TIDMPPC
RNS Number : 9551V
President Energy PLC
17 December 2021
17 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Successful completion of fundraise by Atome Energy PLC
Atome to be valued at GBP20 million pre new money
Details of dividend in specie in Atome
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets provides an update in
relation to the spin-off and IPO of Atome Energy PLC ("Atome").
Highlights
-- Successful completion of fundraise by Atome Energy PLC
-- Atome to be valued at GBP20 million pre new money
-- Details of dividend in specie in Atome
Atome Fundraising
Atome has successfully completed its fundraising (subject to
Admission) through its brokers and PrimaryBid, and has raised up to
GBP9 million at 80p per Atome Share subject to as below.
Importantly, this amount has been determined by the Directors as
sufficient to progress the business of Atome and reach the point of
Final Investment Decision in respect of both of the projects
without further funding requirements.
Of the GBP9 million, the sum of GBP6 million has been raised in
the placing and Peter Levine through PLLG Investments Limited has
agreed to provide Atome with a standby equity facility of up to
GBP3 million if needed for the balance.
The facility will permit the minimum necessary dilution for all
shareholders in Atome as the facility will only be exercised if in
the reasonable opinion of the Directors of Atome it is required to
fund further working capital needs. Under the facility Atome have
will the right to require PLLG Investments Limited to subscribe for
new Atome Shares at the issue price of 80p per Atome Share in the
18 months from Admission. The facility is being provided without
any fees or other payments to PLLG Investments Limited, Peter
Levine or any associated entity .
The Company expects that Atome will publish its Admission
Document later today, and Admission is expected to occur on 30
December 2021 as planned.
Proposed dividend in specie
On 10 December 2021, the Company announced the proposed terms of
the dividend in specie of ordinary shares of Atome ("Atome Shares")
to Shareholders who are on the Company's register of members at the
close of business on the day immediately prior to Admission
("Record Date"), such Shareholders being referred to as "Qualifying
Shareholders". President Energy currently beneficially holds
ordinary shares in Atome representing 85% of Atome's current issued
share capital.
The expected timetable relating to the proposed dividend in
specie and the ratio of entitlement to shares in Atome is set out
below. The Company confirms that the entitlement ratio ("the
Ratio") is as previously announced as follows:
1 Ordinary Share in Atome for every 169 Ordinary Shares in
President held on the Record Date
Based on the existing issued ordinary share capital of 25
million Atome Shares, the Company will therefore distribute
12,177,955 Atome Shares to shareholders. The Company's retained
interest in the enlarged issued capital of Atome following
completion of the in specie dividend at Admission will be
approximately 27.9%
Shareholders are reminded that they must seek and rely on their
own financial or professional advice as to taxation in whichever
jurisdiction they are located and that in certain locations it may
not be possible for them to receive or benefit from any such
dividend. Accordingly, the Company makes no representations or
warranties in respect of any such regards.
Information in respect of the dividend in specie for
shareholders registered in USA, Australia, Canada, Japan, South
Africa, New Zealand ("Restricted Territories") will be announced
shortly.
Timetable
The timetable for the proposed distribution is as follows:
Record Date for the proposed in 6.00p.m. Wednesday, 29 December
specie dividend 2021
In specie dividend effective 6.01p.m. Wednesday, 29 December
2021
Atome Shares commence trading 8 a.m. Thursday, 30 December
on AIM 2021
President Shares trade ex-entitlement From 8 a.m. on Thursday, 30
in respect of the in specie dividend December 2021
(Ex Date)
CREST accounts credited with Atome Thursday, 30 December 2021
Share
Atome Share certificates sent Week commencing 10 January
to shareholders 2021
Notes:
1. All references to times in this announcement are to London time unless otherwise stated.
2. Each of the above dates is subject to change at the absolute
discretion of the Company and will be notified through a further
announcement via RNS.
Shareholders should note that, unless the counterparties
specifically agree otherwise, a buyer of the Company's Ordinary
Shares ahead of the Ex-Date will assume the benefit to the Atome
Shares and the seller would need to pass the benefit to the buyer,
even if the seller is the recorded owner at the Record Date.
Rob Shepherd, Finance Director commented,
"We are absolutely delighted that the Atome team has
successfully completed the fundraise ahead of the forthcoming
spin-off and IPO. President commenced evaluating renewables
opportunities in mid 2020 and focused in on hydrogen shortly
thereafter so to see what has been achieved within some 18 months
is really pleasing. A very experienced team has been assembled at
Atome and two exciting projects in Paraguay and Iceland have been
secured and are being progressed at speed, a process that can now
be further accelerated towards Final Investment Decision in both
countries with the funding secured.
We are of course extremely grateful for the considerable
financial support being offered to Atome by Peter Levine, something
that we at President have been significant beneficiaries of that
has enabled us to progress projects that otherwise wouldn't have
been possible. His support for Atome in challenging circumstances
means that the high quality team there can now focus on creating
the significant value that sits within the business, for the
benefit of all of us both as Atome and also as President
shareholders."
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
Río 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 Energy is the green hydrogen and ammonia subsidiary of
President Energy PLC with intended operations in the Americas and
Europe with its shares expected to be Admitted to trading on AIM on
30 December 2021.
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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END
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December 17, 2021 02:00 ET (07:00 GMT)
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