Bahamas Petroleum Company PLC Partial Convertible Loan Note Conversion (2613E)
February 26 2020 - 12:36PM
UK Regulatory
TIDMBPC
RNS Number : 2613E
Bahamas Petroleum Company PLC
26 February 2020
26 February 2020
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Partial Convertible Loan Note Conversion
On 20 February 2020, the Company announced that it had entered
into an agreement for a zero-coupon, second ranking, unsecured GBP8
million ($10.5 million) convertible loan note facility (the
"Facility"), with a substantial Bahamian based institutional
family-office investor (on terms and conditions that are more fully
described in the announcement made by the Company on that
date).
Pursuant to that Facility, the Company made an initial draw-down
of GBP2.7 million, which under the terms of the Facility saw the
Company receive cash proceeds of GBP2.43 million. The Company has
now received a conversion notice in respect of GBP1.44 million of
that initial draw-down, and in accordance with the terms of the
Facility, the Company will proceed to issue 48,000,000 new ordinary
shares (the "Conversion Shares") to the investor. Thereafter, a
remaining amount of GBP1.26 million of convertible notes will
remain on issue, and which remain subject to conversion or
redemption in accordance with their terms and conditions. At the
Company's option, and as more fully described in the Company's
announcement of 20 February 2020, the Company has the ability to
draw additional amounts under the Facility in April, May, June and
July of 2020.
Application will be made for the Conversion Shares to be
admitted to trading on the AIM market of the London Stock Exchange
and it is expected that admission will take place on 3 March 2020
("Admission").
Following Admission, the Company's issued share capital will
consist of 2,182,762,786 ordinary shares, with each ordinary share
carrying the right to one vote. The Company does not hold any
ordinary shares in treasury. This figure of 2,182,762,786 ordinary
shares may therefore be used by shareholders in the Company, as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
As previously announced, Admission of the 35,337,328 new
ordinary shares to BPC Investment Fund Ltd is now expected to take
place on or around 13 March 2020, following which the Company's
issued share capital will consist of 2,218,100,114 ordinary shares,
with each ordinary share carrying the right to one vote.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney / Jack Botros 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs / James Thomas 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
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