Prospex Energy PLC Conversion of Loan Note Debt and TVR (5574N)
September 26 2023 - 1:00AM
UK Regulatory
TIDMPXEN
RNS Number : 5574N
Prospex Energy PLC
26 September 2023
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
26 September 2023
Prospex Energy PLC
('Prospex' or the 'Company')
Conversion of Loan Note Debt and TVR
Prospex Energy PLC, the AIM quoted investment company focused on
European gas and power projects, announces that per the terms of
the instrument it has agreed to settle an aggregate debt of
GBP188,745.25 in three convertible loan notes which were issued in
September 2022 in exchange for the issue of 3,431,734 new ordinary
shares of 0.1p each in the Company ("Ordinary Shares").
The abovementioned convertible loan notes were issued in
September 2022 to three individuals and are convertible at 5.5p per
share pursuant to a Convertible Loan Note Deed dated 2 September
2022. The first of three capital repayments plus accrued interest
was due to be paid on 30 September 2023 and the three Convertible
Loan Note holders have agreed to settle this debt by converting it
into shares at the conversion price of 5.5p per share.
Admission to Trading and Total Voting Rights
The Company has applied to the London Stock Exchange for the
admission of 3,431,734 new Ordinary Shares to trading on AIM
('Admission') as a result of the above conversion. Admission is
expected to occur on or around 29 September 2023. On 28 September
there will be 323,275,415 Ordinary Shares in issue. Following
Admission there will be a total of 326,707,149 Ordinary Shares in
issue. This will be the number of Ordinary Shares that may be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in or a change to their interest in the Company under the FCA's
Disclosure and Transparency Rules.
Mark Routh, Prospex's CEO, commented:
"In September 2022 Prospex issued GBP500,000 Convertible Loan
Notes convertible at 5.5p to three individuals to help finance the
Company's development project in Italy, which is now in production.
The first capital repayment of one-third of the outstanding loans
plus accrued interest was due to be repaid on 30 September 2023.
All three Convertible Loan Note holders have agreed to settle this
debt by converting it into shares at the conversion price of 5.5p
per share. The conversion of this debt into shares reduces the
remaining debt in the Company and improves our cash position. It
also demonstrates a strong vote of confidence by our supportive
Loan Note holders. Unless they are converted, the total remaining
5.5p Convertible Loan Notes plus interest to be accrued will be
less than GBP360,000 which would convert into less than 6.6 million
shares unless the capital is repaid."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy Tel: +44 (0) 20 7236
PLC 1177
Ritchie Balmer Strand Hanson Tel: +44 (0) 20 7409
Rory Murphy Limited 3494
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Jerry Keen Fox-Davies Tel: +44 (0) 20 3884
Capital Limited 7447
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Andrew Monk (Corporate Broking) VSA Capital Tel: +44 (0) 20 3005
Andrew Raca/Alex Cabral (Corporate Limited 5000
Finance)
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Ana Ribeiro / Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Limited 1177
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END
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