Oracle Power PLC (AIM:ORCP), the international natural resources project developer, announces that, further to its announcements of 30 March 2022 and 1 April 2022.
Oracle and Kaheel Energy FZE (“Kaheel Energy”) (a wholly-owned company of the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum (“HH Private Office”) advanced to their joint venture company, Oracle Energy Limited (“Oracle Energy” or the “JV”)), on 6 July 2022, in aggregate, approximately a further £390,000, at a price of 10 Pakistani Rupees per share, to further capitalise Oracle Energy and to progress the development of its green hydrogen project in Pakistan. The JV is being funded on a 70:30 basis by Kaheel Energy and Oracle, respectively.
The Joint Venture
The JV agreement (the “JV Agreement”), entered into on 29 March 2022 by Kaheel Energy, Oracle and Oracle Energy provides that Kaheel Energy and Oracle provide funding to the JV on a 70:30 basis (respectively) to develop the green hydrogen project in Pakistan. Refer to the Company’s announcement of 30 March 2022 for further information on the JV Agreement.
Related Party Transaction
HH Private Office is a substantial shareholder of the Company, as defined by the AIM Rules for Companies (“AIM Rules”). Accordingly, Kaheel Energy’s advance to the JV of approximately £273,000 (its 70% share of the c. £390,000 total advance to the JV), aggregated with its initial contributions to the JV, constitutes a related party transaction pursuant to AIM Rule 13. The Directors of the Company, having consulted with the Company’s Nominated Adviser, Strand Hanson Limited, consider this advance and the terms of the JV Agreement to be fair and reasonable insofar as the Company’s shareholders are concerned.
*ENDS*
For further information:
Oracle Power PLC +44 (0) 203 580 4314
Naheed Memon – CEO
