President Energy PLC CGC Share Subscription (2030B)
January 28 2020 - 10:58AM
UK Regulatory
TIDMPPC
RNS Number : 2030B
President Energy PLC
28 January 2020
28 January 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
CGC Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, confirms that further to the
announcement of 20 November 2019 Compania General De Combustibles
S.A. ("CGC") has completed the first quarterly instalment of its
share subscription programme.
CGC has invested a further sum of US$300,000, approximately
GBP228,606.26 at an exchange rate of GBP 1:3123 USD being the spot
rate on the day prior to 25 January 2020, the effective date of the
investment ("the Additional Subscription Amount"). To satisfy the
Additional Subscription Amount, President has issued to CGC
5,644,599 new ordinary shares of 1p each in the capital of the
Company (the "Additional Subscription Shares") to CGC at a
subscription price of 4.05p pence per Additional Subscription
Share, being the closing mid-market price per Ordinary Share on 24
January 2020.
Application has been made for the 5,644,599 Additional
Subscription Shares to be admitted to trading on AIM and dealings
are expected to commence on 30 January 2020 ("Admission").
The Additional Subscription Shares will rank pari passu with the
existing ordinary shares in the capital of the Company. Following
Admission, the Company's issued share capital will consist of
1,216,925,264 Ordinary Shares. Accordingly, the figure of
1,216,925,264 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 Guidance and Transparency
Rules.
Contact:
President Energy PLC
Peter Levine, Chairman
Rob Shepherd, Group FD +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Scott Mathieson +44 (0) 207 220 0500
Whitman Howard (Broker)
Hugh Rich, Grant Barker +44 (0) 207 659 1234
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions and
Angostura contract, Rio Negro Province as well as in the Neuquén
Basin of Argentina and in the Puesto Guardian Concession, in the
Noroeste Basin in NW Argentina. Alongside this, President Energy
has cash generative production assets in Louisiana, USA and further
significant exploration and development opportunities through its
acreage in Paraguay and Argentina.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets in Argentina
capable of delivering positive cash flows and shareholder returns.
With a strong institutional base of support, including the IFC,
part of the World Bank Group, an in-country management team as well
as a Board whose interests are aligned to those of its
shareholders, President Energy gives UK investors access to the
Argentinian growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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