REG - Chariot Limited - Result of Open Offer

ChariotAnnouncement

10/03/2026 16:30

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RNS Number : 1039W  Chariot Limited  10 March 2026

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, ARE RESTRICTED AND NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA,
THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS
ANNOUNCEMENT.

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

10 March 2026

Result of Open Offer

 

Chariot (AIM: CHAR), the African focused energy company, today announces the
result of its Open Offer pursuant to the Fundraising announced on 19 February
2026.

 

The Company is pleased to announce that it has received valid acceptances from
Qualifying Shareholders in respect of 155,678,180 Open Offer Shares,
representing 69 per cent of the maximum Open Offer Shares available.
Accordingly, the Open Offer has conditionally raised total gross proceeds of
approximately US$2.9 million (£2.1 million).

 

Adonis Pouroulis applied for Open Offer Shares to the value of $0.25 million
(£0.19 million) through the Open Offer. Accordingly, the current and expected
holdings (direct and indirect) of the Directors and persons closely associated
with them following Admission are:

 

                          Number of Ordinary Shares prior to the Fundraising  % of the Ordinary Share capital prior to the Fundraising  Number of Ordinary Shares   %

                                                                                                                                        following the Fundraising   of issued Share capital on Admission

 Name
 Adonis Pouroulis         143,586,381                                         9.10                                                      289,089,026                 10.09
 Julian Maurice-Williams  1,432,084                                           0.09                                                      1,789,226                   0.06
 Duncan Wallace           2,246,008                                           0.14                                                      2,603,150                   0.09
 Chris Zeal               513,964                                             0.03                                                      513,964                     0.02
 Andrew Hockey            746,704                                             0.05                                                      1,460,989                   0.05

 

 

Qualifying Shareholders will receive one warrant for every New Ordinary Share
issued pursuant to the Open Offer ("Warrant"). Each Warrant shall entitle the
relevant warrant holder to subscribe for one Ordinary Share at an exercise
price of 2.4 pence and will expire on 9 April 2029. The Warrants are expected
to be credited within 4 weeks of issuance of the Open Offer Shares in
uncertificated form in CREST or dispatched as warrant certificates in
certificated form.

 

The issuance of the Open Offer Shares is subject to and conditional on the
passing of the Resolutions at the General Meeting to be held on 11 March 2026.

 

Julian Maurice-Williams, CFO of Chariot, commented:

 

"We are very pleased to announce the results of this open offer and thank our
shareholders for their ongoing support. In part financing the transaction
announced a few weeks ago we secure an economic exposure to a producing asset
offshore Angola that offers both significant future cashflow and growth
opportunities. This marks a material step change for the Company and we are
excited about the plans we have for our upstream business going forward."

 

Capitalised terms in this announcement shall have the same meaning as in the
announcement made by the Company on 19 February 2026 unless the context
requires otherwise.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018 (as amended).

 

Enquiries

 Chariot Limited                                        +44 (0) 20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad)              +44 (0) 20 7397 8900

 Derrick Lee
 Hannam & Partners (Bookrunner)                         +44 (0) 20 7907 8500

 Neil Passmore, Leif Powis

 Celicourt Communications (Financial PR)                +44 (0) 20 7770 6424

 Mark Antelme, Charles Denley-Myerson, Kathleen Beams

 

Notes

 

About Chariot

 

Chariot is an Africa focused energy group with two core business streams:
Upstream Oil and Gas and Renewable Power.

 

Chariot's Upstream Oil and Gas pillar is focused on building out a full value
chain growth business within Africa. Alongside securing a footprint in Angola,
Chariot holds a diverse portfolio in Morocco and is pursuing a range of new
ventures with a focus on production opportunities as well as its ongoing
exploration interests in Namibia.

 

Chariot's Renewable Power business is focused on providing competitive,
sustainable and reliable energy through building, generating and trading
renewable power in South Africa as well as progressing the development of its
power-to-mining projects on the continent. Chariot is also continuing to
advance its green hydrogen asset, Project Nour in Mauritania.

 

The ordinary shares of Chariot Limited are admitted to trading on AIM under
the symbol 'CHAR'.

 

This Announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This Announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.

 

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