REG - Kistos Holdings PLC - Cancellation of KENAS bonds

Kistos HoldingsAnnouncement

02/06/2025 07:00

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RNS Number : 9010K  Kistos Holdings PLC  02 June 2025

2 June 2025

 

Kistos Holdings plc

("Kistos" or the "Company")

Cancellation of Kistos Energy (Norway) AS bonds

Kistos (LSE: KIST), an independent energy company focused on generating value
across the upstream and midstream markets, announces that on 29 May 2025 its
Norwegian subsidiary, Kistos Energy (Norway) AS, notified Nordic Trustee AS of
the cancellation of all of its outstanding Kistos Energy (Norway) AS hybrid
callable bonds 2023/2083 (ISIN: NO0012867326) (the "Bonds") with an aggregate
nominal amount of USD 15,000,000. The Bonds will be cancelled on 2 June 2025
with the record date being 28 May 2025.

In accordance with the terms of the Bonds, the holders of the Bonds
immediately prior to such cancellation (the "Relevant Bondholders") shall be
eligible to be allocated and receive up to 2,400,000 class C warrants
exercisable into new Kistos ordinary shares at a price of 385 pence each (the
"Class C Warrants") pursuant to the warrant instrument constituted by Kistos
on 22 May 2023 (the "Warrant Instrument"). In addition, up to 1,900,000 of the
class B warrants exercisable into new Kistos ordinary shares at a price of 385
pence each (the "Class B Warrants") issued by Kistos pursuant to the Warrant
Instrument will be cancelled if Kistos allots any Class C Warrants.

Under the terms of the Warrant Instrument:

·           each Relevant Bondholder who delivers a valid notice in
writing to Kistos prior to 30 June 2025 shall be allocated and receive a share
of 2,400,000 Class C Warrants that corresponds to its pro rata share of the
cancelled Bonds;

·           Kistos shall allot and issue any Class C Warrants for
which it receives a valid written notice within 30 calendar days of 30 June
2025;

·           if Kistos allots any Class C Warrants, Kistos shall, by
issuing a cancellation notice to the holders of Class B Warrants, cancel such
number of Class B Warrants ("X"), calculated as follows:

X =       1,900,000        x          number of Class C
Warrants issued by Kistos

 
2,400,000

·           the relevant number of Class B Warrants shall be
cancelled on and with immediate effect from the effective date of the issue of
the Class C Warrants, and any certificate for such cancelled Class B Warrants
shall be void with immediate effect at such time.

For the purposes of UK MAR, the person responsible for arranging the release
of this announcement on behalf of Kistos is Andrew Austin, Executive Chairman.

Enquiries

 Kistos Holdings plc                           via Hawthorn Advisors

 Andrew Austin
 Panmure Gordon (NOMAD, Joint Broker)          Tel: 0207 886 2500

 James Sinclair-Ford / Mark Murphy
 Berenberg (Joint Broker)                      Tel: 0203 207 7800

 Matthew Armitt / Ciaran Walsh
 Hawthorn Advisors (Public Relations Advisor)  Tel: 0203 745 4960

 Henry Lerwill / Simon Woods
 Camarco (Public Relations Advisor)            Tel: 0203 757 4983

 Billy Clegg

 

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