Prospex Energy PLC Conversion of Loan Notes and TVR (2984L)
September 05 2023 - 2:00AM
UK Regulatory
TIDMPXEN
RNS Number : 2984L
Prospex Energy PLC
05 September 2023
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
5 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 GBP225,377.72 in two convertible
loan notes in exchange for the issue of 5,303,006 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.
Admission to Trading and Total Voting Rights
The Company has applied to the London Stock Exchange for the
admission of 5,303,006 new Ordinary Shares to trading on AIM
('Admission') as a result of the above conversion. Admission is
expected to occur on or around 8 September 2023. On 6 September
there will be 307,300,354 Ordinary Shares in issue. Following
Admission of these 5,303,006 new shares there will be a total of
312,603,360 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:
"Of the GBP1.87 million 4.25p Convertible Loan Notes issued in
July 2022, there are just five of the original twenty-eight Loan
Note holders who have not yet converted their loans and interest
into Prospex shares. The first capital repayment of one-third of
the outstanding loans was due to be repaid on 30 September 2023.
The total remaining 4.25p Loan Notes now amount to less than
GBP300,000 which would convert into around 7 million shares unless
the capital is repaid.
"The conversion of these Loan Notes is very helpful for Prospex
as it reduces the outstanding debt in the Company and improves our
cash position. It is also beneficial to our supportive Loan Note
holders since their new shares are now trading at more than a 50%
premium to the conversion price of 4.25p per share."
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.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy Tel: +44 (0) 20 7236
PLC 1177
Ritchie Balmer Strand Hanson Tel: +44 (0) 20 7409
Rory Murphy Limited 3494
------------------ --------------------
Jerry Keen Fox-Davies Tel: +44 (0) 20 3884
Capital Limited 7447
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Andrew Monk (Corporate Broking) VSA Capital Tel: +44 (0) 20 3005
Andrew Raca/Alex Cabral (Corporate Limited 5000
Finance)
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Ana Ribeiro / Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Limited 1177
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END
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