Result of Oversubscribed WRAP Retail Offer and TVR
PDMR Notifications
Prospex Energy plc (AIM: PXEN), the investment company focused on European gas and power projects, is pleased to confirm, further to the announcement made at 6:10pm on Monday 5 August 2024 (the “Retail Offer Announcement”), the result of the Company’s Placing, Subscription and WRAP Retail Offer (together, the “Fundraise”) at the Issue Price of 6 pence per share. Terms defined in the Retail Offer Announcement have the same meanings in this announcement.
The Company has raised aggregate gross proceeds of £859,323.60 pursuant to the WRAP Retail Offer, which has been significantly oversubscribed, alongside the previously announced Placing and Subscription. Accordingly, the Company will issue a total of 14,322,060 new Ordinary Shares at the Issue Price pursuant to the WRAP Retail Offer.
In total, the Placing, Subscription and WRAP Retail Offer have raised, in aggregate, gross proceeds of approximately £4.20 million for the Company, via the Placing and Subscription of 55,633,333 Placing and Subscription Shares and the 14,322,060 WRAP Retail Offer Shares, amounting in aggregate to the issue of 69,955,393 new Ordinary Shares.
The gross proceeds from the Fundraise will enable Prospex to acquire 7.5% of HEI. This increased share has been made feasible from the success of the oversubscribed WRAP Retail Offer.
Admission and Total Voting Rights
The WRAP Retail Offer Shares will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing, the Subscription and the Company’s existing Ordinary Shares.
Application will be made for the 14,322,060 WRAP Retail Offer Shares to be admitted to trading on AIM. Admission is expected to become effective on Monday 12 August 2024, being the same admission date as the Placing and Subscription Shares.
Upon Admission of the Placing and Subscription Shares and the WRAP Retail Offer Shares, the Company will have 402,539,928 ordinary shares of 0.1p each in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company’s total number of ordinary shares in issue and voting rights will be 402,539,928 and this figure may be used by shareholders from Admission 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, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Director shareholdings
As a result of the increased share capital of the Company, the Directors’ shareholdings following Admission will be as follows:
|
Director/PDMR |
Position |
New Ordinary Shares being subscribed for |
Total Ordinary Shares held on Admission |
Percentage of enlarged share capital on Admission |
|
Mark Routh |
Chief Executive Officer |
– |
2,639,960 |
0.66% |
|
Bill Smith |
Non-Executive Chairman |
416,666 |
8,081,010 |
2.01% |
|
Alasdair Buchanan |
Non-Executive Director |
416,666 |
5,059,172 |
1.26% |
|
Andrew Hay |
Non-Executive Director |
333,333 |
333,333 |
0.08% |
|
1. |
Details of the person discharging managerial responsibilities / person closely associated |
|||||||||
|
a) |
Name |
1. Bill Smith 2. Alasdair Buchanan 3. Andrew Hay |
||||||||
|
2. |
Reason for the Notification |
|||||||||
|
a) |
Position/status |
1. Non-Executive Chairman 2. Non-Executive Director 3. 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 |
Prospex Energy Plc |
||||||||
|
b) |
LEI |
213800NY9RH8O1B72D27 |
||||||||
|
4. |
Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted |
|||||||||
|
a) |
Description of the Financial instrument, type of instrument |
Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc |
||||||||
|
Identification code |
GB00BMFZVZ53 |
|||||||||
|
b) |
Nature of the Transaction |
Purchase of Ordinary Shares |
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
N/A (Single Transaction) |
||||||||
|
e) |
Date of the transaction |
8 August 2024 |
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|
f) |
Place of the transaction |
AIM |
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HEYCO Shareholding
As a result of HEYCO subscribing for 41,666,668 new Ordinary Shares in the Fundraise, HEYCO Energy Group Inc. will, following Admission, hold 10.35% of the Company’s issued share capital.
Mark Routh, Prospex’s CEO, commented on the Fundraise:
“In the face of challenging market conditions this week, we are thrilled to have successfully raised a total of approximately £4.20 million from our recent fundraise. This is a testament to the immense potential of the Viura gas field in northern Spain, to increase significantly Prospex’s booked gas reserves, gas production and cashflow. The success of the Retail Offer and it being significantly oversubscribed enables us to acquire 7.5% of the Viura asset which provides us with a meaningful stake in a producing field with plenty of upside. The development well Viura 1B is currently being drilled and is expected to reach the reservoir target within weeks. I look forward to updating shareholders with the results from that well as soon as we have them. Two additional development wells are scheduled for 2025/2026.
“Viura, is one of three onshore gas fields in Spain. El Romeral, in which Prospex has a 49.9% working interest, is another, making Prospex a leading gas producer in Spain. We believe that the production of gas will continue to play a key part in the global energy mix, particularly if we are to avoid another energy crisis. Our mission is to work with partners to deliver reliable and sustainable energy solutions, whilst driving shareholder value. To this end, I am encouraged and very grateful for the support of our existing shareholders especially though the oversubscribed WRAP Retail Offer and would like to take the opportunity to welcome our new shareholders.”
For further information, please contact:
|
Mark Routh |
Prospex Energy PLC |
Tel: +44 (0) 20 7236 1177 |
