TIDMMII
RNS Number : 7747R
Milton Capital PLC
31 October 2023
31 October 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
MILTON CAPITAL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMED
("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN .
Milton Capital Plc
("Milton" or the "Company")
Board Changes, On-Market Share Purchases
and PDMR Dealings
HIGHLIGHTS
-- Approximately GBP455,000 of existing shares purchased at
1.25p per share price by a range of new investors.
o 78.5% premium to the mid-market price at 30 October 2023
o 25% premium to October 2022 IPO issue price
-- New Directors appointed with exceptional track records in the
international oil and gas sector.
BACKGROUND
Milton Capital Plc is pleased to announce that certain other
investors (the "Buyers") have agreed, via Peterhouse Capital, to
acquire 36,400,000 existing ordinary shares through on- market
purchases, at 1.25 pence per share, from a group of existing
shareholders (the "Share Sales"). The selling shareholders include
Malcolm Burne, a director of the Company, who has agreed to sell
12,000,000 ordinary shares as part of the Share Sales. Two of the
Buyers, Edward Dawson and Richard Mays, who will join the board as
Executive Director and Non-Executive Director respectively of the
Company, with immediate effect, have each agreed to buy 4,000,000
ordinary shares in the Share Sales.
Eran Zucker, Executive Director, of the Company has decided to
resign from the board as a director with immediate effect. Eran is
not participating in the Share Sales and retains 1,999,900 ordinary
shares, representing approximately 2.0% of the issued share
capital.
In addition to the shares purchased as part of the Share Sales,
the Buyers will also receive from the selling shareholders the two
for one Investor Warrants that were attached to each ordinary share
issued at the time of the Company's October 2022 IPO, as further
detailed in the Company's Prospectus dated 29 September 2022.
Edward Dawson, incoming Executive Director stated: "I would like
to place on record my thanks to Eran as a founding director of the
Company. We are delighted he will retain his current shareholding
in Milton as we embark on a new direction. We are excited about the
array of [oil and gas/energy] opportunities that are presenting
themselves and believe that the board will be able to use its
expertise and contacts to seek out value enhancing opportunities in
the sector. We look forward to updating shareholders as progress
gets made."
Following the Share Sales, the Directors interests in the
Company's Ordinary Shares will be:
- Richard Mays: 4,000,000 (approximately 4.0%)
- Edward Dawson: 4,000,000 (approximately 4.0%)
- Malcolm Burne: 8,000,000 (approximately 8.0%)
Richard Paul Mays - Non-Executive Director (aged 62)
Richard Mays holds LLB, LLM, PhD degrees and is a Solicitor in
Scotland. Formerly Professor and Depute Dean of the Aberdeen
Business School he has extensive industry, commercial and legal
experience for numerous Exploration and Production companies and
oil and gas contractors. He is Vice President Business Development
and General Counsel of Canadian Overseas Petroleum Limited. A role
he has held since 2014. He has leadership experience in London
Stock Exchange listed companies at DEO Petroleum plc (founding
director), at Oilexco North Sea and Prospex Energy plc (founding
director). He also served as Executive Chairman of Peppercoast
Petroleum plc and Black Star Petroleum plc (founding director).
In respect of paragraphs 9.6.13(1) to 9.6.13(6) of the Financial
Conduct Authority's Listing Rules, the below details all
directorships held by the director in any other publicly quoted
company at any time in the previous five years:
Current directorships Previous directorships
Sallork Limited Prospex Energy plc
Sallork Legal and Commercial Consulting
Limited
Sallork (Property ) Limited
Spurmont Limited
(none of the above are publicly quoted)
Edward Rowland Dawson - Executive Director (aged 49)
Edward Dawson holds a BEng and an MSc (Investment analysis)
degree. Edward has over 20 years' experience in the energy sector.
He has managed, financed, and been a key investor in the sector.
