TIDMPRD
RNS Number : 5370U
Predator Oil & Gas Holdings PLC
29 March 2023
FOR IMMEDIATE RELEASE
29 March 2023
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD /
Sector: Oil & Gas
LEI 213800L7QXFURBFLDS54
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries
the "Group")
Update to the fund raising announced on 17 March 2023
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco announces the following update to the fund raising
announced on 17 March 2023.
On that date the Company announced that it had conditionally
placed 15,500,000 new ordinary shares of no par value in the
Company ("New Shares") and 20,863,636 existing ordinary shares of
no par value in the Company ("Loan Shares") transferred by a
director of the Company, Paul Griffiths, at a placing price of 5.5
pence each (the "Placing Price") to raise GBP2,000,000 (before
expenses) (the "Placing") for completion on 3 April 2023. The
Company now confirms that the number of New Shares issued will be
14,174,056 whilst the number of Loan Shares to be transferred by
Paul Griffiths will be 22,189,580.
The total funds raised by the Placing remains at GBP2,000,000,
which is conditional on the New Shares being admitted to listing on
the Official List (standard listing segment) and to trading on the
London Stock Exchange's main market for listed securities
("Admission") on or around 3 April 2023 (or such later date as may
be agreed by the Company and Novum)..
Stock Lending Agreement
The Loan Shares will be documented in a single stock lending
agreement between Paul Griffiths and the Company (the "Stock
Lending Agreement").
Under the unsecured Stock Lending Agreement between the Company
and Paul Griffiths the return of 22,189,580 shares loaned to the
Company (the "Loan") are intended to be issued to Mr Griffiths when
the Company has additional headroom and at an appropriate time,
subject to the Company's dealing policy. When repayment is due the
Company will make the necessary listing and admission hearing
applications to have those new ordinary shares admitted to
trading.
Interest shall accrue on the Loan at a rate of 4% (four percent)
above SONIA of the principal sum lent of GBP1,220,427, being the
market value of 22,189,580 shares at the Placing Price. The default
rate of interest under the Stock Lending Agreement for any sum
which is not repaid when due is 12% per annum.
Related Party Transaction
Paul Griffiths is a director of the Company. The Stock Lending
Agreement is therefore considered to be a related party
transaction.
Lonny Baumgardner, Alistar Jury and Carl Kindinger, being the
independent directors for the purposes of the Related Party
Transaction consider that the terms and conditions of the Stock
Lending Agreement are fair and reasonable insofar as the
shareholders of the Company are concerned.
An application will be made to the FCA and to the London Stock
Exchange Admission in respect of those 14,174,056 New Shares. It is
expected that Admission will become effective, and that dealings in
such shares are expected to commence, at 8.00 a.m. on 3 April
2023.
The rights attaching to the New Shares will be uniform in all
respects and will rank pari passu, and form a single class for all
purposes with, the existing issued shares of no par value in the
Company.
Total Voting Rights
Following Admission, the Company will have 399,968,959 ordinary
shares of no par value in issue, each with one vote per share (and
none of which are held in treasury). The total number of voting
rights in the Company is therefore increased by 14,174,056 to
399,968,959. This figure of 399,968,959 may be used by shareholders
in the Company as the denominator for calculations to determine if
they have a notifiable interest in the share capital of the Company
under the Disclosure Guidance and Transparency Rules, or if such
interest has changed.
For further information visit www.predatoroilandgas.com
Follow the Company on twitter @PredatorOilGas.
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For more information please visit the Company's website at
www.predatoroilandgas.com :
Enquiries:
Predator Oil & Gas Holdings Plc Tel: +44 (0) 1534 834 600
Paul Griffiths Executive Chairman Info@predatoroilandgas.com
Lonny Baumgardner Managing Director
Novum Securities Limited Tel: +44 (0) 207 399 9425
David Coffman / Jon Belliss
Optiva Securities Limited Tel: +44 (0) 203 137 1902
Christian Dennis, CEO
Ben Maitland, Corporate Finance Tel. +44 (0) 203 034 2707
Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
Tim Thompson predator@flagstaffcomms.com
Mark Edwards
Fergus Mellon
Notes to Editors:
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is prospective for Tertiary gas in prospects less
than 10 kilometres from the Maghreb gas pipeline and suitable for
the development of Compressed Natural Gas for Morocco's industrial
sector. The MOU-1 well has been completed and is subject to a
follow-up testing programme. The MOU-2 well is currently suspended
pending a potential re-entry.
Predator is seeking to further develop the remaining oil
reserves of Trinidad's mature onshore oil fields through the
application of CO2 EOR techniques and by sequestrating
anthropogenic carbon dioxide in oil reservoirs.
In addition, Predator also owns and operates exploration and
appraisal assets in licensing options offshore Ireland, for which
successor authorisations have been applied for, adjoining
Vermilion's Corrib gas field in the Slyne Basin on the Atlantic
Margin and east of the decommissioned Kinsale gas field in the
Celtic Sea.
Predator has developed a Floating Storage and Regasification
Project ("FSRUP") for the import of LNG and its regassification for
Ireland and is also developing gas storage concepts to address
security of gas supply and volatility in gas prices during times of
peak gas demand.
The Company has a highly experienced management team with a
proven track record in operations in the oil and gas industry.
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END
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