President Energy PLC Confirmation of Reduction of Capital (5952S)
November 17 2021 - 2:00AM
UK Regulatory
TIDMPPC
RNS Number : 5952S
President Energy PLC
17 November 2021
17 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Reduction of capital confirmed by High Court
President Energy (AIM: PPC), the energy company announces that
on 16 November 2021 the High Court of Justice in England and Wales
approved the reduction of capital in the company by way of
cancellation of the Company's Share Premium account.
This is a necessary precursor to the contemplated distribution
by way of dividend in specie of the majority of shares held by the
Company in Atome Energy PLC ("Atome") in conjunction with the spin
out of Atome and the application to AIM of the London Stock
Exchange for admittance of the shares of Atome to trading.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
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 exploration contract, all of which are situated in the
Rio Negro Province 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.
Atome Energy is the green hydrogen and ammonia subsidiary of
President Energy PLC with intended operations in the Americas and
Europe and a targeted separate listing on the London Stock Exchange
market later in 2021.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. With a
strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, President Energy gives UK investors access to an
energy 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
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END
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