11 Jul 2011 07:00
11 July 2011
Andes Energia plc
("Andes" or the "Company")
Issue of new equity and total voting rights
The Company has been notified that, under the existing debt facility with Genipabu Investments LLC ("Genipabu"), Genibapu has exercised its option to covert part of the principal amount outstanding into ordinary shares of Andes of 10p each ("Ordinary Shares") and has further agreed to take Ordinary Shares in lieu of cash for interest due for the period from 15 November 2010 to 14 May 2011 at a price equal to the higher of 20 pence per Ordinary Share and the average share price for the 90 days prior to the date of issue.
The conversion of US$3,600,000 of the principal outstanding and interest due for the period from 15 November 2010 to 14 May 2011 will be satisfied by the issue of 10,748,945 new Ordinary Shares at a price of 23p per share.
The balance of the loan outstanding 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 10,748,945 Ordinary Shares to be admitted to AIM. It is expected that admission of the new Ordinary Shares will become effective on 14 July 2011.
After admission of the new Ordinary Shares, Genipabu will own 16,794,542 Ordinary Shares representing approximately 11.7 per cent. of the Company's enlarged issued share capital.
Total Voting Rights
Following admission of the 10,748,945 Ordinary Shares, the total number of issued Ordinary Shares will be 144,139,140 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: +442074955326 |
Arbuthnot Securities | Antonio Bossi Ed Groome
| T: +442070122000 |
Buchanan
| Tim Thompson Ben Romney | T: +442074665000 |
Note to Editors:
Andes is a Latin American energy group, with oil and gas, electricity distribution and hydro-electric power interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.