Barryroe Offshore Energy PLC Convertible Loan Note (9626U)
March 31 2023 - 6:15AM
UK Regulatory
TIDMBEY
RNS Number : 9626U
Barryroe Offshore Energy PLC
31 March 2023
Barryroe Offshore Energy P.l.c.
CONVERTIBLE LOAN NOTE
Dublin and London - 31 March 2023
As announced by Barryroe Offshore Energy ("Barryroe" or the
"Company) on 23 November 2022 and updated on 19 January 2023 a
Funding Agreement of up to EUR40 million in the form of a
Redeemable Convertible Secured Loan Note ("CLN") was executed by
the Company with Vevan Unlimited ('Vevan'). The purpose of the CLN
funding is to meet Barryroe's direct financial requirements for the
work programme proposed in the Barryroe Field Lease Undertaking
Application.
The update of 19 January 2023 reported that certain shareholders
had notified the Company and Vevan of their interest in
participating in a sub allocation of the CLN and taking that into
account the issuance of a circular convening an Extraordinary
General Meeting ("EGM") to pass certain shareholder authorities
related to the CLN funding agreement had been deferred to a later
date.
The Board is now pleased to announce that those sub-allocation
discussions have concluded with agreement, subject only to the
formal documentation being finalised. The issuance of certain of
the shares and the warrants pursuant to the CLN, will require
certain shareholder resolutions to be passed by the Company's
shareholders at an EGM of the Company. A circular convening the EGM
and providing further details on the proposals will be prepared and
sent to shareholders in due course. The circular will also include,
if and as required, details on the potential granting of waivers
under Rule 9 of the Irish Takeover Panel Act 1997, Takeover Rules
2022 (on such terms and subject to such conditions as the Irish
Takeover Panel may require) from the requirement for any holder of
such securities and rights to make a mandatory offer for the
Company on the issuance of any ordinary shares.
Alan Curran CEO, comments:
"We are particularly pleased that the sub-allocation discussions
have satisfactorily concluded. We now look forward to progressing
the Barryroe project, especially to the grant of the Lease
Undertaking by the Minister, so that we can finally expedite the
necessary appraisal well preparations. On behalf of the Board and
myself I would especially like to thank all shareholders for their
ongoing support"
INVESTOR ENQUIRIES:
Barryroe Offshore Energy P.l.c. Tel: +353 1 219 4074
Alan Curran , Chief Executive
Job Langbroek , Investor Relations
J & E Davy Tel: +353 1 679 6363
Anthony Farrell
MEDIA ENQUIRIES
AM O'Sullivan PR Tel: +353 87 9881890 / tina@amosullivanpr.ie
Tina Quinn
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