TIDMCERP
RNS Number : 1668Q
Columbus Energy Resources PLC
17 June 2020
17 June 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Corporate Update - Lind Facility payment in shares and issuance
of Contractor Shares
Columbus, the oil and gas producer and explorer focused on
onshore Trinidad and Suriname, announces a continuation, for the
month of June 2020, of the cost control measures first implemented
in April 2020 in response to the lower oil price environment.
As announced on 15 April 2020, the Company has implemented
various costs control measures, including the issuance of shares to
Lind in lieu of cash payments and the issuance of Contractor
Shares.
The Company has decided that it is the best of interests of its
shareholders to continue these actions into the month of June 2020
and as such will:
-- Issue 7,538,603 new ordinary shares to Lind in lieu of cash
payments otherwise due in June 2020 (the "Lind Shares"). Such
issuance is in accordance with the Company's rights under the 2019
Facility Agreement.
-- Contractor Shares: issuance of 9,500,000 new ordinary shares
to various contractors, as part of the Contractor Shares Scheme,
which has been in place since mid-2018.
The other measures for managing company costs as announced on 15
April 2020, including no cash salaries for the Executive
Management, remain in place.
The issuance of the Lind Shares and Contractor Shares in June
2020 was envisaged in the merger announcement made by the Company
and Bahamas Petroleum Company plc on 11 June 2020 and has no effect
on the exchange ratio as set out therein.
Tony Hawkins, CEO of Columbus, commented:
"The Company continues to manage some of its third party costs
through the issuance of shares under the Lind Facility and the
Contractor Shares scheme. We believe that at present this is in the
best interests of shareholders but we will review whether it makes
sense to continue to do so given the proposed merger. "
Lind Shares and Contractor Shares
The Lind Shares and the Contractor Shares represent 1.85% of the
918,014,741 ordinary shares in issue prior to the issuance of the
Lind Shares and Contractor Shares. The Lind Shares and Contractor
Shares will rank pari passu in all respects with the Company's
existing ordinary shares. An application will be made for the Lind
Shares and Contractor Shares to be admitted to trading on AIM,
("Admission"), and it is expected that Admission will become
effective and that dealings will commence on or around 22 June
2020.
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the
Financial Conduct Authority, the Board of Columbus hereby notifies
the market of the following:
As at the date of this announcement, and after the issuance of
the Lind Shares and the Contractor Shares, the Company's issued
share capital will consist of 935,053,344 ordinary shares with a
nominal value of 0.05p each, with voting rights ("Ordinary
Shares"). The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares in the Company
with voting rights is 935,053,344. This figure may be used by
Shareholders in the Company as denominator for the calculations by
which they may determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Contact Information
Columbus Energy Resources plc
Leo Koot / Gordon Stein / Tony Hawkins +44 (0)20 7203 2039
VSA Capital Limited
Broker
Andrew Monk / Andrew Raca +44 (0)20 3005 5000
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish / Rosalind Hill Abrahams +44 (0)20 7628 3396
Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and
explorer focused on onshore Trinidad and Suriname. In Trinidad, the
Columbus Energy group has five producing fields, one
appraisal/development project and a highly prospective exploration,
appraisal and development portfolio in the South West Peninsula
("SWP"), which lies in the extreme southwest of Trinidad and
consists of stacked shallow and deep prospects. In Suriname, the
Company has an onshore appraisal/development project. Columbus aims
to create transformational growth by developing its portfolio in a
capital efficient and disciplined manner.
Columbus is guided by the following core values; safe and
sustainable, stronger together, creative excellence, positive
energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management
team with supportive shareholders and intends on leveraging its
expertise and experience to build an attractive and diversified
portfolio of assets across South America in order to build an oil
production led South American exploration business.
To find out more, visit www.columbus-erp.com or follow us on
Twitter @Columbus_ERP .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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June 17, 2020 02:00 ET (06:00 GMT)
Columbus Energy Resources (LSE:CERP)
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