1 Jul 2010 07:00
Andes Energia plc
("Andes" or the "Company")
Issue of new equity and total voting rights
Further to our announcement on 16 February 2010, under the existing debt facility with Genipabu Investments LLC ("Genipabu"), Genibapu has agreed to take ordinary shares in lieu of cash for interest due for the period from 15 February 2010 to 31 December 2010 at a price equal to the higher of 20 pence per ordinary share of Andes of 10p each ("Ordinary Shares") and the average share price for the 90 days prior to the date of issue.
Interest now due for the period from 15 February 2010 to 15 May 2010 will be satisfied in lieu of cash by the issue of 723,408 new Ordinary Shares at a price of 20p per share.
The loan and any accrued interest remains convertible, at any time, in whole or in part, until its maturity at the lender's option, into Ordinary Shares at a price equal to the average share price for the previous 90 days.
Application has been made for the 723,408 Ordinary Shares to be admitted to AIM. It is expected that admission of the new Ordinary Shares will become effective on 6 July 2010.
After admission of the new Ordinary Shares, Genipabu will own 4,673,261 Ordinary Shares representing approximately 3.8 per cent. of the Company's enlarged issued share capital.
Total Voting Rights
Following admission of the 723,408 Ordinary Shares, the total number of issued Ordinary Shares will be 121,767,859 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company 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 share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
For further information please contact:
| Andes Energia plc | Luis Alvarez Poli, CEO Nigel Duxbury, FD
| T: 020 7495 5326 |
| Arbuthnot Securities | Antonio Bossi Ed Groome
| T: 020 7012 2000 |
| Bishopsgate Communications | Nick Rome Michael Kinirons
| T: 020 7562 3350 |
Note to Editors:
Andes
Andes is a Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.