11 very-low risk prospects respectively. These provide considerable scope to add to the three producing wells on the licence, which would
Better just to sell
So this share consolidation, sorry I’m very very new to share ownerShip and thought I’d try these see what would happen as very low share price and was an oil company with Gas so thought I’d just invest £300 about 6 weeks ago so just wondered what this consolidation lark is all about? Given even at the pittance I bought in at ive lost over £120 what price will the exchange shares be or should I just sell shares? I know I only have very low holding but was going to just leave and see initially not a lot to lose but 25 shares for 1 seems like theft how can a director be acting in our interests proposing this?
Once we are consolidated i can see at lease 100% placing as it will be the last one they get away with.
Lol if I sold all my shares now it wouldn't cover the £6 fee.
Bid stack will do , I've picked up alot at 4.30 's maybe worth you lot looking into that company to recoup losses here. I was in this stock at a very high price , so I'm only happy I sold as the price is shocking . Hope it comes good for you all , wen I was in this company they a guy called Ed I think , absolute waste of space with is promising , just like bids and most stocks in aim
bidstack doing well
Well thanks for your opinion. So you don't own any shares, but post on this board. Do you know what that makes you??? Mayt...
I'm glad I got rid of these years ago , worthless company. This company is only going one way , and that's down to hell with all the other bad labeled company's
Also don't forget at the sp we are the co can not raise more money via placings i vote no consolidation and the ED will need to build SP value for a change
Loadsamoneeeey
‘.... dont forget sp is more appealing to the masses at 0.10p level than 2.5p
better off without consolidation imo’ this is very true, it’s not that new investors would be buying shares because of the management, it’s for a punt, that elusive multi bagger....I’ve seen this movie play out before, I mentioned aero/rms last week, they ran out of rope so di a massive consolidation and went off to the races again I think they consolidated at 1.3p and currently trades at .27p after dropping to .16p. A glimmer of hope would be the like of copl having a decent run up...similarly type of lazy ceo....let’s see, I’m not expecting Ed to deliver anything though, he is beyond useless..fingers crossed one of the P&D crews start hyping pxog, that is the only chance to get out.
Morale of the story....assets are meaningless without management.
Its in the Agm prospectus - sneaky and unprofessional.
Where did u get the 25 to 1 share consolidation rns from? I couldnt find it on HL broker website.
"How will current shareholders lose if new entrants gain?" Obviously it depends what you paid to invest in this wonderful company.
The Board of Prospex Oil and Gas has announced a reorganisation of the Company's Share Capital. Shareholders as at close of business on 30 June 2020 will have their holding consolidated, receiving 1 new share in place of every 25 shares previously held. The Company will also be changing its name to Propex Energy plc at the same time.
The new consolidated Shares are expected on 1 July 2020. Please note we will credit the shares to your account upon receipt from the registrar which may not be before 8.00am on 1 July 2020.
Thank you, have to agree it is very sneaky not to put this in the RNS itself!
Effective share reorganisation ratio (one New Ordinary Share for every
Existing Ordinary Share held):
1 for 25
New Ordinary Shares in issue following Share Capital Reorganisation
(taking into consideration the issue of 1,864 Ordinary Shares to ensure the
total existing Ordinary Shares in issue are exactly divisible by the share
reorganisation ratio):
88,543,800
Hi balman its on prospex home page. information for investors look at circulars notice of agm 2020
Hi, has there been an announcement re consolidation as I can't seem to find any news or RNS to confirm this will be taking place?