Source - LSE Regulatory
RNS Number : 4283N
Prospex Energy PLC
25 September 2023
 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

25 September 2023

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Conversion of Loan Notes and TVR

 

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, announces that it has received notices to convert an aggregate of £453,562.27 in four convertible loan notes in exchange for the issue of 10,672,055 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").

The abovementioned convertible loan notes were issued in July 2022 and are convertible at 4.25p per share pursuant to a Convertible Loan Note Deed dated 18 July 2022.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for the admission of 10,672,055 new Ordinary Shares to trading on AIM ('Admission') as a result of the above conversion.  Admission is expected to occur on or around 28 September 2023.  There are currently 312,603,360 Ordinary Shares in issue.  Following Admission there will be a total of 323,275,415 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:

"Of the £1.87 million 4.25p Convertible Loan Notes issued in July 2022, there are now only two of the original twenty-eight Loan Note holders who have not yet converted their loans and interest into Prospex shares.  The first capital repayment of one-third of the outstanding loans is due to be repaid on 30 September 2023.  The total remaining 4.25p Loan Notes now amount to less than £106,000 which would convert into around 2.6 million shares unless the capital is repaid.

"The conversion of these Loan Notes is very helpful for Prospex as it 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, who will enjoy more than a 30% premium to the conversion price of 4.25p per share."

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 PLC

Tel: +44 (0) 20 7236 1177

Ritchie Balmer
Rory Murphy

Strand Hanson Limited

Tel: +44 (0) 20 7409 3494

Jerry Keen


Fox-Davies Capital Limited

Tel: +44 (0) 20 3884 7447

Andrew Monk (Corporate Broking)
Andrew Raca/Alex Cabral (Corporate Finance)

VSA Capital Limited

Tel: +44 (0) 20 3005 5000

Ana Ribeiro / Susie Geliher

St Brides Partners Limited 

Tel: +44 (0) 20 7236 1177

 

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