Last checked at 1 Nov 2019 07:00
1 November 2019
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
1st Interest Payment Conversion and Partial Early Repayment of Convertible Loan Notes via Subscription for New Ordinary Shares at 14.93 pence per share
The Board of Westmount is pleased to announce that the Company has elected to make the 1st Interest Payment of £67,446.56, due on 31st October 2019 in relation to the residual £660,000 principal of 10% p.a. convertible unsecured loan notes 2021 ("Convertible Loan Notes"), through the issue of 451,751 new ordinary shares of no par value ("New Ordinary Shares") by way of a subscription (the "Subscription").
In addition, the Board is pleased to announce the proposed early repayment of £260,000 principal of the £660,000 residual principal of Convertible Loan Notes through the issue of a further 1,741,459 New Ordinary Shares pursuant to the Subscription.
Details of the Subscription
The total of 2,193,210 New Ordinary Shares to be issued pursuant to the Subscription ("Subscription Shares") will represent 1.997% of the enlarged issued ordinary share capital of the Company. The subscription price is 14.93 pence per share ("Subscription Price"), representing a 10% discount to the volume weighted average price ("VWAP") for the period of five trading days immediately prior to the 1st Interest Payment Date, as prescribed by the Loan Note Instrument.
Following the Subscription, Mr Walsh will hold 11,933,565 Ordinary Shares, representing approximately 10.86% of the Company's issued ordinary share capital. In aggregate £400,000 of Convertible Loan Notes will remain in issue to Mr. Gerard Walsh after this transaction. Mr. Walsh has waived his rights with respect to early repayment of this amount. The CLN Repayment and Subscription are expected to complete on or around 6 November 2019.
Total Voting Rights
An application will be made for admission of the total of 2,193,210 New Ordinary Shares to trading on AIM, which is expected to occur at 8.00 a.m. on or around 6 November 2019. Following admission, the Company's issued share capital will comprise 109,831,486 ordinary shares, each with voting rights, which 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 Guidance and Transparency Rules.
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0) 1534 823133
Jane Vlahopoulou
Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900
Nicholas Wells / Harry Hargreaves (Corporate Finance)
Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Gerard Walsh | |||
2 | Reason for the notification | ||||
a) | Position/status | Chairman | |||
b) | Initial notification /Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Westmount Energy Limited | |||
b) | LEI | 213800GJISWVBB5S3L84 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: GB00B0S5KR31 | ||||
b) | Nature of the transaction | Subscription | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£0.1493 | 1,012,027 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,012,027 | ||||
- Price | £151,095.63 | ||||
e) | Date of the transaction | 31 October 2019 | |||
f) | Place of the transaction | Outside of trading venue | |||