Positions held include: CEO of Propsex Energy (Founding Director),
MD of Peppercoast Petroleum (Founding Director), and MD of Black
Star Petroleum plc; analyst for RAB Capital's Energy Fund; Business
Development and Finance Manager for Oilexco Incorporated; and a
fund manager for Park Place Capital
In respect of paragraphs 9.6.13(1) to 9.6.13(6) of the Financial
Conduct Authority's Listing Rules, the below details all
directorships held by the director in any other publicly quoted
company at any time in the previous five years:
Current directorships Previous directorships
Cheshire Green Employment Park Ltd Prospex Energy Plc
Eddisbury Property Company PXOG County Ltd
Spagyric 3 Ltd PXOG Marshal Ltd
Spurmount Ltd PXOG Massey Ltd
PXOG Muirhill Ltd
There is no further information in respect of the appointment of
Richard Mays and Edward Dawson which would require disclosure under
Listing Rule 9.6.13 R (1) - (6).
Enquiries:
Milton Capital plc info@milton-cpaital.co.uk
Directors or
Edward Dawson Miltoncapitalplc@gmail.com
Peterhouse Capital Limited
Financial Adviser
Brefo Gyasi / Guy Miller +44 (0)20 7469 0930
Corporate Broker
Lucy Williams / Duncan
Vasey
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
------------------------------------------------------------------------
a) Name Richard Mays
------------------------- ---------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Non-Executive Director of Milton Capital Plc
------------------------- ---------------------------------------------
b) Initial notification
/Amendment Initial
------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Milton Capital Plc
------------------------- ---------------------------------------------
b) LEI 213800HP1JUEEDRXTV09
------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------
a) Description of Ordinary Shares of GBP0.01 each
the financial
instrument, type
of instrument
Identification ISIN: GB00BMWLC750
code
------------------------- ---------------------------------------------
b) Nature of the Acquisition of existing Ordinary Shares
transaction
------------------------- ---------------------------------------------
c) Price(s) and volume(s) 4,000,000 Ordinary Shares at 1.25 pence per
share
------------------------- ---------------------------------------------
d) Aggregated information
- Aggregated volume
- Price
------------------------- ---------------------------------------------
e) Date of the transaction 31 O ctober 2023
------------------------- ---------------------------------------------
f) Place of the transaction Main Market
------------------------- ---------------------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
Details of the person discharging managerial responsibilities
/ person closely associated
-------------------------------------------------------------------
Name Edward Dawson
------------------------ -----------------------------------------
Reason for the notification
-------------------------------------------------------------------
Position/status Executive Director of Milton Capital Plc
------------------------ -----------------------------------------
Initial notification
/Amendment Initial
------------------------ -----------------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
Name Milton Capital Plc
------------------------ -----------------------------------------
LEI 213800HP1JUEEDRXTV09
------------------------ -----------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------
Description of Ordinary Shares of GBP0.01 each
the financial
instrument, type
of instrument
Identification ISIN: GB00BMWLC750
code
------------------------ -----------------------------------------
Nature of the Acquisition of e xisting Ordinary Shares
transaction
------------------------ -----------------------------------------
Price(s) and 4,000,000 Ordinary Shares at 1.25 pence
volume(s) per share
------------------------ -----------------------------------------
Aggregated information
- Aggregated
volume
- Price
------------------------ -----------------------------------------
Date of the transaction 31 October 2023
------------------------ -----------------------------------------
Place of the Main Market
transaction
------------------------ -----------------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
Details of the person discharging managerial responsibilities
/ person closely associated
---------------------------------------------------------------------
Name Malcolm Burne
------------------------- ------------------------------------------
Reason for the notification
---------------------------------------------------------------------
Position/status Executive Director of Milton Capital Plc
------------------------- ------------------------------------------
Initial notification
/Amendment Initial
------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
Name Milton Capital Plc
------------------------- ------------------------------------------
LEI 213800HP1JUEEDRXTV09
------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------
Description of Ordinary Shares of GBP0.01 each
the financial
instrument, type
of instrument
Identification ISIN: GB00BMWLC750
code
------------------------- ------------------------------------------
Nature of the Disposal of Ordinary Shares
transaction
------------------------- ------------------------------------------
Price(s) and volume(s) 1 2,000,000 Ordinary Shares at 1.25 pence
per share
------------------------- ------------------------------------------
Aggregated information
- Aggregated volume
- Price
------------------------- ------------------------------------------
Date of the transaction 31 October 2023
------------------------- ------------------------------------------
Place of the transaction Main Market
------------------------- ------------------------------------------
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END
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