Source - RNS
RNS Number : 5465O
AIM
18 May 2018
 

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")


COMPANY NAME:

Block Energy plc ("Block Energy" or the "Company")

 

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

6th Floor, 60 Gracechurch Street, London, United Kingdom, EC3V 0HR

 

COUNTRY OF INCORPORATION:

England and Wales

 

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.blockenergy.co.uk

 

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Block Energy is a UK based oil exploration and production company whose main country of operation is the Republic of Georgia. The Company has interests in three production sharing agreements ("PSAs") in Georgia : Norio and Satskhenisi that are producing oil totalling around 15bopd, and at West Rustavi.

 

The Company holds a 100% participating interest in the PSA for the Norio Onshore Oil Field, which is producing from three wells drilled in the 1940s and 50s. Norio lies 22 miles north of Tbilisi.

 

The Company also operates the neighbouring Satskhenisi PSA (Satskhenisi is 20 miles north of Tbilisi) in which it holds a 90% working interest.

 

In addition, the Company owns a 5% working interest in the West Rustavi Block XI(f), based 6 miles south east of Tbilisi, with an option to increase this working interest to 75%.

 

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of ordinary shares of 0.25p each ("Ordinary Shares") to be admitted to trading: c233 million

 

Issue Price : 4 pence per share

 

There are no restrictions as to the transferability of the Ordinary Shares.

 

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on Admission: c£4 million

 

Anticipated market capitalisation at Admission: c£9.3m

 

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

c40%

 

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

Block Energy's shares were up until 25 March 2018 listed on the NEX Exchange Growth Market.

 

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Philip Anthony Dimmock, Non-Executive Chairman*

 

Paul Haywood, Managing Director

 

Niall Tomlinson, Executive Director

 

Serina Vera Emanuela Bierer, Financial Director*

 

Timothy Richard Beresford Parson, Non-Executive Director

 

Roger George McMechan, Technical Director*

 

*to be appointed on Admission

 

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

                                                 At present                                  Post Admission


Number of Ordinary Shares of £0.0025

Ordinary Shares as a % of share capital

Number of Ordinary Shares of £0.0025

Ordinary Shares as a % of share capital

Pelamis Investments Limited*

 19,176,470

19.56%

19,176,470

TBC

Iskander Energy Corp.

 14,000,000

14.29%

14,000,000

TBC

Pershing Nominees Limited

 10,159,705

10.37%

10,159,705

TBC

Georgia Oil & Gas Limited**

  9,263,548

9.46%

 c31,600,000

c13.59%

Mayan Energy Limited


<3%

  c8,500,000

c3.66%

JIM Nominees Limited

  5,645,996

5.76%

  5,645,996

TBC

Nomura Custody Nominees Ltd

  5,370,588

5.48%

  5,370,588

TBC

Beaufort Nominees Ltd

  4,741,179

4.84%

  4,741,179

<3%

Hot Rocks Investments plc

  3,722,501

3.79%

  3,722,501

<3%

Fiske Nominees Ltd

  3,588,235

3.66%

  3,588,235

<3%

JIM Nominees Limited

  3,475,294

3.55%

  3,475,294

<3%

Mr Jeremy Edelman

  3,000,000

3.06%

  3,000,000

<3%

 

 

In relation to the above table :

 

* These shares are registered in the name of Fitel Nominees Limited

 

** These shares are registered in the name of Vidacos Nominees Limited

 

Director Roger McMechan is a director of, and shareholder in, Iskander Energy Corp.

 

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

 

(i)         ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

Anticipated accounting reference date: 30 June

Date to which main financial information in the Admission Document has been prepared: 31 December 2017.

Dates by which it must publish its first three reports pursuant to AIM Rules 18 and 19:

31 December 2018 (Annual Report to 30 June 2018), 31 March 2019 (Interims to 31 December 2018); 31 December 2019 (Annual Report to 30 June 2019)

EXPECTED ADMISSION DATE:

early June 2018

 

 

NAME AND ADDRESS OF NOMINATED ADVISER:

SPARK Advisory Partners Limited

5 St John's Lane

Farringdon

London

EC1M 4BH

 

NAME AND ADDRESS OF BROKER:

Novum Securities Limited,

8-10 Grosvenor Gardens, London SW1W 0DH

 

Baden Hill (a trading name of Northland Capital Partners Limited)

40 Gracechurch Street London EC3V 0BT

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

A copy of the Admission Document containing full details about the applicant and the admission of its securities is available on the Company's website at: www.blockenergy.co.uk

 

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Code

 

DATE OF NOTIFICATION:

18 May 2018

 

NEW/ UPDATE:

NEW

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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