Last checked at 27 Sep 2023 07:00
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
27 September 2023
Prospex Energy PLC
('Prospex' or the 'Company')
Conversion of Loan Notes and TVR
Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, announces that it has received notices to convert an aggregate of £109,043.57 in two convertible loan notes in exchange for the issue of 2,565,732 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").
The abovementioned convertible loan notes were issued in July 2022 and are convertible at 4.25p per share pursuant to a Convertible Loan Note Deed dated 18 July 2022. All twenty-eight of the Convertible Loan Notes issued in July 2022 have now been converted into Prospex shares.
Admission to Trading and Total Voting Rights
The Company has applied to the London Stock Exchange for the admission of 2,565,732 new Ordinary Shares to trading on AIM ('Admission') as a result of the above conversion. Admission is expected to occur on or around 2 October 2023. On 29 September there will be 326,707,149 Ordinary Shares in issue. Following Admission there will be a total of 329,272,881 Ordinary Shares in issue. This will be the number of Ordinary Shares that may 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 to their interest in the Company under the FCA's Disclosure and Transparency Rules.
Mark Routh, Prospex's CEO, commented:
"These last two conversions mark the end of all the £1.87 million Convertible Loan Notes issued in July 2022 convertible at 4.25p per share, including all accrued interest.
"This completely clears the debt of this Loan Note instrument, strengthens our balance sheet and further improves our cash position.
"I am very grateful to all of our Loan Note holders for their support and for their confidence in Prospex which during this year has enabled the Company to have become a producer of energy in Italy and Spain, generating cash flow for the company at a time when European gas and electricity prices are increasing."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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For further information visit www.prospex.energy or contact the following:
Mark Routh | Prospex Energy PLC | Tel: +44 (0) 20 7236 1177 |
Ritchie BalmerRory Murphy | Strand Hanson Limited | Tel: +44 (0) 20 7409 3494 |
Jerry Keen | Fox-Davies Capital Limited | Tel: +44 (0) 20 3884 7447 |
Andrew Monk (Corporate Broking)Andrew Raca/Alex Cabral (Corporate Finance) | VSA Capital Limited | Tel: +44 (0) 20 3005 5000 |
Ana Ribeiro / Susie Geliher | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |