30 Nov 2016 07:00
30 November 2016
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy" and, together with its subsidiaries, the "Group")
International Finance Corporation Equity Subscription
President Energy (AIM: PPC), the oil and gas exploration company, is pleased to announce that further to the announcement made on 15 November 2016 in connection with the proposed Fundraising and Loan Restructuring, the Company has signed the conditional subscription agreement with the International Finance Corporation ("IFC"), a member of the World Bank, for an investment of approximately US$2.8 million (£2.3 million). The IFC subscription forms part of the proposed US$20.0 million Fundraising.
The IFC has agreed to subscribe for 37,474,240 Subscription Shares at the Placing Price of 6 pence per share. The IFC's shareholding will, following the completion of the Fundraising, represent 11.7 per cent. of the Enlarged Share Capital. Completion of the Subscription is subject to the satisfaction of certain conditions.
A circular to shareholders containing details of the proposed Fundraising and Loan Restructuring and a notice of General Meeting to seek shareholder approval in connection with these proposals was posted on 16 November 2016. The General Meeting will be held at 11:00 am on 2 December 2016 at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT.
It is expected that Admission of the Placing Shares, Subscription Shares and Loan Conversion Shares will become effective on or around 5 December 2016 and that dealings for normal settlement in the those shares will commence at 8.00 a.m. on or around 5 December 2016.
Unless otherwise defined, capitalised terms used in this announcement have the same meaning as set out in the Fundraising announcement issued by the Company on 15 November 2016.
Peter Levine, Chairman, commented:
"We are very pleased to have concluded this subscription agreement with the IFC and are grateful for its continued support. We look forward to our continued partnership with IFC and enhancing shareholder value."
Contact:
President Energy PLC | |
Peter Levine, Chairman | +44 (0) 207 016 7950 |
Miles Biggins, COO | +44 (0) 207 016 7950 |
Peel Hunt LLP (Nominated Adviser & Joint Broker) | |
Richard Crichton, Ross Allister, Chris Burrows | +44 (0) 207 418 8900 |
BMO Capital Markets Limited (Joint Broker) | |
Jeremy Low, Neil Haycock, Tom Rider, Jenny Wyllie | +44 (0) 207 236 1010 |
Vigo Communications | |
Chris McMahon, Patrick D'Ancona | +44 (0) 207 830 9700 |
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.