PROVIDENCE RES. Result Of Extraordinary General Meeting
05 May 2020 - 11:34PM
UK Regulatory
TIDMPVR
For Immediate Release
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, SWITZERLAND
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
Terms and conditions used in this announcement have the meaning ascribed
to them in the announcement of 6 April, 2020 unless the context requires
otherwise.
Providence Resources P.l.c.
Result of Extraordinary General Meeting
Dublin and London -- May 5, 2020 - On April 6, 2020, Providence
Resources P.l.c., ("Providence" or the "Company") the Irish Energy
Company, whose shares are quoted in London (AIM) and Dublin (Euronext
Growth Market), announced a conditional fundraising 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 GBP0.015 (equivalent to approximately US$0.018)
each.
The Company is pleased to announce that, at its Extraordinary General
Meeting held earlier today, the Resolutions set out in the Circular
dated April 6, 2020 were duly passed. The results of the Poll of the
meeting are set out below.
Ordinary Resolution 1 -- To authorise the Directors to allot relevant
securities
Vote Type Voted Voted % % of Issued Share Capital Voted
--------------- ----------- ------- -------------------------------
For 358,390,158 99.996% 54.52%
--------------- ----------- ------- -------------------------------
Against 13,519 0.004% 54.52%
--------------- ----------- ------- -------------------------------
Total Voted 358,403,677 100% 54.52%
--------------- ----------- ------- -------------------------------
Votes Withheld 33,904
--------------- ----------- ------- -------------------------------
Special Resolution 2 - To disapply statutory pre-emption restrictions in
respect of the allotment of shares in connection with the Fundraising
Vote Type Voted Voted % % of Issued Share Capital Voted
--------------- ----------- ------- -------------------------------
For 358,381,534 99.995% 54.52%
--------------- ----------- ------- -------------------------------
Against 16,737 0.005% 54.52%
--------------- ----------- ------- -------------------------------
Total Voted 358,381,534 100% 54.52%
--------------- ----------- ------- -------------------------------
Votes Withheld 39,310
--------------- ----------- ------- -------------------------------
Ordinary Resolution 3 - To increase the authorised capital of the
Company
Vote Type Voted Voted % % of Issued Share Capital Voted
--------------- ----------- ------- -------------------------------
For 358,394,330 99.997% 54.52%
--------------- ----------- ------- -------------------------------
Against 9,440 0.003% 54.52%
--------------- ----------- ------- -------------------------------
Total Voted 358,403,770 100% 54.52%
--------------- ----------- ------- -------------------------------
Votes Withheld 33,811
--------------- ----------- ------- -------------------------------
Special Resolution 4 - To authorise the Directors to adopt and implement
the 2020 Share Option Scheme
Vote Type Voted Voted % % of Issued Share Capital Voted
--------------- ----------- ------- -------------------------------
For 285,600,251 79.687% 54.52%
--------------- ----------- ------- -------------------------------
Against 72,801,128 20.313% 54.52%
--------------- ----------- ------- -------------------------------
Total Voted 358,401,379 100% 54.52%
--------------- ----------- ------- -------------------------------
Votes Withheld 36,202
--------------- ----------- ------- -------------------------------
Accordingly, and subject to Admission becoming effective, the Company
has therefore raised aggregate gross proceeds of approximately GBP2.7
million (equivalent to approximately US$3.3 million) through the Placing
and the Subscription.
Application has been made to the London Stock Exchange and Euronext
Dublin for the New Ordinary Shares to be admitted to trading on AIM and
Euronext Growth and this is expected that Admission will occur at 8.00
a.m. on May 6, 2020. Following Admission, the New Ordinary Shares will
rank pari passu in all respects with the existing Ordinary Shares in
issue including the right to receive all dividends or other
distributions declared, made or paid after the date of their issue.
Following Admission, the Company's total issued and voting share capital
will comprise 835,397,852 Ordinary Shares of EUR0.001 each. This figure
may be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their interest
in, or a change to their interest in, securities of the Company under
the FCA's Disclosure and Transparency Rules.
INVESTOR ENQUIRIES
----------------------------------
Providence Resources P.l.c. Tel: +353 1 219 4074
Alan Linn, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
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
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual
results may differ materially from those projected or implied in such
forward-looking statements. Such forward-looking information involves
risks and uncertainties that could significantly affect expected
results. No representation is made that any of those statements or
forecasts will come to pass or that any forecast results will be
achieved. You are cautioned not to place any reliance on such statements
or forecasts. Those forward-looking and other statements speak only as
at the date of this announcement. Providence Resources P.l.c undertakes
no obligation to update any forward- looking statements.
ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Energy Company with a
portfolio of appraisal and exploration assets located offshore Ireland.
Providence's shares are quoted on the AIM in London and the Euronext
Growth Market in Dublin. Further information on Providence can be found
on www.providenceresources.com
(END) Dow Jones Newswires
May 05, 2020 09:34 ET (13:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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