RNS Number : 7509U

Ncondezi Energy Limited

08 April 2021

News Release

Non-Executive Director/ PDMR dealing

08 April 2021: Nco ndezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) announces that it has been notified that on 06 April 2021, Scott Fletcher, Non-Executive Director, purchased an aggregate of 10,000,000 ordinary shares of no par value ("Ordinary Shares").

The Company has also been made aware that the historic disclosure of Scott Fletcher's interest in Ncondezi shares has been understated by 50,000 shares as a result of an administrative error. Consequently, following the purchase announced today Mr Fletcher will be beneficially interested in a total of 73,489,687 Ordinary Shares, representing 19.824 per cent. of the Company's issued share capital.


For further information please visit www.ncondezienergy.com or contact:

 Ncondezi Energy             Hanno Pengilly                     +27 (0) 71 362 3566 
 Liberum Capital Limited     Scott Mathieson, Edward Thomas,    +44 (0) 20 3100 
  NOMAD & Joint Broker        Kane Collings                      2000 
 Novum Securities Limited                                       +44 (0) 20 7399 
  Joint Broker               Colin Rowbury                       9427 
 Pimlico Advisory Ltd                                           +44 (0) 777 56 55 
  Investor Relations         Elizabeth Johnson                   927 

The notification below is made in accordance with the requirements of the EU Market Abuse Regulation.

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                       Scott Fletcher 
      -------------------------  -------------------------------------- 
 2     Reason for the notification 
 a)    Position/status            Non-Executuve Director 
      -------------------------  -------------------------------------- 
 b)    Initial notification       Initial notification 
      -------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
 a)    Name                       Ncondezi Energy Limited 
      -------------------------  -------------------------------------- 
 b)    LEI                        2138003W75PP9STE9J18 
      -------------------------  -------------------------------------- 
 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                Ordinary shares of no par value 
        of the financial 
        type of instrument 
        Identification             VGG640631039 
      -------------------------  -------------------------------------- 
 b)    Nature of                  On-market purchase 
        the transaction 
      -------------------------  -------------------------------------- 
 c)    Price(s) and                 Price(s)     Volume(s) 
        volume(s)                    1. 3.5003         1. 10,000,000 
                                    -----------  ------------------- 
      -------------------------  -------------------------------------- 
        - Aggregated                10,000,000 
 d)     - Price                     3.5003p 
      -------------------------  -------------------------------------- 
 e)    Date of the                06 April 2021 
      -------------------------  -------------------------------------- 
 f)    Place of the               London Stock Exchange, AIM 
      -------------------------  -------------------------------------- 


The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Hanno Pengilly, Chief Executive Officer of the Company (responsible for arranging release of this announcement) on +27 (0) 71 362 3566.

About Ncondezi Energy

Ncondezi is an African power development company with an advanced staged, integrated 300MW thermal coal power plant and mine project located in the Tete Province, Northern Mozambique.

The Company is focused on providing reliable, affordable and accessible baseload energy to Mozambique and secure against the effects of water drought and intermittency of new renewables. This project supports Mozambique's energy strategy of universal electricity access by 2030. According to the World Bank, only 30% of the Mozambican population had access to energy in 2017. The Ncondezi Project would provide 300MW of reliable and available power helping to close the infrastructure gap of the region and serving as a catalyst for economic development.

The power plant will be designed to be equipped with state-of-the-art emissions controls technologies that will reduce local air pollutants, minimizing the plant's impact on the environment and ensuring its compliance with the most stringent emission standards

In 2019, the Company entered into the Commercial and Industrial ("C&I") renewable and battery storage sector and in October 2019 announced its first investment in an off grid solar battery project. The Company has also secured the right to fund a US$5.5m C&I project development pipeline in Mozambique through a Relationship Agreement with a C&I developer. The move into the C&I solar and battery storage sector offers a significant opportunity for the Company to complement the existing large-scale baseload power project and access near-term low-risk annuity income streams which have significant growth potential.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

April 08, 2021 02:00 ET (06:00 GMT)