Atome Energy PLC first day of dealings on AIM
30/12/2021 06:59
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211230:nRSd9791Wa&default-theme=true
RNS Number : 9791W President Energy PLC 30 December 2021
30 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Atome Energy PLC first day of dealings on AIM
President Energy (AIM: PPC), the energy company with a diverse portfolio of
energy assets announces the admission of the shares in Atome Energy PLC
("Atome") to trading on the AIM market of the London Stock Exchange and
completion of the dividend in specie in relation to Atome.
Highlights
· Atome's shares admitted to trading on AIM as an independent
company with an initial market capitalisation of £26 million
· Distribution by way of dividend in specie of President's shares
in Atome completed
· After the distribution, President continues to hold 27.9% of
Atome
Atome Energy PLC
President notes the announcement by way of RNS made today by Atome Energy PLC
in relation to the admission of Atome's shares to trading on AIM and
congratulates Atome and all its shareholders on this and Atome becoming an
independent green hydrogen and ammonia production company. The text of the
announcement made today by Atome is set out below.
President further confirms that the dividend in specie referred to in previous
announcements of President and latterly on 17 December 2021 has now been made.
Following on from this, President will continue to hold Atome's shares
representing 27.9% of the entire issued share capital of Atome.
An operational update relating to President's own conventional oil and gas
business will be made after new year with all current operations proceeding in
line with expectations.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE
OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (COLLECTIVELY, THE "UNITED
STATES"), AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY
APPLICABLE LAW
30 December 2021
ATOME ENERGY PLC
("ATOME" or the "Company")
Admission to Trading on AIM
First day of dealings
ATOME has received the prestigious London Stock Exchange's Green Economy Mark
ATOME Energy (AIM: ATOM), the international company focused on green hydrogen
and ammonia production, sales and marketing with current projects in Iceland
and Paraguay, is pleased to announce that its entire issued ordinary share
capital will today be admitted to trading on the AIM market of the London
Stock Market ("Admission"). Dealings will commence at 8:00 a.m. today,
Thursday 30 December 2021, under the ticker "ATOM" (ISIN: GB00BP4BSM10). The
Company's SEDOL is BP4BSM1. The Company's Admission Document can be viewed at
the website of the Company at www.atomeplc.com.
ATOME, as the first and currently only company solely focusing on being a
producer of green hydrogen and ammonia to have its shares traded on the London
Stock Market, offers investors access not only to potential upstream
manufacturing of green hydrogen and ammonia but also through its established
in country contacts and shareholder base to the all-important downstream
offtake market.
The Directors believe that ATOME has through its carefully planned and
implemented business model a significant opportunity to fast track and be at
the forefront of the international development of green hydrogen and ammonia
as future fuel.
Green hydrogen and ammonia are an essential part of the matrix of renewable
energy sources to decarbonise the global economy where they can address hard
to abate carbon footprints of industries such as heavy transport, marine and
steel and concrete manufacturing as well as enabling the large-scale
production of green fertilisers. As such they have been referred to as the
swiss army knife of energy providing multiple solutions in sectors where
renewable alternatives such as rechargeable batteries have no answer.
In addition to being a valuable part of the armoury in decarbonisation, with
the recent significant increase in the prices of fossil fuels which are still
used to generate over 95% of hydrogen current production, ATOME's green
projects are expected to have significant potential end market cost benefits;
one example being in agriculture where ammonia a key component in fertilisers
has doubled in price over the last twelve months to over US$1,000 per tonne
due directly to the substantial rise in the cost of natural gas.
The Company has accordingly selected its projects to take advantage of
available low-cost pure green power in sufficient amounts so as to build
businesses of scale in fiscally benign countries with not only domestic demand
but which are also located within international trading blocks. ATOME has
targeted commencement of production for the first part of 2024 and expects to
benefit in the future from the projected reduction in the price of
electrolyser and other manufacturing equipment used in the production process
combined with the advent of new technologies offering greater economies with
an increasing number of suppliers coming into the market providing greater
choice and competitive tension for the benefit of purchasers of such
equipment.
