16 Feb 2010 07:00
16 February 2010
Andes Energia plc
("Andes" or the "Company")
Issue of new equity and total voting rights
Further to our announcement on 9 November 2009, the Board of Andes (AIM: AEN), the Latin American energy group, announces that it has now approved the allotment of shares to Genipabu Investments LLC ("Genibapu"), a Delaware company, under the terms of the debt facility agreement with Genipabu dated 30 October 2009.
The lender has taken ordinary shares in lieu of cash for interest now due for the period from 26 October 2009 to 14 February 2010, which will be satisfied by the issue of 580,706 new ordinary shares of Andes of 10p each ("Ordinary Shares") at a price of 28p per share.
The loan and any accrued interest is 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 will be made for the 580,706 Ordinary Shares to be admitted to AIM. It is expected that admission of the new Ordinary Shares will become effective on 22 February 2010.
After admission of the new Ordinary Shares, Genipabu will own 3,949,853 ordinary shares representing approximately 3.3 per cent. of the Company's enlarged issued share capital.
Total Voting Rights
Following admission of the 580,706 Ordinary Shares, the total number of issued ordinary shares in the Company will be 121,044,451 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 | James Steel Antonio Bossi
| 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.