REG - Coro Energy PLC - Result of GM & Completion of Recapitalisation

Coro EnergyAnnouncement

05/02/2025 16:00

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RNS Number : 0673W  Coro Energy PLC  05 February 2025

 

5 February 2025

 

 

Coro Energy plc

("Coro" or the "Company")

 

Results of General Meeting and Bondholder Meetings

Completion of the Recapitalisation

and

Issue of Equity

 

Coro Energy Plc, the South East Asian energy company with a natural gas and
clean energy portfolio, advises that the Company held its General Meeting
("GM") and Bondholder Meetings earlier today at which all the resolutions were
passed.

 

Unless defined here, the defined terms used in this announcement have the same
meaning as those set out in the Company's announcement released on 9 January
2025.

 

 

General Meeting

 

 

The total number of proxy votes appointing the Chairman received in respect of
the Shareholder Resolution were as follows:

 

 Resolution  For          %     Against    %    Withheld
 1           675,870,623  99.4  4,076,636  0.6  19,930,685

 

 

 

Results of the Bondholder Meetings

 

At the Tranche A Noteholder Meeting, voting instructions representing EUR
7,290,000 of the Tranche A Notes, being 64.8 per cent. of the Tranche A Notes
in issue, were lodged by holders of the Tranche A Notes with 100 per cent. of
votes cast in favour of the Proposals.

 

At the Tranche B Noteholder Meeting, voting instructions representing EUR
11,250,000 of the Tranche B Notes, being 100 per cent. of the Tranche B Notes
in issue, were lodged by holders of the Tranche B Notes with 100 per cent. of
votes cast in favour of the Proposals.

 

 

The Bonds

 

Following the approval of the Bond Proposals and conditional on Admission, all
the principal and interest outstanding under the Bonds will be deemed to have
been repaid in full with approximately 75% of the principal and all accrued
interest written off and with the balance of the principal converted into
311,617,085 Bond Conversion Shares.  The Bond Conversion Shares will
represent approximately 65.05% of the enlarged issued share capital following
the completion of the Recapitalisation and Admission ("Enlarged Share
Capital").

 

 

 

 

Share Capital Reorganisation

 

As a result of the Shareholder Resolution having been passed, shareholders
have now approved the Share Capital Reorganisation. At the record date of 6.00
p.m. 6 February 2025, every 100 Existing Ordinary Shares of 0.1 pence each in
the issued share capital of the Company will be consolidated into one)
Consolidated Share of 10 pence each. Subsequently, each Consolidated Share
will be subdivided into one New Ordinary Share of 0.5 pence and one Deferred
Share of 9.5 pence. The New Ordinary Shares created upon implementation of the
Share Capital Reorganisation will have the same rights as Existing Ordinary
Shares including voting, dividend and other rights.

 

The ISIN code for the New Ordinary Shares is GB00BS457501 and the SEDOL number
is BS45750, which will come into effect at 8.00 a.m. on 7 February 2025.

 

 

Equity Fundraising

 

The Company confirms that it has, conditional on Admission, raised gross
proceeds of £2,100,009.24 million by way of the Equity Fundraising,
comprising:

 

·    the Subscription which will raise gross proceeds of £1,974,000.00
through the issue of 131,600,000 Subscription Shares at the Issue Price; and

 

·    the Retail Offer which will raise gross proceeds of £126,009.24
through the issue of 8,400,616 Retail Offer Shares at the Issue Price.

 

The Subscription Shares and the Retail Offer Shares will represent
approximately 29.13% of the Enlarged Share Capital following the completion of
the Recapitalisation and Admission.

 

 

Admission and Total Voting Rights

Application has been made for the New Ordinary Shares, the Subscription
Shares, the Bond Conversion Shares and the Retail Offer Shares to be admitted
to trading on AIM. It is expected that Admission will become effective at 8:00
a.m. on 7 February 2025.

 

On Admission, the Enlarged Issued Share Capital of the Company will be 480,
661,289 New Ordinary Shares, with no shares held in Treasury. Therefore, the
total voting rights in the Company following Admission will be 480,661,289 and
this figure be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they a required to notify their
interest in, or a change in their interest in, the share capital of the
Company under the FCA Disclosure Guidance and Transparency Rules.

 

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 Share Capital Reorganisation Record Date                                        6.00 p.m. on 6 February 2025

 Admission and commencement of dealings of the New Ordinary Shares (following    8.00 a.m. on 7 February 2025
 completion of the Share Capital Reorganisation), the Subscription Shares, the
 Retail Offer Shares and the Bond Conversion Shares credited to CREST stock
 accounts

 Dispatch of definitive share certificates for the New Ordinary Shares           Week commencing 17 February 2025
 (following completion of the Share Capital Reorganisation), the Subscription
 Shares, the Retail Offer Shares and the Bond Conversion Shares

 

 

 

For further information please contact:

 Coro Energy plc                                        Via Vigo Consulting Ltd

 Cavendish Capital Markets Limited (Nominated Adviser)  Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                        Tel: 44 (0)20 3764 2341

 Claire Louise Noyce

 Vigo Consulting (IR/PR Advisor)                        Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 

 

 

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