Key points
· Successful fundraise of up to £9 million at 80p per share
sufficient in the opinion of the Directors to progress ATOME's projects up to
formal commitments on plant procurement and infrastructure investment and the
entry into formal power purchase agreements (the "Final Investment Decision"
or "FID") without any further additional funding, which the directors believe
will be a significant value creation catalyst for ATOME
· £6 million has been raised through the Placing and PrimaryBid
Offer. The balance of up to £3 million will be made available at the placing
price only if the Directors determine it is needed by way of the Standby
Equity Facility Agreement from the investment fund of Peter Levine, the
Chairman and significant shareholder which facility has been granted at no
direct or indirect cost to ATOME
· FID targeted to be reached by end H1 2022 with first potential
production targeted for the first part of 2024
· ATOME has qualified and been recognised as one of the select
number of public traded companies contributing to the global green economy by
receiving the London Stock Exchange's prestigious Green Economy Mark,
supporting ATOME in communicating the Company's green credentials to investors
and other stakeholders, whilst highlighting the mission of ATOME to support
the transition to a net zero economy and meaningfully mitigate the impacts of
climate change
· Oliver Mussat, the CEO, formerly the Chief Investment Officer
for Global Energy at IFC, part of the World Bank Group, heads an experienced
green management team
· The locations of ATOME's projects in Iceland and Paraguay have
been strategically selected for their readily available adequate supply of
low-cost stable baseload green energy and significant established domestic-end
markets with export potential in the two large multi-national trading zones of
the EU and Mercosur countries
· In Iceland, ATOME through its 75% owned local subsidiary, Green
Fuel ehf, which is targeting first hydrogen and ammonia production in 2024
utilising up to 100 megawatts ("MW") geothermal power from the National power
supplier and benefiting from Green Fuel's local management, in country
knowledge, technical expertise and commercial downstream end market contacts
as well as the potential of export markets in the EU and EFTA countries
· In Paraguay, ATOME through its wholly owned subsidiary ATOME
Paraguay is targeting the supply of green renewable electricity of up to 250
MW of power from Itaipu, the second largest hydroelectric dam in the world by
output with conditional arrangements in place with Itaipu's Technology Park to
locate ATOME's main production facility adjacent to the dam near the
intersecting border of Argentina, Brazil and Paraguay. ATOME using its
established local management base and in country experience has as part of its
business plan the development of the downstream domestic market by engaging
with shipping, trucking, fertiliser, retail fuel and commodity trading
companies as well as benefiting from Paraguay's membership of the Mercosur
multi-national trading organisation
· Strong and supportive significant shareholder base including
the energy entrepreneur Peter Levine, Schroders Fund Management and Trafigura,
one of the world's largest commodity traders, energy offtakers and logistics
companies
Further information is available at ATOME's website at www.atomeplc.com and by
following ATOME on Twitter @atomehydrogen.
Oliver Mussat, CEO of ATOME Energy, commented:
"Today marks an important milestone for both ATOME and the London market's
place in the transition to a green economy. ATOME is the first dedicated and
currently only company targeting green hydrogen and ammonia production to have
its shares traded on London Stock Market, with both commodities expected to
play a key role in the decarbonisation of future energy supply.
"We are proud of the award of London Stock Exchange's Green Economy Mark. This
prestigious classification represents our commitment as a company to
meaningfully mitigate the impacts of climate change and is a clear message to
our investors and other stakeholders of the commitment of ATOME in supporting
the transition to net zero.
"We have assembled a green-focused Board whose complementary skills and
experience across the energy value chain demonstrate that we can deliver these
projects. Both Board and management made a material contribution to the
fundraise and are thus fully aligned with our new investors. I would like to
thank the Board, along with our advisers and significant shareholders
including Peter Levine, our Chairman, Trafigura, one of the world's leading
commodity, energy and logistics companies, and fund manager Schroders for
their continued guidance and support.
"With the funding secured, ATOME is in a position to rapidly progress its
projects in Iceland and Paraguay towards Final Investment Decision (or FID) in
both countries. The projects both plan to deliver green energy using mature
technology and low-cost baseload power which is available on-tap in both
locations. Our projects have government support and accessible markets which
need green hydrogen and ammonia to reach their net zero targets, and ATOME is
positioned to capitalise on this.
"We have an exciting road ahead as nations implement decarbonisation
strategies with green hydrogen and ammonia at their heart. We look forward to
updating shareholders on ATOME's progress during 2022 with increasing newsflow
as we move towards FID, commencing with a live Investor Meet presentation to
which all shareholders, analysts and prospective investors will be invited at
a date to be announced in January."
For more information, please visit https://www.atomeplc.com or contact:
ATOME ENERGY PLC +44 (0) 20 7016 7950
Nikita Levine, Investor Relations nikita.levine@atomeplc.com
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
finnCap (Joint Broker) +44 (0) 20 7220 0500
Christopher Raggett, Tim Harper
SP Angel (Joint Broker) +44 (0) 20 3470 0470
Richard Hail, Caroline Rowe
Tavistock (Financial PR and IR) +44 (0) 20 7920 3150
Simon Hudson, Rebecca Hislaire, Charles Baister a (mailto:atome@blytheweigh.com) tome@tavistock.co.uk
(mailto:atome@blytheweigh.com)
Capitalised terms used in this announcement and not separately defined shall
have the meaning given to them in the Company's Admission Document.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker) +44 (0) 207 220 0500
Christopher Raggett, Tim Harper
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of
the London Stock Exchange (PPC.L) primarily focused in Argentina, with a
diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja,
Puesto Prado and Las Bases Concessions, and Angostura exploration contract,
all of which are situated in the Rio Negro Province in the Neuquén Basin
of Argentina and in the Puesto Guardian Concession, in the Noroeste
Basin in NW Argentina. Alongside this, President Energy has cash
generative production assets in Louisiana, USA and further significant
exploration and development opportunities through its acreage
in Paraguay and Argentina.
With a strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an in-country
management team as well as the Chairman whose interests as the largest
shareholder are aligned to those of its shareholders, President Energy gives
UK investors access to an energy growth story combined with world class
standards of corporate governance, environmental and social responsibility.
Further details on President and Atome can be found on their respective web
sites and twitter accounts.
This announcement contains inside information for the purposes of article 7 of
Regulation 596/2014
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCQKLFLFLLLFBV