REG - Prospex Energy PLC - Final Settlement of Convertible Loan Note Debts

Prospex EnergyAnnouncement

27/03/2024 07:00

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RNS Number : 3658I  Prospex Energy PLC  27 March 2024

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

 

27 March 2024

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Final Settlement of Convertible Loan Note Debts

 

Prospex Energy PLC, the AIM quoted investment company focused on European gas
and power projects, announces that it has settled the third and final capital
repayment plus accrued interest from the Convertible Loan Notes issued in
September 2022 from accumulated cash within the Company.

Convertible loans which were convertible at 5.5p per share of original
aggregate value of £500,000 were issued to three individuals pursuant to a
Convertible Loan Note Deed dated 2 September 2022.  In settlement of the
third and final quarterly debt repayments, a total of £175,239.83 has been
paid to the three Convertible Loan Note holders being the capital repayment of
£168,487.09 plus accrued interest to 31 March 2024 of £6,752.74.

 

Mark Routh, Prospex's CEO, commented:

"I am thrilled to announce to our shareholders that we have successfully made
our final debt payment, marking a significant milestone as the Company is now
completely debt-free.  With regular monthly income from our two producing
assets - gas in Italy and electricity sold from our gas production into our
power plant in southern Spain, the Company has established a sound footing for
the growth and development of its activities.

"The Company and its highly experienced new business team are actively
reviewing a number of potentially interesting investment opportunities with a
focus on diversified European energy projects prioritising natural gas and
power and renewable energy projects.  We will continue to seek others,
employing rigorous project analysis.

"Surplus funds generated from our assets are being accumulated in the
Company's investment and joint venture vehicles to provide funding for future
projects, in particular the three wells planned in Italy and the five wells
going through the permitting process in Spain."

 

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
 Lional Therond / Daniel Fox-Davies            Fox-Davies Capital Limited    Tel: +44 (0) 20 3884 8450

 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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