PROVIDENCE RES. Miscellaneous
07 April 2020 - 3:25AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL
NOT CONSTITUTE, OR FORM THE BASIS OF AN OFFER TO SELL OR ISSUE OR THE
SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY
NEW OR EXISTING ORDINARY SHARES OF PROVIDENCE RESOURCES PLC IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL
Capitalised terms not otherwise defined in the text of this Announcement
have the meanings given in the Company's announcement regarding the
proposed Fundraising released earlier today.
Providence Resources P.l.c.
Result of Fundraising
Dublin and London -- 6 April, 2020 -- Providence Resources P.l.c. (PVR
LN, PRP ID), the Irish based energy company ("Providence" or the
"Company"), announced earlier today details of a conditional fundraising
to raise approximately US$3.0 million (before expenses) to be completed
by way of an accelerated bookbuild process (the "Bookbuild") which was
managed by Cenkos, Davy and Mirabaud, the Company's brokers (together
the "Joint Bookrunners").
The Company is pleased to confirm that the Bookbuild has been completed
and the Company has, conditionally, raised gross proceeds of GBP2.7
million (equivalent to approximately US$3.3 million) through the issue
of 157,973,004 Placing Securities and 20,000,000 Subscription Securities
(each of which shall comprise one New Ordinary Share, one 3p Warrant and
one 9p Warrant) at a price of 1.5p each (the "Issue Price").
Accordingly, a total of 177,973,004 New Ordinary Shares will be issued
pursuant to the Fundraising, representing approximately 21 per cent of
the Company's issued Ordinary Shares following Admission together with
an aggregate of 177,973,004 3p Warrants and 177,973,004 9p Warrants. The
New Ordinary Shares will be issued and credited as fully paid and will
rank in full for all dividends and other distributions declared, made or
paid after the admission of those Ordinary Shares and will otherwise
rank on Admission pari passu in all respects with each other and with
the existing Ordinary Shares in the Company.
The Issue Price represents a discount of 13 per cent. to the closing
price of an existing Ordinary Share of 1.73p on 3 April 2020, being the
latest practicable date on which the Company's shares traded on AIM and
Euronext Growth ahead of this announcement.
The Placing is conditional upon, amongst other things:
-- the passing of the Resolutions without amendment to be proposed at the
Extraordinary General Meeting;
-- the Placing Agreement having become unconditional (save for Admission)
and not having been terminated in accordance with its terms prior to
Admission; and
-- Admission taking place by no later than 8.00 a.m. on 6 May 2020 (or such
later date as the Joint Bookrunners may agree in writing with the Company,
being not later than 8.00 a.m. on 20 May 2020).
If any of the conditions are not satisfied, the Placing Securities and
the Subscription Securities will not be issued and Admission of the New
Ordinary Shares will not take place.
Related Party Transaction
Pageant Holdings Ltd ("Pageant") has conditionally agreed to subscribe
for 40,381,751 Placing Securities at the Issue Price pursuant to the
Placing. As a substantial shareholder of the Company, Pageant is a
related party for the purposes of the AIM Rules and the Euronext Growth
Rules. The directors of the Company consider, having consulted with the
Company's nominated adviser, Cenkos, and Euronext Growth adviser, Davy,
that the terms of the subscription by Pageant is fair and reasonable
insofar as the Company's shareholders are concerned.
Directors' Participation
As set out below, certain Directors of the Company and Persons
Discharging Managerial Responsibility, have agreed to subscribe for a
total of 2,922,663 Placing Securities in the Placing.
Their individual participation is as follows:
Resultant Holding
Number of Number of % of Enlarged
Placing Ordinary Issued Share
Name Position Securities Shares Capital
------------- --------------- -------------- -------------- --------------
Pat Plunkett Chairman 1,000,000 2,750,000 0.33
Alan Linn CEO 882,961 882,961 0.11
Non-Executive
Angus McCoss Director 333,333 333,333 0.04
Simon Brett CFO 706,369 706,369 0.08
------------- --------------- -------------- -------------- --------------
Next Steps
The Extraordinary General Meeting is expected to be held on 5 May 2020
for the purpose of passing the Placing Resolutions.
The Circular, containing the Notice of the Extraordinary General Meeting,
sets out the Placing Resolutions and further details on the Fundraising
and is expected to be despatched to Shareholders of the Company on or
about 9 April 2020.
Application will be made to the London Stock Exchange and Euronext
Dublin for the New Ordinary Shares to be admitted to trading on AIM and
Euronext Growth. It is expected that admission to trading on each
exchange ("Admission") will become effective and that dealings in the
New Ordinary Shares will commence on AIM and Euronext Growth at 8.00
a.m. on 6 May 2020.
The total issued share capital of the Company, as increased by the New
Ordinary Shares, immediately following Admission (and excluding any
issues of shares pursuant to the exercise of any employee share
incentives between the date of this Announcement and Admission) will be
835,397,852 Ordinary Shares.
The expected timetable set out in the Company's announcement regarding
the proposed Fundraising released earlier today remains unchanged and is,
for reference, set out again below.
