Prospex Energy PLC Loan Note Interest and Capital Repayments (0818X)
December 31 2021 - 1:59AM
UK Regulatory
TIDMPXEN
RNS Number : 0818X
Prospex Energy PLC
31 December 2021
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
31 December 2021
Prospex Energy PLC
Loan Note Interest and Capital Repayments
Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted
investment company (AIM:PXEN) focused on European gas and power
projects, provides the following financing update:
Highlights:
-- The Company has today repaid a total of GBP18,764.70 in
scheduled capital repayments due on the Loan Note ("LN") issued in
December 2018 (the "2018 LN").
-- The Company has also paid a total of GBP22,742.87 in interest
due on the 2018 LN and the LN issued in 2021 (the "2021 LN"), in
addition to the final interest payments due pursuant to the
convertible loan note ("CLN") instrument dated 23 December 2020
(the "2020 CLN").
-- Capital and interest payments funded from existing cash resources.
Further detail:
The Company now has two outstanding Loan Notes (the 2018 LN and
the 2021 LN) following the final conversion of the 2020 CLN as
announced on 22 December 2021. Per the above, the final interest
payments made today on the 2020 CLN totalled GBP1,116.03.
The 2018 LN had a total of GBP2,162.61 of interest and the
scheduled capital repayments GBP18,764.70 paid to the holders
today, which includes the Private Pension Plan of R & E Mays.
Richard Mays is a Non-Executive Director of the Company. The next
and final interest payment of GBP1,063.25 and capital repayment of
GBP21,445.37 on the 2018 LN falls due on 30 June 2022, following
which point the 2018 LN will have been fully paid down.
The 2021 LN (which was issued on 28 June 2021) had a total of
GBP19,464.23 of interest paid to the holders today, which includes
Non-Executive Chairman, William Smith. The interest is due every
six months so the next interest payment falls due on 30 June 2022.
The first capital repayment on this 2021 Loan Note of
GBP107,226.93, being one-third of the loan, is due on 31 December
2022, with subsequent equal capital repayments due on 30 June 2023
and 31 December 2023.
Mark Routh, Prospex's CEO, commented:
"These interest payments and loan repayments have been made
possible by the income generated by the El Romeral power plant in
southern Spain in which Prospex owns a 49.9% share through its
shareholding in Tarba Energía. We expect to be expanding the
generating capacity at El Romeral during 2022 with the planned
infill well drilling campaign, thereby boosting our income."
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 PLC Tel: +44 (0) 20 7236
1177
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Capital Limited Tel: +44 (0) 20 7220
9797
Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236
Catherine Leftley 1177
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END
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