REG - Pennpetro Energy PLC - Successful defence of legal proceedings

Pennpetro EnergyAnnouncement

Tue 17:00

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RNS Number : 9684E  Pennpetro Energy PLC  19 May 2026

19 May 2026

Pennpetro Energy plc

("Pennpetro" or the "Company")

 

Successful defence of legal proceedings

 

Pennpetro Energy plc (PPP), the company focused on developing strategic energy
projects, announces that the High Court of Justice, Business and Property
Courts of England and Wales has dismissed all claims brought by Mr Jesse Edwin
White against the Company.

The case was listed for hearing on 18 May 2026. No settlement was reached
ahead of that hearing. The Company  maintained its position and remained
resolute in its commitment to contest the matter in Court.

Details of the Court's ruling:

·    The Claim (Rectification Claim)

Mr White paid £132,000 in November 2023 for 6 million shares in Pennpetro
Energy plc, but the Company failed to register those shares in his name.  On
16 January 2026, Mr White issued a claim under section 125 of the Companies
Act 2006 seeking rectification of the register to show him as the holder of
those shares, together with declarations that he became entitled to them in
November 2023 and consequential relief preventing the company from relying on
shareholder resolutions passed while he was not on the register.

·    The Injunction Application

On 1 April 2026, Mr White applied for interim relief restraining the Company
from holding any general meeting or giving effect to any prior resolutions
pending determination of his entitlement to the shares.  His primary aim was
to prevent Pennpetro's forthcoming AGM on 6 May 2026 from proceeding.  After
the register was updated on 7 April 2026, Mr White declined to withdraw either
the Rectification Claim or the Injunction Application and filed a revised
draft order on 8 April 2026 with the Court seeking to prevent the Company from
issuing any shares in reliance on the December 2025 Resolution pending
determination of the Rectification Claim.

Both were dismissed. The Order now sealed is a public document and non-parties
can obtain a copy from the court office, should they so wish.

The Judge did not order costs in this case to the Company, despite all claims
against it being dismissed, but suggested that Mr. White in future should
"..if possible seek legal advice in relation to potential claims against the
Company."

The Company remains resolute to defend any claims brought against it and
pursue costs and damages to the fullest extent, including, where appropriate,
security for costs.

Richard Spinks, Executive Co-Chairman of Pennpetro Energy, commented: "We have
consistently explained to shareholders that we are working in the best
interests of the Company and its shareholders. This legal proceeding has
unnecessarily cost the Company a significant amount of money, funds that could
have been deployed elsewhere to create value. However, we have always taken a
principled approach to resolving legacy issues, and this judgment vindicates
our stance. We are pleased to put this matter behind us and continue focusing
on moving the business forwards."

 

For further information, contact:

 Pennpetro Energy Plc                                  c/o Camarco

 Richard Spinks | Mavriky Kalugin

 SPARK Advisory Partners Limited - Financial Adviser   +44 (0) 20 3368 3550

 Andrew Emmott | James Keeshan
 Oak Securities - Broker                               +44 (0) 20 3973 2678

 Jerry Keen, Head of Corporate Broking
 Camarco - Financial PR                                +44 (0) 20 3757 4980

 Andrew Turner | Fergus Young                          ppp@camarco.co.uk (mailto:ppp@camarco.co.uk)

 

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