Successful completion of fundraise by Atome Energy
17/12/2021 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:20211217:nRSQ9551Va&default-theme=true
RNS Number : 9551V President Energy PLC 17 December 2021
17 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Successful completion of fundraise by Atome Energy PLC
Atome to be valued at £20 million pre new money
Details of dividend in specie in Atome
President Energy (AIM: PPC), the energy company with a diverse portfolio of
energy assets provides an update in relation to the spin-off and IPO of Atome
Energy PLC ("Atome").
Highlights
· Successful completion of fundraise by Atome Energy PLC
· Atome to be valued at £20 million pre new money
· Details of dividend in specie in Atome
Atome Fundraising
Atome has successfully completed its fundraising (subject to Admission)
through its brokers and PrimaryBid, and has raised up to £9 million at 80p
per Atome Share subject to as below.
Importantly, this amount has been determined by the Directors as sufficient to
progress the business of Atome and reach the point of Final Investment
Decision in respect of both of the projects without further funding
requirements.
Of the £9 million, the sum of £6 million has been raised in the placing and
Peter Levine through PLLG Investments Limited has agreed to provide Atome with
a standby equity facility of up to £3 million if needed for the balance.
The facility will permit the minimum necessary dilution for all shareholders
in Atome as the facility will only be exercised if in the reasonable opinion
of the Directors of Atome it is required to fund further working capital
needs. Under the facility Atome have will the right to require PLLG
Investments Limited to subscribe for new Atome Shares at the issue price of
80p per Atome Share in the 18 months from Admission. The facility is being
provided without any fees or other payments to PLLG Investments
Limited, Peter Levine or any associated entity.
The Company expects that Atome will publish its Admission Document later
today, and Admission is expected to occur on 30 December 2021 as planned.
Proposed dividend in specie
On 10 December 2021, the Company announced the proposed terms of the dividend
in specie of ordinary shares of Atome ("Atome Shares") to Shareholders who are
on the Company's register of members at the close of business on the day
immediately prior to Admission ("Record Date"), such Shareholders being
referred to as "Qualifying Shareholders". President Energy currently
beneficially holds ordinary shares in Atome representing 85% of Atome's
current issued share capital.
The expected timetable relating to the proposed dividend in specie and the
ratio of entitlement to shares in Atome is set out below. The Company confirms
that the entitlement ratio ("the Ratio") is as previously announced as
follows:
1 Ordinary Share in Atome for every 169 Ordinary Shares in President held on
the Record Date
Based on the existing issued ordinary share capital of 25 million Atome
Shares, the Company will therefore distribute 12,177,955 Atome Shares to
shareholders. The Company's retained interest in the enlarged issued capital
of Atome following completion of the in specie dividend at Admission will be
approximately 27.9%
Shareholders are reminded that they must seek and rely on their own financial
or professional advice as to taxation in whichever jurisdiction they are
located and that in certain locations it may not be possible for them to
receive or benefit from any such dividend. Accordingly, the Company makes no
representations or warranties in respect of any such regards.
Information in respect of the dividend in specie for shareholders registered
in USA, Australia, Canada, Japan, South Africa, New Zealand ("Restricted
Territories") will be announced shortly.
Timetable
The timetable for the proposed distribution is as follows:
Record Date for the proposed in specie dividend 6.00p.m. Wednesday, 29 December 2021
In specie dividend effective 6.01p.m. Wednesday, 29 December 2021
Atome Shares commence trading on AIM 8 a.m. Thursday, 30 December 2021
President Shares trade ex-entitlement in respect of the in specie dividend (Ex From 8 a.m. on Thursday, 30 December 2021
Date)
CREST accounts credited with Atome Share Thursday, 30 December 2021
Atome Share certificates sent to shareholders Week commencing 10 January 2021
Notes:
1. All references to times in this announcement are to London time
unless otherwise stated.
2. Each of the above dates is subject to change at the absolute
discretion of the Company and will be notified through a further announcement
via RNS.
Shareholders should note that, unless the counterparties specifically agree
otherwise, a buyer of the Company's Ordinary Shares ahead of the Ex-Date will
assume the benefit to the Atome Shares and the seller would need to pass the
benefit to the buyer, even if the seller is the recorded owner at the Record
Date.
Rob Shepherd, Finance Director commented,
"We are absolutely delighted that the Atome team has successfully completed
the fundraise ahead of the forthcoming spin-off and IPO. President commenced
evaluating renewables opportunities in mid 2020 and focused in on hydrogen
shortly thereafter so to see what has been achieved within some 18 months is
really pleasing. A very experienced team has been assembled at Atome and two
exciting projects in Paraguay and Iceland have been secured and are being
progressed at speed, a process that can now be further accelerated towards
Final Investment Decision in both countries with the funding secured.
We are of course extremely grateful for the considerable financial support
being offered to Atome by Peter Levine, something that we at President have
been significant beneficiaries of that has enabled us to progress projects
that otherwise wouldn't have been possible. His support for Atome in
challenging circumstances means that the high quality team there can now focus
on creating the significant value that sits within the business, for the
benefit of all of us both as Atome and also as President shareholders."
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 Río 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.
Atome Energy is the green hydrogen and ammonia subsidiary of President Energy
PLC with intended operations in the Americas and Europe with its shares
expected to be Admitted to trading on AIM on 30 December 2021.
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.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for
the release of this announcement on behalf of the Company was Peter Levine,
Chairman.
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 MSCTFBRTMTJBBMB