President Energy PLC Loan Conversion (1227O)
06 Octubre 2021 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 1227O
President Energy PLC
06 October 2021
6 October 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Loan Conversion
President Energy (AIM: PPC), the energy company with a diverse
portfolio of hydrocarbon production and exploration assets focused
primarily in South America as well as Atome, a new green hydrogen
and ammonia company announces a conversion of debt into equity.
Conversion
On 2 January 2018 the Company entered into a loan agreement (the
"Loan Agreement") with IYA Global Limited ("IYA") pursuant to which
IYA provided a loan facility up to $20.5 million to the Company (as
subsequently amended), the balance of this loan as at 1 August 2021
was US$11.4 million and is due for repayment by 31 December
2024.
IYA is a company beneficially owned by Peter Levine. IYA has
agreed to convert the sum of GBP102,000.00 being part of the debt
owed to it under the Loan Agreement into 6,000,000 new ordinary
shares in the Company ("the Conversion Shares") at the closing
mid-market price on the day prior to this announcement of 1.7 pence
per Conversion Share (the "Conversion"). IYA has directed in
accordance with Peter Levine's wishes that the Conversion Shares
shall be allotted and issued to the Peter Levine Foundation (the
"Foundation") a charity in which neither Peter Levine nor any
members of his family are beneficially interested and whose
principal objectives are for promoting education and the welfare of
the young.
Accordingly, following the Conversion Peter Levine through his
investment vehicles will hold 29.38% of the entire issued share
capital of the Company. The Foundation will hold 0.29% of the
entire issued share capital of the Company.
Application has been made for 6,000,000 Conversion Shares to be
admitted to trading on AIM and dealings are expected to commence on
11 October 2021 ("Admission").
The Conversion 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 2,047,074,484
Ordinary Shares. Accordingly, the figure of 2,047,074,484 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.
Related Party Transaction
The Conversion constitutes a related party transaction pursuant
to Rule 13 of the AIM Rules for Companies by virtue of the fact
that IYA is beneficially owned by Peter Levine who is a director
and substantial shareholder of the Company.
The independent directors of the Company, being Jorge Dario
Bongiovani and Alex Moody-Stuart, consider, having consulted with
the Company's nominated advisor, that the terms of the Conversion
are fair and reasonable insofar as the Company's shareholders are
concerned.
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
Blytheweigh (Public Relations to
Atome)
Tim Blythe, Alice McLaren, Madeleine
Gordon-Foxwell + 44 (0) 755 499 7357
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.
Atome is the green hydrogen and ammonia subsidiary of President
Energy PLC with intended operations in the Americas and Europe and
a targeted separate listing on the London Stock Exchange market
later in 2021.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. 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.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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