Exercise of Warrants and Directors' Dealings (5470C)
March 08 2011 - 8:48AM
UK Regulatory
TIDMPELE
RNS Number : 5470C
Petrolatina Energy PLC
08 March 2011
8 March 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Exercise of Warrants and Directors' Dealings
PetroLatina (AIM: PELE), the independent oil and gas
exploration, development and production company focused on Latin
America, today announces the exercise of, in aggregate, 246,154
warrants into new ordinary shares of US$0.10 each ("New Ordinary
Shares") in the Company.
Of the abovementioned 246,154 warrants, 160,000 warrants were
exercised by Athos Enterprises Limited, a company in which Juan
Carlos Rodriguez, a director of the Company, has a beneficial
interest, and 86,154 warrants were automatically exercised by
Tribeca Oil & Gas, Inc. ("TOGI") (an exisiting substantial
shareholder, and a portfolio investment company of Tribeca Asset
Management Inc. (formerly Tribecapital Partners S.A.).
The New Ordinary Shares will rank pari passu in all respects
with the Company's existing ordinary shares of US$0.10 each
("Ordinary Shares") and application will be made to the London
Stock Exchange for these, in aggregate, 246,154 New Ordinary Shares
to be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and that dealings in the New
Ordinary Shares will commence at 8.00 a.m. on Monday 14 March 2011.
The Company's issued ordinary share capital will consist of
104,870,420 Ordinary Shares with voting rights. PetroLatina does
not hold any Ordinary Shares in treasury and accordingly there are
no voting rights in respect of any treasury shares.
The above figure of 104,870,420 Ordinary Shares may be used by
shareholders in the Company 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, PetroLatina under
the FSA's Disclosure and Transparency Rules.
Following the exercise of the abovementioned warrants and
issuance of the New Ordinary Shares, TOGI and its related companies
now hold, in aggregate, 59,501,935 Ordinary Shares, representing
approximately 56.74 per cent. of the Company's enlarged issued
share capital and warrants over a further 593,721 Ordinary Shares
which are automatically exercisable if, and to the extent that, any
exercise of the Company's other existing outstanding 1,102,625
warrants occurs. In addition, Tribeca Oil & Gas Financing Inc.,
a subsidiary of TOGI, currently holds an aggregate principal amount
of US$6.29 million of convertible 12 per cent. loan notes due in
June 2011.
Following the exercise of the abovementioned warrants, Mr
Rodriguez is interested, in aggregate, in 13,021,629 Ordinary
Shares representing approximately 12.42 per cent. of the Company's
issued share capital. This holding includes 2,535,872 Ordinary
Shares held by Lyan Financial Corporation, 10,080,757 Ordinary
Shares held by Rorick Ventures Group Inc., and 160,000 Ordinary
Shares held by Athos Enterprises Limited, companies in which
members of Mr Rodriguez's family have beneficial interests. Mr
Rodriguez also holds options over a further 1,000,000 Ordinary
Shares. The options vest over a three year period from 16 October
2009, and are immediately exercisable, in whole or in part, up to
the fifth anniversary of the date of grant, at an exercise price of
44.5 pence per Ordinary Share.
John May, a director of the Company, holds warrants over 20,000
Ordinary Shares, and a member of the Company's management team
holds warrants over a further 40,000 Ordinary Shares, which are
currently due to expire on 13 March 2011. These warrants are
exerciseable at a price of GBP0.65 per Ordinary Share and are
therefore currently out of the money. Accordingly, in order to
continue to appropriately incentivise these individuals, the Board
has yesterday resolved that the exercise period of these warrants
be extended to 31 December 2013. All other terms of the warrants
remain the same. Following this extension, Mr May remains
interested in 20,000 warrants and 50,000 options exerciseable into
Ordinary Shares.
Enquiries:
PetroLatina Energy Plc Tel: +57 1627 8435
Juan Carlos Rodriguez, Chief Executive Officer
Pawan Sharma, Executive Vice President - Corporate Tel: +44 (0)20 7766
Affairs 0081
Strand Hanson Limited
Simon Raggett/Matthew Chandler Tel: +44 (0)20 7409
3494
Evolution Securities Limited
Rob Collins/Chris Sim Tel: +44 (0)20 7071
4304
Financial Dynamics
Ben Brewerton/Susan Quigley Tel: +44 (0)20 7831
3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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