REG - Prospex Energy PLC - Conversion of Loan Notes and TVR

Prospex EnergyAnnouncement

25/09/2023 07:00

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RNS Number : 4283N  Prospex Energy PLC  25 September 2023

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

25 September 2023

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Conversion of Loan Notes and TVR

 

Prospex Energy PLC, the AIM quoted investment company focused on European gas
and power projects, announces that it has received notices to convert an
aggregate of £453,562.27 in four convertible loan notes in exchange for the
issue of 10,672,055 new ordinary shares of 0.1p each in the Company ("Ordinary
Shares").

The abovementioned convertible loan notes were issued in July 2022 and are
convertible at 4.25p per share pursuant to a Convertible Loan Note Deed dated
18 July 2022.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for the admission of
10,672,055 new Ordinary Shares to trading on AIM ('Admission') as a result of
the above conversion.  Admission is expected to occur on or around 28
September 2023.  There are currently 312,603,360 Ordinary Shares in issue.
Following Admission there will be a total of 323,275,415 Ordinary Shares in
issue.  This will be the number of Ordinary Shares that may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in or a change to
their interest in the Company under the FCA's Disclosure and Transparency
Rules.

Mark Routh, Prospex's CEO, commented:

"Of the £1.87 million 4.25p Convertible Loan Notes issued in July 2022, there
are now only two of the original twenty-eight Loan Note holders who have not
yet converted their loans and interest into Prospex shares.  The first
capital repayment of one-third of the outstanding loans is due to be repaid on
30 September 2023.  The total remaining 4.25p Loan Notes now amount to less
than £106,000 which would convert into around 2.6 million shares unless the
capital is repaid.

"The conversion of these Loan Notes is very helpful for Prospex as it reduces
the remaining debt in the Company and improves our cash position.  It also
demonstrates a strong vote of confidence by our supportive Loan Note holders,
who will enjoy more than a 30% premium to the conversion price of 4.25p per
share."

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

* * ENDS * *

For further information visit www.prospex.energy (http://www.prospex.energy)
or contact the following:

 

 

 Mark Routh                                    Prospex Energy PLC            Tel: +44 (Tel:+44) (0) 20 7236 1177
 Ritchie Balmer                                Strand Hanson Limited         Tel: +44 (0) 20 7409 3494

Rory Murphy
 Jerry Keen                                    Fox-Davies Capital Limited    Tel: +44 (0) 20 3884 7447
 Andrew Monk (Corporate Broking)               VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca/Alex Cabral (Corporate Finance)
 Ana Ribeiro / Susie Geliher                   St Brides Partners Limited    Tel: +44 (0) 20 7236 1177

 

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