20 Mar 2015 10:56
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of President Energy PLC or other evaluation of any securities of President Energy PLC or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.
20th March 2015
President Energy PLC
("President" or the "Company")
Result of General Meeting and Placing
On 4th March 2015, President announced a Firm Placing of 29,668,627 new Ordinary Shares and a Proposed Placing of 43,139,023 new Ordinary Shares at 12.50p per share, together with 1 Warrant for every 1 new Ordinary Share subscribed for ("Transaction"). Admission to trading on AIM of the Firm Placing Shares took place on 6 March 2015.
President is pleased to announce that all of the resolutions put to shareholders at the Company's General Meeting held earlier today have been approved. Details of the results of each resolution are shown below.
Accordingly, President is pleased to confirm that the only condition remaining of the Placing is the Admission to trading on AIM of the 43,139,023 new Ordinary Shares that are the subject of the Proposed Placing, which an application has been made to the London Stock Exchange for to commence trading at 8.00 a.m. on 23rd March 2015.
Results of General Meeting
Resolution Number | Details of Resolution | Percentage of votes received in favour of the resolution |
1. | To authorise the Company to allot shares or grant rights to subscribe for or convert securities into shares up to an aggregate nominal amount of £862,780.46 in connection with the Placing. |
99.88% |
2. | To dis-apply statutory pre-emption rights in respect of the allotment of shares for cash up to an aggregate nominal amount of £862,780.46 in connection with the Placing. |
99.88% |
3. | To authorise the Company to allot shares or grant rights to subscribe for or convert securities into shares generally up to an aggregate nominal amount of £959,038.70. |
99.88% |
4. | To dis-apply statutory pre-emption rights generally in respect of the allotment of shares for cash up to an aggregate nominal amount of £479,519.35. |
99.88% |
Following Admission, the Company's total issued share capital will consist of 479,519,348 Ordinary Shares. No Ordinary Shares are held in treasury and therefore the number of Ordinary Shares with voting rights will be 479,519,348. This is the figure that should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Peter Levine, Executive Chairman and Chief Executive Officer of President said:
"We are pleased to have successfully raised these funds which will provide President with the means to continue to develop our portfolio and generate further value for shareholders."
For further information contact:
President Energy PLC | +44 (0) 207 811 0140 |
Peter Levine, Executive Chairman and Chief Executive Officer | |
Ben Wilkinson, Group Finance Director | |
RBC Capital Markets | +44 (0) 207 653 4000 |
Jeremy Low | |
Matthew Coakes | |
Daniel Conti | |
Canaccord Genuity Limited Henry Fitzgerald-O'Connor
|
+44 (0) 207 523 8000 |
Bell Pottinger | |
Gavin Davis | +44 (0) 203 772 2500 |
Henry Lerwill |