TIDMPPC
RNS Number : 9791W
President Energy PLC
30 December 2021
30 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Atome Energy PLC first day of dealings on AIM
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets announces the admission of the shares in
Atome Energy PLC ("Atome") to trading on the AIM market of the
London Stock Exchange and completion of the dividend in specie in
relation to Atome.
Highlights
-- Atome's shares admitted to trading on AIM as an independent company with an initial market capitalisation of GBP26 million
-- Distribution by way of dividend in specie of President's shares in Atome completed
-- After the distribution, President continues to hold 27.9% of Atome
Atome Energy PLC
President notes the announcement by way of RNS made today by
Atome Energy PLC in relation to the admission of Atome's shares to
trading on AIM and congratulates Atome and all its shareholders on
this and Atome becoming an independent green hydrogen and ammonia
production company. The text of the announcement made today by
Atome is set out below.
President further confirms that the dividend in specie referred
to in previous announcements of President and latterly on 17
December 2021 has now been made.
Following on from this, President will continue to hold Atome's
shares representing 27.9% of the entire issued share capital of
Atome.
An operational update relating to President's own conventional
oil and gas business will be made after new year with all current
operations proceeding in line with expectations.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES
AND DEPENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF
COLUMBIA) (COLLECTIVELY, THE "UNITED STATES"), AUSTRALIA, CANADA,
JAPAN, SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE
TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE
LAW
30 December 2021
ATOME ENERGY PLC
("ATOME" or the "Company")
Admission to Trading on AIM
First day of dealings
ATOME has received the prestigious London Stock Exchange's Green
Economy Mark
ATOME Energy (AIM: ATOM), the international company focused on
green hydrogen and ammonia production, sales and marketing with
current projects in Iceland and Paraguay, is pleased to announce
that its entire issued ordinary share capital will today be
admitted to trading on the AIM market of the London Stock Market
("Admission"). Dealings will commence at 8:00 a.m. today, Thursday
30 December 2021, under the ticker "ATOM" (ISIN: GB00BP4BSM10). The
Company's SEDOL is BP4BSM1. The Company's Admission Document can be
viewed at the website of the Company at www.atomeplc.com.
ATOME, as the first and currently only company solely focusing
on being a producer of green hydrogen and ammonia to have its
shares traded on the London Stock Market, offers investors access
not only to potential upstream manufacturing of green hydrogen and
ammonia but also through its established in country contacts and
shareholder base to the all-important downstream offtake
market.
The Directors believe that ATOME has through its carefully
planned and implemented business model a significant opportunity to
fast track and be at the forefront of the international development
of green hydrogen and ammonia as future fuel.
Green hydrogen and ammonia are an essential part of the matrix
of renewable energy sources to decarbonise the global economy where
they can address hard to abate carbon footprints of industries such
as heavy transport, marine and steel and concrete manufacturing as
well as enabling the large-scale production of green fertilisers.
As such they have been referred to as the swiss army knife of
energy providing multiple solutions in sectors where renewable
alternatives such as rechargeable batteries have no answer.
In addition to being a valuable part of the armoury in
decarbonisation, with the recent significant increase in the prices
of fossil fuels which are still used to generate over 95% of
hydrogen current production, ATOME's green projects are expected to
have significant potential end market cost benefits; one example
being in agriculture where ammonia a key component in fertilisers
has doubled in price over the last twelve months to over US$1,000
per tonne due directly to the substantial rise in the cost of
natural gas.
The Company has accordingly selected its projects to take
advantage of available low-cost pure green power in sufficient
amounts so as to build businesses of scale in fiscally benign
countries with not only domestic demand but which are also located
within international trading blocks. ATOME has targeted
commencement of production for the first part of 2024 and expects
to benefit in the future from the projected reduction in the price
of electrolyser and other manufacturing equipment used in the
production process combined with the advent of new technologies
offering greater economies with an increasing number of suppliers
coming into the market providing greater choice and competitive
tension for the benefit of purchasers of such equipment.
