REG - Star Energy Group - Result of Fundraising and Notice of GM

Star EnergyAnnouncement

01/05/2026 07:01

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RNS Number : 6930C  Star Energy Group PLC  01 May 2026

THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED
HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, NEW ZEALAND OR ANY
OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT
SECURITIES LAWS OF SUCH JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE
END OF THIS ANNOUNCEMENT.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A
PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER IN RESPECT OF ANY SECURITIES AND
NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, FORMS OR IS
INTENDED TO FORM THE BASIS FOR ANY INVESTMENT DECISION IN RESPECT OF STAR
ENERGY GROUP PLC OR OTHER EVALUATION OF ANY SECURITIES OF STAR ENERGY GROUP
PLC OR ANY OTHER ENTITY AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION THAT
ANY INVESTOR SHOULD SUBSCRIBE FOR OR PURCHASE ANY SUCH SECURITIES.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK
VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF
UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE
TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT,
WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION,
AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH
PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

1 May 2026

Star Energy Group plc

 

("Star Energy" or "the Company")

 

Result of Fundraising and Notice of GM

 

Star Energy (AIM: STAR), a British energy company with core activities
centring on oil and gas extraction, announces that, further to its
announcement at 5:00 pm on 30 April 2026 (the "Announcement"), it has
successfully completed and closed the Placing.

 

The Placing has conditionally raised gross proceeds of c.£8.5 million (before
expenses) through the placing of 56,716,664 Placing Shares to new and existing
investors. In addition, as part of the Fundraise, Ross Glover, Frances Ward,
Kate Coppinger, Anthony White, Aneliya Erdly and Philip Jackson , each a
Director of the Company, have agreed to subscribe for 206,665 Subscription
Shares at the Issue Price, which is expected to raise £31,000 (before
expenses), further details of which are set out below.

 

In addition to the Placing and the Subscription, the Company is providing
existing eligible shareholders with the opportunity to subscribe for up to
4,000,000 Retail Offer Shares at the Issue Price, to raise up to £0.6m
(before expenses) pursuant to the separate Retail Offer being made by the
Company. No part of the Placing is conditional on the Retail Offer proceeding
or on any minimum take-up on the Retail Offer. The launch of the Retail Offer
is expected to occur shortly following this announcement.

 

The Issue Price of 15 pence represents a discount of 9.2 per cent. to the
Closing Price of 16.25 pence per Ordinary Shares on 30 April 2026, being the
last practicable day before the release of this announcement.

 

Zeus Capital Limited ("Zeus") is acting as nominated adviser to Star Energy
and broker and bookrunner and VSA Capital Limited is acting as agent in
connection with the Placing.

 

The Subscription

 

All the Directors have agreed to subscribe directly with the Company for
the Subscription Shares. Details of their participation are set out as
follows:

 

 Director        Number of Subscription Shares  Number of Ordinary Shares held at the date of this Announcement  Number of Ordinary Shares held following the Subscription
 Ross Glover     40,000                         442,446                                                          482,446
 Frances Ward    33,333                         203,754                                                          237,087
 Kate Coppinger  33,333                         -                                                                33,333
 Anthony White   33,333                         -                                                                33,333
 Aneliya Erdly   33,333                         -                                                                33,333
 Philip Jackson  33,333                         -                                                                33,333

 

 

 

The participating Directors have agreed to subscribe for a total of 206,665
new Ordinary Shares, representing 0.16 per cent. of the Existing Share Capital
of the Company.

 

 

General Meeting and Posting of Circular

 

The Fundraising is conditional upon, inter alia, the approval by the
Shareholders of the Resolutions to be proposed at the General Meeting to be
held at the offices of Watson Farley & Williams LLP at 15 Appold Street,
London, EC2A 2HB at 10.30 a.m. on 18 May 2026. A circular, containing
further details of the Fundraising, notice of General Meeting and proxy form
(together the "Circular") will be despatched to Shareholders shortly and the
Circular will also be made available on the Company's website at
https://www.starenergygroupplc.com/ (https://www.starenergygroupplc.com/)

 

Recommendation

 

The Directors consider the Resolutions being proposed at the General Meeting
to be in the best interests of the Company and the Shareholders as a whole.
Consequently, the Directors unanimously recommend that you vote in favour of
the Resolutions to be proposed at the General Meeting, as they intend to do in
respect of the 646,200 Existing Ordinary Shares held, directly or indirectly,
by them representing approximately 0.5% per cent. of the total voting rights
of the Company in issue.

 

Admission

 

Application will be made to the London Stock Exchange for admission of the New
Ordinary Shares to trading on AIM ("Admission"). It is expected that, subject
to the necessary Resolutions being passed at the General Meeting, Admission
will become effective and dealings in the New Ordinary Shares will commence at
8:00 a.m. on 19 May 2026. The New Ordinary Shares will be issued fully paid
and will rank pari passu in all respects with the Company's Existing
Ordinary Shares.

 

Admission is conditional, inter alia, upon Admission becoming effective, the
Placing Agreement not having been terminated and becoming unconditional, and
upon the approval of the Resolutions by the Shareholders at the Company's
forthcoming General Meeting to be held on 18 May 2026.

Capitalised terms used but not defined in this announcement have the meanings
given to them in the Company's announcement released at 5:00pm on 30 April
2026 in respect of the Proposed Placing to raise up to £8.4 million (before
expenses), Subscription to raise £31,000 (before expenses) and Retail Offer
to raise up to £0.6m (before expenses) unless the context provides otherwise.

 

Ross Glover, Chief Executive Officer of Star Energy plc, commented:

"We are delighted with the strong support shown by our existing shareholders.
This successful Placing represents a clear vote of confidence in Star Energy,
our people and our strategy. It gives us the platform to move forward with our
plans to materially grow production. We are grateful for existing
shareholders' continued support and look forward to welcoming new investors
and delivering on the opportunity ahead."

 

 

For further information please contact:

 

 Star Energy Group plc

 Tel: +44 (0)20 7993 9899

 Ross Glover, Chief Executive Officer

 Frances Ward, Chief Financial Officer

 Zeus (Nominated Adviser & Broker)

 Tel: +44 (0)203 829 5000

 Antonio Bossi, Darshan Patel, Liv Highton (Investment Banking)

 Simon Johnson, Alex Bartram (Corporate Broking)

 Vigo Consulting

 Tel: +44 (0)207 597 5970

 Patrick d'Ancona/Amelia Thorn

 

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