Announcement of the Fundraising 6 April 2020
Announcement of the results of the Fundraising 6 April 2020
Posting of the Circular and the Forms of Proxy 9 April 2020
Last time and date for receipt of Forms of Proxy for 11.00 a.m. on 3 May
use at the Extraordinary General Meeting 2020
Voting Record Date 6.00 p.m. on 3 May
2020
Extraordinary General Meeting 11.00 a.m. on 5 May
2020
Admission effective and dealings in New Ordinary Shares 8.00 a.m. on 6 May
expected to commence on AIM and Euronext Growth 2020
Notes:
1. Each of the times and dates shown above and elsewhere
in this announcement are indicative and accordingly
are subject to change.
2. References to time in this announcement are to Dublin
time unless otherwise stated.
3. If any of the above times and/or dates change, the
revised time(s) and/or date(s) will be notified to
Shareholders by announcement through a Regulatory
Information Service.
For further information please contact the following:
Providence Resources P.l.c. Tel: +353 1 219 4074
Alan Linn, Chief Executive Officer
Pat Plunkett, Chairman
Cenkos Securities plc Tel: +44 131 220 6939
Neil McDonald
Derrick Lee
Joe Nally (Corporate Broking)
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
John Frain
Mirabaud Securities Limited Tel: + 44 20 3167 7221
Peter Krens
MEDIA ENQUIRIES
Murray Consultants Tel: +353 1 498 0300 / 353 87 255 8300
Pauline McAlester
1.
Details of the person discharging managerial responsibilities/ person
closely associated
a)
Name
Pat Plunkett
2.
Reason for the notification
a)
Position/status
Chairman
b)
Initial notification/ Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Providence Resources P.l.c. (the "Company")
b)
LEI
635400DSMSR5LZVGDI48
4.
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; (iv) each
place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
A Placing Security comprising:
-- an Ordinary Share of EUR0.001 each in the Company ("Ordinary Share")
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
Identification code
IE00B66B5T26
b)
Nature of the transaction
Acquisition pursuant to a Placing
c)
Price(s) and volume(s)
Price(s) Volume(s)
---------- ---------
1.5 pence 1,000,000
---------- ---------
d)
Aggregated information
- Aggregated volume
- Weighted average price
- Aggregated price
n/a (single transaction)
e)
Date of the transaction
6 April 2020
f)
Place of the transaction
London Stock Exchange, AIM
1.
Details of the person discharging managerial responsibilities/ person
closely associated
a)
Name
Alan Linn
2.
Reason for the notification
a)
Position/status
CEO
b)
Initial notification/ Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Providence Resources P.l.c. (the "Company")
b)
LEI
635400DSMSR5LZVGDI48
4.
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; (iv) each
place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
A Placing Security comprising:
-- an Ordinary Share of EUR0.001 each in the Company ("Ordinary Share")
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
Identification code
IE00B66B5T26
b)
Nature of the transaction
Acquisition pursuant to a Placing
c)
Price(s) and volume(s)
Price(s) Volume(s)
---------- ---------
1.5 pence 882,961
---------- ---------
d)
Aggregated information
- Aggregated volume
- Weighted average price
- Aggregated price
n/a (single transaction)
e)
Date of the transaction
6 April 2020
f)
Place of the transaction
London Stock Exchange, AIM
1.
Details of the person discharging managerial responsibilities/ person
closely associated
a)
Name
Angus McCoss
2.
Reason for the notification
a)
Position/status
Non-Executive Director
b)
Initial notification/ Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Providence Resources P.l.c. (the "Company")
b)
LEI
635400DSMSR5LZVGDI48
4.
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; (iv) each
place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
A Placing Security comprising:
-- an Ordinary Share of EUR0.001 each in the Company ("Ordinary Share")
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
Identification code
IE00B66B5T26
b)
Nature of the transaction
Acquisition pursuant to a Placing
c)
Price(s) and volume(s)
Price(s) Volume(s)
---------- ---------
1.5 pence 333,333
---------- ---------
d)
Aggregated information
- Aggregated volume
- Weighted average price
- Aggregated price
n/a (single transaction)
e)
Date of the transaction
6 April 2020
f)
Place of the transaction
London Stock Exchange, AIM
1.
Details of the person discharging managerial responsibilities/ person
closely associated
a)
Name
Simon Brett
2.
Reason for the notification
a)
Position/status
CFO
b)
Initial notification/ Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Providence Resources P.l.c. (the "Company")
b)
LEI
635400DSMSR5LZVGDI48
4.
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; (iv) each
place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
A Placing Security comprising:
-- an Ordinary Share of EUR0.001 each in the Company ("Ordinary Share")
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
-- a warrant to subscribe for one Ordinary Share at a price of 3p per
Ordinary Share
Identification code
IE00B66B5T26
b)
Nature of the transaction
Acquisition pursuant to a Placing
c)
Price(s) and volume(s)
Price(s) Volume(s)
---------- ---------
1.5 pence 706,360
---------- ---------
d)
Aggregated information
- Aggregated volume
- Weighted average price
- Aggregated price
n/a (single transaction)
e)
Date of the transaction
6 April 2020
f)
Place of the transaction
London Stock Exchange, AIM
(END) Dow Jones Newswires
April 06, 2020 13:25 ET (17:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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