Key points
-- Successful fundraise of up to GBP9 million at 80p per share
sufficient in the opinion of the Directors to progress ATOME's
projects up to formal commitments on plant procurement and
infrastructure investment and the entry into formal power purchase
agreements (the "Final Investment Decision" or "FID") without any
further additional funding, which the directors believe will be a
significant value creation catalyst for ATOME
-- GBP6 million has been raised through the Placing and
PrimaryBid Offer. The balance of up to GBP3 million will be made
available at the placing price only if the Directors determine it
is needed by way of the Standby Equity Facility Agreement from the
investment fund of Peter Levine, the Chairman and significant
shareholder which facility has been granted at no direct or
indirect cost to ATOME
-- FID targeted to be reached by end H1 2022 with first
potential production targeted for the first part of 2024
-- ATOME has qualified and been recognised as one of the select
number of public traded companies contributing to the global green
economy by receiving the London Stock Exchange's prestigious Green
Economy Mark, supporting ATOME in communicating the Company's green
credentials to investors and other stakeholders, whilst
highlighting the mission of ATOME to support the transition to a
net zero economy and meaningfully mitigate the impacts of climate
change
-- Oliver Mussat, the CEO, formerly the Chief Investment Officer
for Global Energy at IFC, part of the World Bank Group, heads an
experienced green management team
-- The locations of ATOME's projects in Iceland and Paraguay
have been strategically selected for their readily available
adequate supply of low-cost stable baseload green energy and
significant established domestic-end markets with export potential
in the two large multi-national trading zones of the EU and
Mercosur countries
-- In Iceland, ATOME through its 75% owned local subsidiary,
Green Fuel ehf, which is targeting first hydrogen and ammonia
production in 2024 utilising up to 100 megawatts ("MW") geothermal
power from the National power supplier and benefiting from Green
Fuel's local management, in country knowledge, technical expertise
and commercial downstream end market contacts as well as the
potential of export markets in the EU and EFTA countries
-- In Paraguay, ATOME through its wholly owned subsidiary ATOME
Paraguay is targeting the supply of green renewable electricity of
up to 250 MW of power from Itaipu, the second largest hydroelectric
dam in the world by output with conditional arrangements in place
with Itaipu's Technology Park to locate ATOME's main production
facility adjacent to the dam near the intersecting border of
Argentina, Brazil and Paraguay. ATOME using its established local
management base and in country experience has as part of its
business plan the development of the downstream domestic market by
engaging with shipping, trucking, fertiliser, retail fuel and
commodity trading companies as well as benefiting from Paraguay's
membership of the Mercosur multi-national trading organisation
-- Strong and supportive significant shareholder base including
the energy entrepreneur Peter Levine, Schroders Fund Management and
Trafigura, one of the world's largest commodity traders, energy
offtakers and logistics companies
Further information is available at ATOME's website at
www.atomeplc.com and by following ATOME on Twitter
@atomehydrogen.
Oliver Mussat, CEO of ATOME Energy, commented:
"Today marks an important milestone for both ATOME and the
London market's place in the transition to a green economy. ATOME
is the first dedicated and currently only company targeting green
hydrogen and ammonia production to have its shares traded on London
Stock Market, with both commodities expected to play a key role in
the decarbonisation of future energy supply.
"We are proud of the award of London Stock Exchange's Green
Economy Mark. This prestigious classification represents our
commitment as a company to meaningfully mitigate the impacts of
climate change and is a clear message to our investors and other
stakeholders of the commitment of ATOME in supporting the
transition to net zero.
"We have assembled a green-focused Board whose complementary
skills and experience across the energy value chain demonstrate
that we can deliver these projects. Both Board and management made
a material contribution to the fundraise and are thus fully aligned
with our new investors. I would like to thank the Board, along with
our advisers and significant shareholders including Peter Levine,
our Chairman, Trafigura, one of the world's leading commodity,
energy and logistics companies, and fund manager Schroders for
their continued guidance and support.
"With the funding secured, ATOME is in a position to rapidly
progress its projects in Iceland and Paraguay towards Final
Investment Decision (or FID) in both countries. The projects both
plan to deliver green energy using mature technology and low-cost
baseload power which is available on-tap in both locations. Our
projects have government support and accessible markets which need
green hydrogen and ammonia to reach their net zero targets, and
ATOME is positioned to capitalise on this.
"We have an exciting road ahead as nations implement
decarbonisation strategies with green hydrogen and ammonia at their
heart. We look forward to updating shareholders on ATOME's progress
during 2022 with increasing newsflow as we move towards FID,
commencing with a live Investor Meet presentation to which all
shareholders, analysts and prospective investors will be invited at
a date to be announced in January."
For more information, please visit https://www.atomeplc.com or
contact:
ATOME ENERGY PLC +44 (0) 20 7016 7950
Nikita Levine, Investor Relations nikita.levine@atomeplc.com
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
finnCap (Joint Broker) +44 (0) 20 7220 0500
Christopher Raggett, Tim Harper
SP Angel (Joint Broker)
Richard Hail, Caroline Rowe +44 (0) 20 3470 0470
Tavistock (Financial PR and IR) +44 (0) 20 7920 3150
Simon Hudson, Rebecca Hislaire, a tome@tavistock.co.uk
Charles Baister
Capitalised terms used in this announcement and not separately
defined shall have the meaning given to them in the Company's
Admission Document.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
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.
With a strong strategic and institutional base of support,
including the international commodity trader and logistics company
Trafigura, an in-country management team as well as the Chairman
whose interests as the largest shareholder are aligned to those of
its shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
Further details on President and Atome can be found on their
respective web sites and twitter accounts.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
MSCQKLFLFLLLFBV
(END) Dow Jones Newswires
December 30, 2021 01:59 ET (06:59 GMT)
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