30 July 2024
Challenger Energy Group
PLC
("Challenger Energy" or the "Company")
Results of AGM and Share
Capital Consolidation
The Company is pleased to announce
that at the Company's Annual General Meeting held today, all
resolutions were passed. Consequently, the Company will proceed
with the share consolidation as advised in the Company's Notice of
Annual General.
All resolutions were passed, with
the poll results as follows:
|
Resolution
|
For
|
%
|
Against
|
%
|
Withheld
|
%
|
|
1
|
3,181,122,524
|
87.52%
|
420,497,815
|
11.57%
|
33,323,576
|
0.92%
|
|
2
|
3,198,616,727
|
88.00%
|
421,435,216
|
11.59%
|
14,891,972
|
0.41%
|
|
3
|
3,196,795,274
|
87.95%
|
421,943,578
|
11.69%
|
16,205,063
|
0.45%
|
|
4
|
3,594,537,629
|
98.89%
|
27,455,461
|
0.76%
|
12,950,825
|
0.36%
|
|
5
|
3,123,486,008
|
85.93%
|
475,943,399
|
13.09%
|
35,514,508
|
0.98%
|
|
6
|
3,181,210,392
|
87.52%
|
420,927,853
|
11.58%
|
32,805,670
|
0.90%
|
As a result of Resolution 4 having
been passed at the AGM, shareholders have approved the reduction in
the number of Ordinary Shares by way of a consolidation on the
basis of 50 Ordinary Shares into one new ordinary share of 1p each
("New Ordinary Share")
(collectively the "Consolidation").
The Consolidation will become
effective and CREST accounts updated at 6 p.m. (UK time) on 6
August 2024. At the Record Date, being 6 p.m. on 6 August 2024, the
10,494,066,144 Existing Ordinary Shares will be consolidated into
209,881,332 New Ordinary Shares.
Application has been made for
209,881,332 New Ordinary Shares to be admitted to trading on AIM.
Dealings in the New Ordinary Shares are expected to commence at
8:00 a.m. on 7 August 2024 under new ISIN IM00BPLZ1D89 and SEDOL
BPLZ1D8 ("New Ordinary Share
Admission"). Certificates in respect of the New Ordinary
Shares are expected to be issued by 21 August 2024.
Following New Ordinary Share
Admission, the share capital of the Company will be comprised of
209,881,332 New Ordinary Shares of which no shares are held in
treasury. Therefore, the total number of voting rights in the
Company is 209,881,332. Shareholders may use this figure 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.
A fractional entitlement will arise
as a result of the Consolidation unless a holding of Ordinary
Shares prior to the Consolidation is exactly divisible by 50. For
example, a shareholder holding 1,006 Ordinary Shares would be
entitled to 20 New Ordinary Shares and a fractional entitlement of
0.12 of a New Ordinary Share after the consolidation of
shares.
Any fractional entitlements arising
from the Consolidation will be aggregated and sold in the market.
The costs, including the associated professional fees and expenses,
that would be incurred in distributing such proceeds are likely to
exceed the total net proceeds. The Board is therefore of the view
that, as a result of the disproportionate costs in such
circumstances, it would not be in the Company's best interests to
distribute such proceeds. The proceeds will instead be retained for
the benefit of the Company in accordance with the
resolution.
Following the Consolidation, save
for any adjustment resulting from fractional entitlements, all
shareholders will retain the same percentage interest in the
Company's issued ordinary share capital as that held immediately
prior to the implementation of the Consolidation. Shareholders
holding fewer than 50 Ordinary Shares immediately prior to the
Consolidation will cease to be shareholders of the
Company.
This announcement should be read in conjunction with the
Notice of AGM that was published on 30 June 2024, copies of which
are available on the Company's website at
https://cegplc.com/
and the
Company's announcement titled NOTICE OF ANNUAL GENERAL MEETING
("AGM")' on 30 June 2024 (the "Announcement"). Capitalised terms in
this announcement have the same meaning as given in the
Announcement and Notice of AGM, unless the context provides
otherwise.
For further information,
please contact:
|
Challenger Energy Group PLC
Eytan Uliel, Chief Executive
Officer
|
Tel: +44 (0) 1624 647 882
|
|
Zeus Capital Limited - Nomad and Broker
Simon Johnson / Antonio Bossi /
Darshan Patel / Isaac Hooper
|
Tel: +44 (0) 20 3829 5000
|
|
Gneiss Energy Limited - Financial Adviser
Jon Fitzpatrick / Paul Weidman /
Doug Rycroft
|
Tel: +44 (0) 20 3983 9263
|
|
CAMARCO
Billy Clegg / Hugo Liddy / Sam
Morris
|
Tel: +44 (0) 20 3757
4980
|
Notes to
Editors
Challenger Energy is an
Atlantic-margin focused energy company, with production,
development, appraisal, and exploration assets in the region. The
Company's primary assets are located in Uruguay, where the Company
holds high impact offshore exploration licences. Challenger Energy
is quoted on the AIM market of the London Stock
Exchange.
https://www.cegplc.com
ENDS