President Energy PLC CGC Share Subscription (2307D)
26 Octubre 2020 - 8:15AM
UK Regulatory
TIDMPPC
RNS Number : 2307D
President Energy PLC
26 October 2020
26 October 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
CGC Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, confirms that further to the
announcement of 20 November 2019 Compania General De Combustibles
S.A. ("CGC") has completed the fourth quarterly instalment of its
share subscription programme.
CGC has invested a further sum of US$165,000.00 approximately
GBP126,669.74 at an exchange rate of GBP1: 1.3026 USD being the
spot rate on the day prior to 25 October 2020, the effective date
of the investment ("the Additional Subscription Amount"). To
satisfy the Additional Subscription Amount, President has issued to
CGC 8,587,779 new ordinary shares of 1p each in the capital of the
Company (the "Additional Subscription Shares") to CGC at a
subscription price of 1.475 pence per Additional Subscription
Share, being the closing mid-market price per Ordinary Share on 23
October 2020.
Application has been made for the 8,587,779 Additional
Subscription Shares to be admitted to trading on AIM and dealings
are expected to commence on 30 October 2020 ("Admission").
The Additional Subscription Shares will rank pari passu with the
existing ordinary shares in the capital of the Company. Following
Admission, the Company's issued share capital will consist of
2,023,576,238 Ordinary Shares. Accordingly, the figure of
2,023,576,238 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.
Contact:
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Charlie Beeson +44 (0) 207 220 0500
Shore Capital (Corporate Broker)
Jerry Keen, Antonio Bossi +44 (0) 207 408 4090
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets in Argentina
capable of delivering positive cash flows and shareholder returns.
With a strong institutional base of support, including the IFC,
part of the World Bank Group as well as the international commodity
trader and logistics company Trafigura, an in-country management
team as well as a Board whose interests are aligned to those of its
shareholders, President Energy gives UK investors access to the
Argentina energy growth story combined with world class standards
of corporate governance, environmental and social
responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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