REG - Challenger Energy - Results of AGM and Share Capital Consolidation

Challenger EnergyAnnouncement

30/07/2024 15:30

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RNS Number : 4482Y  Challenger Energy Group PLC  30 July 2024

30 July 2024

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

 

Results of AGM and Share Capital Consolidation

The Company is pleased to announce that at the Company's Annual General
Meeting held today, all resolutions were passed. Consequently, the Company
will proceed with the share consolidation as advised in the Company's Notice
of Annual General.

All resolutions were passed, with the poll results as follows:

 

 Resolution  For            %              Against      %       Withheld    %
 1           3,181,122,524      87.52%     420,497,815  11.57%  33,323,576  0.92%
 2           3,198,616,727  88.00%         421,435,216  11.59%  14,891,972  0.41%
 3           3,196,795,274  87.95%         421,943,578  11.69%  16,205,063  0.45%
 4           3,594,537,629  98.89%         27,455,461   0.76%   12,950,825  0.36%
 5           3,123,486,008  85.93%         475,943,399  13.09%  35,514,508  0.98%
 6           3,181,210,392  87.52%         420,927,853  11.58%  32,805,670  0.90%

 

As a result of Resolution 4 having been passed at the AGM, shareholders have
approved the reduction in the number of Ordinary Shares by way of a
consolidation on the basis of 50 Ordinary Shares into one new ordinary share
of 1p each ("New Ordinary Share") (collectively the "Consolidation").

 

The Consolidation will become effective and CREST accounts updated at 6 p.m.
(UK time) on 6 August 2024. At the Record Date, being 6 p.m. on 6 August 2024,
the 10,494,066,144 Existing Ordinary Shares will be consolidated into
209,881,332 New Ordinary Shares.

 

Application has been made for 209,881,332 New Ordinary Shares to be admitted
to trading on AIM. Dealings in the New Ordinary Shares are expected to
commence at 8:00 a.m. on 7 August 2024 under new ISIN IM00BPLZ1D89 and SEDOL
BPLZ1D8 ("New Ordinary Share Admission"). Certificates in respect of the New
Ordinary Shares are expected to be issued by 21 August 2024.

 

Following New Ordinary Share Admission, the share capital of the Company will
be comprised of 209,881,332 New Ordinary Shares of which no shares are held in
treasury. Therefore, the total number of voting rights in the Company is
209,881,332. Shareholders may use this figure 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.

 

A fractional entitlement will arise as a result of the Consolidation unless a
holding of Ordinary Shares prior to the Consolidation is exactly divisible by
50. For example, a shareholder holding 1,006 Ordinary Shares would be entitled
to 20 New Ordinary Shares and a fractional entitlement of 0.12 of a New
Ordinary Share after the consolidation of shares.

 

Any fractional entitlements arising from the Consolidation will be aggregated
and sold in the market. The costs, including the associated professional fees
and expenses, that would be incurred in distributing such proceeds are likely
to exceed the total net proceeds. The Board is therefore of the view that, as
a result of the disproportionate costs in such circumstances, it would not be
in the Company's best interests to distribute such proceeds. The proceeds will
instead be retained for the benefit of the Company in accordance with the
resolution.

 

Following the Consolidation, save for any adjustment resulting from fractional
entitlements, all shareholders will retain the same percentage interest in the
Company's issued ordinary share capital as that held immediately prior to the
implementation of the Consolidation. Shareholders holding fewer than 50
Ordinary Shares immediately prior to the Consolidation will cease to be
shareholders of the Company.

 

This announcement should be read in conjunction with the Notice of AGM that
was published on 30 June 2024, copies of which are available on the Company's
website at https://cegplc.com/ (https://cegplc.com/) and the Company's
announcement titled NOTICE OF ANNUAL GENERAL MEETING ("AGM")' on 30 June 2024
(the "Announcement"). Capitalised terms in this announcement have the same
meaning as given in the Announcement and Notice of AGM, unless the context
provides otherwise.

 

For further information, please contact:

 

 Challenger Energy Group PLC                                    Tel: +44 (0) 1624 647 882

 Eytan Uliel, Chief Executive Officer
 Zeus Capital Limited - Nomad and Broker                        Tel: +44 (0) 20 3829 5000

 Simon Johnson / Antonio Bossi / Darshan Patel / Isaac Hooper

 Gneiss Energy Limited - Financial Adviser                      Tel: +44 (0) 20 3983 9263

 Jon Fitzpatrick / Paul Weidman / Doug Rycroft
 CAMARCO                                                          Tel: +44 (0) 20 3757 4980

 Billy Clegg / Hugo Liddy / Sam Morris

 

Notes to Editors

 

Challenger Energy is an Atlantic-margin focused energy company, with
production, development, appraisal, and exploration assets in the region. The
Company's primary assets are located in Uruguay, where the Company holds high
impact offshore exploration licences. Challenger Energy is quoted on the AIM
market of the London Stock Exchange.

 

https://www.cegplc.com (https://www.cegplc.com/)

 

ENDS

 

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