BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, is pleased to advise of indicated participation of the Board and executive management in the current Open Offer.
Highlight:
· The Chairman, CEO designate, current CEO, all continuing and retiring members of the Board and key members of the Company’s executive management have all confirmed intended participation in the current Open Offer, representing an aggregate participation for approximately 85 million shares
Eytan Uliel, BPC CEO Designate said:
“I am pleased to confirm that in addition to my own contribution, all continuing and retiring directors, as well as key members of the Company’s executive management team, have indicated a meaningful contribution to the current fundraising. I am grateful for this vote of support in me as I assume the role as CEO, as well as the strong confirmation it represents of the collective team’s commitment to the task at hand, and our firmly held belief that the assets will deliver in the way we intend.”
Confirmation of Intended Participation in Fundraising
On 23 April 2021, BPC, the Company announced an Open Offer to all shareholders, on a 1:2.46 basis, of up to £6.9 million in aggregate, at a price of 0.35 pence per share. Any shareholders who take up all of their Open Offer Entitlement are able to apply for an excess allocation under the Open Offer, and the Company intends to place with institutional investors any Open Offer Shares not subscribed for (collectively, the “Fundraising”).
Mr. Eytan Uliel, who will assume the role as Chief Executive Officer of the Company effective 27 May 2021, and who will become a director of the Company on completion of customary due diligence and on-boarding processes, currently holds approximately 59.1 million shares in the Company. Mr. Uliel’s entitlement under the Open Offer is thus for approximately 24 million Open Offer Shares. Mr. Uliel has indicated that he intends to exercise his entitlement to subscribe for 24 million shares in the Open Offer, as well as subscribe for an additional 10 million shares in the Fundraising.
Mr. Simon Potter, who will cease in the role as Chief Executive Officer of the Company effective 27 May 2021, and who will become a non-executive director of the Company thereafter, currently holds approximately 81.2 million shares in the Company. Mr. Potter’s entitlement under the Open Offer is thus for approximately 33 million Open Offer Shares. Mr. Potter has indicated he intends to exercise his entitlement to subscribe for 33 million shares in the Open Offer.
The Company’s continuing and retiring non-executive directors have each indicated they intend to subscribe for shares in the Open Offer, with Mr. Bill Schrader, the Company Chairman intending to subscribe for his full entitlement as well as subscribing for an additional 2 million shares in the Fundraising. Certain key members of the Company’s executive management group have also indicated they intend to apply for shares in the Fundraising. The aggregate indicated subscription of continuing and retiring non-executive directors and Company executives amounts to approximately 18 million shares.
The above noted participations in the Fundraising will result in a total aggregate subscription for approximately 85 million shares (equivalent to £300,000) as part of the Fundraising by members of the Company’s board and management.
Regulatory Statement
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.
Capitalised terms in this announcement are as defined in the Circular posted on 24 April 2021 (unless otherwise defined).
