RE: New prospectus?11 Jun 2025 08:22
From 28 March 2023 RNS - re Evan and Olaf so they want their money back
Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company, is pleased to announce that it has conditionally placed 10,000,000 new ordinary shares of £0.01 each in the Company and 51,525,325 existing ordinary shares of £0.01 each in the Company transferred by two directors of the Company, Tom Evans and Olof Rapp together with other existing shareholders, (together the "Placing Shares") at a placing price of 3 pence each (the "Placing Price") to raise £1,545,759 (before expenses) (the "Placing").
The Company would not have been able to satisfy its obligations in full under the Placing by the issue and admission to the Official List (standard listing segment) of the London Stock Exchange's main market for listed securities ("Official List") of new ordinary shares without producing of an FCA approved prospectus. The Company has therefore relied upon the support of its existing Shareholders and is proposing to issue and admit 10,000,000 new ordinary shares (available under the Company's existing headroom under the UK Prospectus Regulation as at 31 March 2023) on or around 4th April 2023. Andy Clifford, a director of the Company's wholy owned subsidiary in the US, is participating in the Placing to the value £30,000.
On the same date, it is also intended for the balance of the Placing Shares to be provided by two directors of the Company, Tom Evans and Olof Rapp, together with other existing shareholders, ("Existing Shareholders"), by way of a transfer of 41,525,325 existing ordinary shares (the "Existing Shares") held by them in order to settle the Placing in a timely manner. For the avoidance of doubt, the transfer of the Existing Shares involves no cash consideration being paid to the Existing Shareholders.
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