TIDMPPC
RNS Number : 7411S
President Energy PLC
19 November 2021
19 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Posting of Letter to Shareholders
Important information on the dividend in specie and how
shareholders can apply for further shares in Atome Energy PLC
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets announces the posting of a letter to
shareholders ("Letter") regarding the proposed dividend in specie
(the "Distribution") of the shares it holds in Atome Energy PLC
("Atome") and also including important information as to how
shareholders can apply for further shares in Atome in relation to
its contemplated admission to AIM of the London Stock Exchange
later this year.
The text of the letter to shareholders is set out in full below.
It has been brought to the attention of the Company that certain
delays have occurred in the delivery of information by
custodians/nominee companies arising from the last letter to
shareholders relating to the Distribution.
Accordingly, shareholders are encouraged to read the below text
and if in any doubt as to its meaning or actions to take to contact
their own stockbroker and/or financial or professional adviser.
The Letter is also published on the Company's website at
www.presidentenergyplc.com .
LETTER FROM THE CHAIRMAN OF
PRESIDENT ENERGY PLC
(Incorporated in England and Wales with registered number
05104249)
Registered Office
Carrwood Park
Selby Road
Leeds LS15 4LG
Directors
Peter Michael Levine
Robert James Shepherd
Jorge Dario Bongiovanni
Alexander Charles Moody-Stuart
Martin Urdapilleta
18 November 2021
Dear Shareholder
(1) The distribution of shares in Atome Energy PLC ("Atome") to
shareholders of President Energy plc ("President Energy" or the
Company") and the proposed admission to trading on AIM of Atome
Energy PLC ("Admission")
(2) How to apply for further shares in Atome's proposed new
share issue at the time of Admission ("Atome Green H2 Placing")
1. Introduction
I refer to the announcement issued today referring to the
passing of the Resolution on 18 November 2021 approving the
proposed distribution by way of dividend in specie in respect of
certain of the shares held by the Company in Atome Energy PLC
("Distribution"). Atome is proposed to be spun-out of President
Energy and its shares proposed to be admitted to trading on the AIM
market of the London Stock Exchange in mid-December 2021 or as soon
as practicable thereafter ("Admission")
The necessary capital reduction to facilitate the creation of
sufficient distributable reserves to enable the Distribution to be
made has been approved by the High Court of Justice in England and
Wales and will shortly become effective, following which the
directors of the Company will be authorised to make the
Distribution as they may determine.
This document contains important further information about the
Distribution, timing of the Admission and how to apply for new
shares in the Atome Green H2 Placing.
2. The Distribution
To effect the Distribution as detailed above, the Company
proposes to pay a dividend in specie of ordinary shares of Atome
("Atome Shares") to Shareholders who are on the Company's register
of members on the day immediately prior to Admission ("Record
Time"), such Shareholders being referred to hereafter as
"Qualifying Shareholders". President Energy currently beneficially
holds ordinary shares in Atome representing 85% of Atome's current
issued share capital) and it is intended that the Atome Shares
subject to the Distribution represent up to approximately 75% of
President Energy's current holding in Atome and approximately 65%
per cent of the current issued share capital of Atome.
The individual entitlements of Qualifying Shareholders to
receive the Distribution will be calculated by reference to their
holdings of Ordinary Shares of President Energy ("President
Shares") on the Company's register of members at the Record Time
and an announcement will be made in due course to confirm such
entitlements.
The Board expects that the Distribution and Admission will
become effective, and that dealings in the ordinary shares of Atome
will commence on the London Stock Exchange, in mid-December 2021 or
as soon as practicable thereafter.
3. Taxation
Each Shareholder is advised by the Company to seek their own
professional financial advice relating to the Distribution and any
taxation which may affect them in whatever jurisdiction they are
subject. No representations or warranties are made in this
regard.
4. How Qualifying Shareholders can apply for further new shares
in the Atome Green H2 Placing
Any Qualifying Shareholders who are interested in applying for
further shares and participating in the Atome Green H2 Placing,
should first contact their stockbroker, independent financial
adviser or other firm duly authorised by the Financial Conduct
Authority ("FCA"). Second, they should then ask their FCA
authorised stockbroker to contact Atome's stockbroker, SP Angel
Corporate Finance LLP ("SP Angel") to place an order for new shares
in the Atome Green H2 Placing on their behalf.
The latest edition of the draft Investor Presentation is now on
Atome's website the address of which is www.atomeplc.com. This
edition is a draft for illustrative purposes only, is subject to
change and a definitive version, fully verified is anticipated to
be placed on the Atome website next week and will be notified to
the market once issued through an rns announcement published by
President Energy.
SP Angel can only deal with FCA authorised firms and cannot deal
directly with Qualifying Shareholders so they should NOT call SP
Angel direct. SP Angel is acting solely for the Company. It will
therefore offer no advice to and have no responsibility for any
Qualifying Shareholders.
So far as is practical, the Company intends to prioritise the
participation in the Atome Green H2 Placing by Qualifying
Shareholders. However, the Company retains sole discretion with
regards to allocations and may decide to allocate on a different
basis.
Please note that this opportunity is only open to, and directed
at, persons who are Qualifying Shareholders with access to an FCA
authorised stockbroker and whose allocated shares, if any, will be
held in dematerialised form.
FCA authorised stockbrokers who are acting for Qualifying
Shareholders should register an interest with SP Angel as soon as
possible and in any event, no later than 12.00 noon GMT on 1
December 2021 or any other such date as agreed between SP Angel and
Atome. In the first instance, FCA authorised stockbrokers should
contact SP Angel's switchboard (details: 0203 470 0470) and ask to
speak to the Sales Desk.
In addition, Atome expects that Qualifying Shareholders and
other third parties will have the opportunity to participate in
Atome's wider fundraising prior to Admission using the PrimaryBid
platform, and further details of this will be announced in due
course.
Yours faithfully
PETER LEVINE
CHAIRMAN
Contact:
President Energy PLC
Rob Shepherd, Group FD +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor)
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.
President has as one of its subsidiaries, Atome Energy PLC, a
hydrogen and ammonia production company
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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END
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