RE: Placing9 Jan 2021 11:48
Steven49, what you posted re trafigura placing never happened I believe. It was superseded on the 3rd June 2020 with this. 1.85 price not 4.65.
The international commodity trader Trafigura has agreed to substantially increase its stake in President pursuant to a subscription (the "Subscription") of US$6 million for 258,745,946 new ordinary shares in President at a price of 1.85 pence per share (the "Subscription Shares" and "Subscription Price" respectively). All subscription monies will be applied in fully repaying the remaining advances made by the Trafigura group to the Company and its subsidiaries (the "Group") referred to in President's announcement of 25 July 2019.
· IYA Global Limited ("IYA"), a company beneficially owned by Peter Levine, has stated that it intends, upon the passing of certain resolutions at a general meeting to be held on 22 June, to convert at least US$4.1 million of debt under the existing unsecured loan facility between IYA Global Limited and President ("IYA Loan Facility") into an amount of new ordinary shares in the Company (the "Conversion Shares") at a price of 1.85 pence per share (the "Conversion") that will enable Peter Levine (through his investment vehicles) to hold 29.95 percent of the Company's enlarged share capital. It is intended that the exact amount of debt to be converted will be determined following the closing of the retail offer described hereafter. It is also intended that the maturity date for the repayment of the relevant facility be extended until 31 December 2024.