Source - LSE Regulatory
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 £188,745.25 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 £500,000 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 £360,000 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 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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