17 Nov 2021 07:00
17 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Reduction of capital confirmed by High Court
President Energy (AIM: PPC), the energy company announces that on 16 November 2021 the High Court of Justice in England and Wales approved the reduction of capital in the company by way of cancellation of the Company's Share Premium account.
This is a necessary precursor to the contemplated distribution by way of dividend in specie of the majority of shares held by the Company in Atome Energy PLC ("Atome") in conjunction with the spin out of Atome and the application to AIM of the London Stock Exchange for admittance of the shares of Atome to trading.
Contact:
President Energy PLC Nikita Levine, Investor Relations
| +44 (0) 207 016 7950 info@presidentpc.com |
finnCap (Nominated Advisor and broker) Christopher Raggett, Tim Harper
| +44 (0) 207 220 0500
|
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
Atome Energy is the green hydrogen and ammonia subsidiary of President Energy PLC with intended operations in the Americas and Europe and a targeted separate listing on the London Stock Exchange market later in 2021.
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets capable of delivering positive cash flows and shareholder returns. With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014