TIDMDKE
RNS Number : 8343L
Dukemount Capital PLC
15 September 2021
Dukemount Capital Plc
15(th) September 2021
Dukemount Capital Plc
("Dukemount" or the "Company")
Completion of Gas Peaker Funding, Balance Sheet Restructured and
New Leadership Team
Dukemount Capital Plc, the project management and long dated
income specialist is pleased to announce it has successfully signed
off a subordinated funding package necessary to enable completion
of the senior debt funding for the gas peaking projects first
announced via its JV with HSKB in March 2021 ("Generation
Project").
In addition, as a condition for this funding package, the
Company has also made significant positive adjustments to its
balance sheet and is restructuring its board with seasoned energy
market executives to enhance the company's ability to deliver the
projects in its recently announced JV.
-- The Chesterfield convertible will be fully converted into
ordinary shares of the company at GBP0.0065 price per share and
there will no longer be any debt outstanding to Chesterfield.
-- The Sanderson convertible loan facility made by Sanderson
will be repaid from the new funding and the current facility will
be terminated.
-- Upon completion of the funding, it is proposed that Paul
Gazzard shall assume the CEO position of the Company in order to
execute the Generation Project and develop the further pipeline
The funding package assembled by the Company comprises:
- GBP1,000,000 equity placing, to be arranged by Shard Capital
Partners LLP, this placing shall be between 90% of the closing
price of the Company's shares and a maximum of GBP0.0055, on the
date of approval of the Prospectus, and have half a warrant per
share at 125% premium to the placing price. The warrants shall have
36 month term. Riverfort and Sanderson have already agreed to
cornerstone this placing by subscribing for GBP100,000 each.
This placing will be as from, and conditional upon, the date of
the approval of the prospectus that is required to complete the
funding package ("Prospectus").
- GBP3,000,000 mezzanine, 18 month loan facility with 4 month
repayment holiday. The mezzanine loan shall have a 9% interest rate
and shall have 50% warrant cover at 200% premium and 50% warrant
cover at 125% premium to the placing price. The warrants shall have
a 36 month term. Only GBP1,500,000 of the facility will be
definitely drawn down (as described below), the remaining amount is
to be agreed between the parties at the appropriate time.
- GBP1,000,000 shall be drawdown immediately upon execution and
a further GBP500,000 shall be available subject to certain
condition precedents including financial close of the Generation
Project and completion of the senior debt funding.
For the terms of the equity and mezzanine product please see the
company website and the end of this RNS.
As a condition to the funding package, important changes are
made to the management of the Company and Generation Project,
namely:
-- Paul Gazzard becomes CEO of the Company, Geoffrey Dart
becomes non-executive Chairman and Matthew Thompson has left the
company.
-- Matthew Clare becomes CEO of HSKB.
CEO Elect Paul Gazzard commented:
"The agreement with Riverfort, Sanderson and Shard is a
significant improvement on the previous package announced and any
others offered to the Company in the recent months.
It gives the Company the necessary cash to fund its portion of
the capital required for the gas peaker JV project, whilst giving
it flexibility as to how the funding is repaid.
The optionality is designed to mirror the period of development
of the assets, so that our funders will benefit from the growth in
value of these assets as and when development is complete and they
can be energised. In this way the interest of our funders and our
shareholders are aligned.
Having support from the institutions Riverfort, Sanderson and
Shard also allows the Company to look at locking in the pipeline of
further sites it has access to via the JV ".
Details of the Facility are available on the Dukemount Capital
website: http://dukemountcapitalplc.com
Market Abuse Regulation (MAR) disclosure
Certain statements in this announcement contain inside
information for the purpose of Article 7 of EU Regulation
596/2014.
For further information, please visit
www.dukemountcapitalplc.com
Or contact:
Media Enquiries:
Miriad Limited
Zak Mir: +44 (0)7867 527 659
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END
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