RE: Pxog29 Jan 2020 09:51
As announced on 19 December 2017, Prospex has the option to acquire up to 49.9% of Schuepbach Energy Espania S.R.L., renamed Tarba Energia S.L ("Tarba"), which has a 100% interest in Tesorillo, from Schuepbach Energy International LLC ("SEI") in three tranches. Since the announcement SEI's interest in Tarba has been transferred to Petrel Energy Limited ("Petrel") a shareholder of SEI.
In line with this, PXOG Muirhill Ltd ("Muirhill"), a wholly owned subsidiary of Prospex, entered into a Share Purchase Agreement ("SPA") with SEI to acquire up to 44,910 ordinary shares of Tarba ("Tarba Ordinary Shares"). The shares not acquired are owned by Petrel. The initial purchase of 2,250 Tarba Ordinary Shares was for a consideration EUR48,250. The SPA provided for Muirhill, at its sole discretion to acquire a further and second tranche of 11,250 Tarba Ordinary Shares for a consideration of EUR280,000 by 31 December 2018, which increases Muirhill's total holding to 15% of the entire issued share capital of Tarba. The SPA provides for Muirhill at its sole discretion to acquire a further tranche of 31,410 Tarba Ordinary Shares for a consideration of EUR1,725,000 before the mid-way point of the sixth year of the licence. Purchase of the third tranche of Tarba Ordinary Shares would take Muirhill's total holding to 49% of the entire issued share capital of Tarba. The SPA restricts the issuance of new Tarba Ordinary Shares or options over such shares in the period to acquisition of the third tranche and contains the usual provisions and warranties for an agreement of this nature.
We have till 20 23 to pay EUR 1,725,000
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