President Energy PLC Result of GM (8484Q)
03 December 2016 - 12:00AM
UK Regulatory
TIDMPPC
RNS Number : 8484Q
President Energy PLC
02 December 2016
2 December 2016
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
RESULT OF GENERAL MEETING
President Energy (AIM: PPC), is pleased to announce that all
resolutions put to shareholders at the Company's General Meeting
held earlier today were duly passed.
Application has been made to the London Stock Exchange for
230,198,878 Placing Shares, 37,474,240 Subscription Shares and
160,603,871 Loan Conversion Shares to be admitted to trading on
AIM. It is expected that Admission will become effective on 5
December 2016 and it is expected that dealings for normal
settlement in the new Ordinary Shares will commence trading at 8.00
am on 5 December 2016.
The new Ordinary Shares will rank pari passu in all respects
with the Existing Ordinary Shares, including the right to receive
dividends and other distributions declared following Admission.
Total Voting Rights
Following the issue of the Placing Shares, Subscription Shares
and Loan Conversion Shares the Company will have 953,597,617
ordinary shares of 1 pence each in issue. The figure of 953,597,617
may be used by shareholders as the denominator with which they can
determine if they are required to notify their interest in, or a
change in their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Related Party Transaction
The subscription by International Finance Corporation ("IFC") in
the Placing at the Placing Price is classified as a related party
transaction under the AIM Rules. The Directors consider, having
consulted with Peel Hunt in its capacity as the Company's nominated
adviser, that the terms of IFC's participation in the Placing are
fair and reasonable insofar as Shareholders are concerned.
Terms in this announcement have the meaning given to them in the
Circular issued in connection with the Fundraising and Loan
Restructuring on 16 November 2016.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +44 (0) 207 016 7950
Peel Hunt LLP (Nominated
Advisor & Joint Broker)
Richard Crichton, Ross Allister,
Chris Burrows +44 (0) 207 418 8900
BMO Capital Markets (Joint
Broker)
Jeremy Low, Neil Haycock, +44 (0) 207 236
Tom Rider, Jenny Wyllie 1010
Vigo Communications
Chris McMahon
Patrick D'Ancona +44 (0)20 7830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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