Prospex Energy PLC Conversion of Loan Notes and TVR (6770X)
December 22 2023 - 2:00AM
UK Regulatory
TIDMPXEN
RNS Number : 6770X
Prospex Energy PLC
22 December 2023
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
22 December 2023
Prospex Energy PLC
('Prospex' or the 'Company')
Conversion of Loan Note Debt 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 debt of GBP182,140.95 in three
convertible loan notes (the "Convertible Loan Notes") in exchange
for the issue of 3,311,654 new ordinary shares of 0.1p each in the
Company ("Ordinary Shares") in accordance with the terms of the
loan notes.
The abovementioned Convertible Loan Notes of original aggregate
value of GBP500,000 were issued to three individuals and are
convertible at 5.5p per share pursuant to a Convertible Loan Note
Deed dated 2 September 2022. The second of three capital repayments
plus accrued interest was due to be paid on 31 December 2023 and
the three Convertible Loan Note holders have agreed to settle this
debt by converting it into shares at the conversion price of 5.5p
per share.
Admission to Trading and Total Voting Rights
The Company has applied to the London Stock Exchange for the
admission of 3,311,654 new Ordinary Shares to trading on AIM
("Admission") as a result of the above conversion. Admission is
expected to occur on or around 2 January 2024. There are currently
329,272,881 Ordinary Shares in issue. Following Admission there
will be a total of 332,584,535 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.
Remaining Debt in the Company
By the year end, the Company will also repay the last of three
capital repayments, plus interest due on non-convertible loan notes
issued in June 2021. The original amount of these loan notes was
GBP321,680 and is held by eight Prospex shareholders. The final
capital repayment plus interest to be repaid by 31 December 2023 on
this instrument will be GBP113,715.
By the end of year reporting period for the Company, the
above-mentioned actions will result in the Company having no
long-term debt. Short-term debt will amount to GBP168,487 being the
final quarterly repayment of the September 2022 Convertible Loan
Note instrument due on 31 March 2024, unless that is also converted
into shares at 5.5p. The total principal plus interest accrued to
31 March 2024, would be GBP175,240.
Mark Routh, Prospex's CEO, commented:
"In September 2022 Prospex issued Convertible Loan Notes of
aggregate value of GBP500,000 convertible at 5.5p to three
individuals to help finance the Company's development project in
Italy, which is now in production and generating monthly
cash-flow".
"The second capital repayment of one-third of the outstanding
loans plus accrued interest was due to be repaid on 31 December
2023. I am pleased that all three Convertible Loan Note holders
have again decided to take this repayment and interest in shares at
the conversion price of 5.5p per share in accordance with the
original term of the Notes. This demonstrates another strong vote
of confidence in the Company by our supportive Convertible Loan
Note holders. Unless also converted, the total remaining 5.5p
Convertible Loan Notes plus interest accrued to 31 March 2024 will
be GBP175,240 which would convert into 3,186,180 shares".
"It is satisfying to be able to go into the New Year with a much
stronger balance sheet. The debt reduction coupled with cash
generation from Italy and Spain means that Prospex is well
positioned to capitalise on other investment opportunities with a
focus on diversified European energy projects".
"As 2023 draws to a close our two producing assets in Europe
continue to generate cash. Surplus funds so generated are being
held and 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. Current commitments do not require the
company to raise any additional capital externally".
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 or contact the
following:
Mark Routh Prospex Energy Tel: +44 (0) 20 7236
PLC 1177
Ritchie Balmer Strand Hanson Tel: +44 (0) 20 7409
Rory Murphy Limited 3494
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Jerry Keen Fox-Davies Tel: +44 (0) 20 3884
Capital Limited 7447
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Andrew Monk (Corporate Broking) VSA Capital Tel: +44 (0) 20 3005
Andrew Raca/Alex Cabral (Corporate Limited 5000
Finance)
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Ana Ribeiro / Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Limited 1177
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CONTBBFTMTMTBFJ
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