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ADL Andalas Energy And Power Plc

0.20
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Andalas Energy And Power Plc LSE:ADL London Ordinary Share IM00BZ7PNY71 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.20 0.19 0.21 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Andalas Energy and Power Plc Settlement of loan note, placing and notice of EGM

14/08/2017 2:50pm

UK Regulatory


 
TIDMADL 
 
Andalas Energy and Power Plc 
 
                         ('Andalas', or the 'Company') 
 
              Settlement of loan note, placing and notice of EGM 
 
Andalas Energy and Power plc (AIM:ADL) is pleased to announce that it has 
conditionally raised GBP1,050,000 via a placing ('Placing') of 1,615,384,615 
ordinary shares of nil par value ('Placing Shares') at a price of 0.065 pence 
per share. 
 
The proceeds will be used to repay the outstanding Sandabel Capital LP loan 
note.  Andalas will also use the proceeds to fund its ongoing work programme 
with PT PP Energi ("PP Energi"), a subsidiary of PT PP (Persero) Tbk ('PTPP'), 
the Indonesian state-owned construction and engineering company, to advance a 
30+MW independent gas-fired wellhead power facility in Jambi Province, South 
Sumatra, and also to develop further projects. 
 
David Whitby, CEO of Andalas Energy and Power plc commented: "Following the 
recent announcement of our first project with PP Energi, this placing 
strengthens our balance sheet by fully settling the outstanding loan note with 
Sandabel Capital.  At the same time it provides the Company with additional 
funds as we look to progress both the Jambi-1 development project with PP 
Energi as well as other potential opportunities being developed with Pertamina, 
Indonesia's national energy company." 
 
Posting of Shareholder Circular and Notice of Extraordinary General Meeting 
("EGM") 
 
The Placing comprises a placing of 900,000,000 shares (GBP585,000) placed 
pursuant to existing authorities granted to the Directors ("Unconditional 
Placing Shares") and a placing of 715,384,615 shares (GBP465,000) ("Conditional 
Placing Shares") conditional, inter alia, on the passing of a relevant 
resolution at an extraordinary general meeting of the Company ("EGM").  A 
circular containing a Notice of EGM will be sent to shareholders on Tuesday 15 
August 2017. 
 
Shareholders should read the full text of the Notice of EGM.  A copy of the 
Notice of EGM is available on the Company's website (www.andalasenergy.co.uk) 
and is available for inspection at the Company's registered office at IOMA 
House, Hope Street, Douglas, Isle of Man, IM1 1AP. 
 
The EGM will be held at 11am on 31 August 2017 at the Company's registered 
office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.  The purpose 
of the EGM is to consider and, if thought fit, to pass the resolutions 
necessary to authorise and issue the Conditional Placing Shares. 
 
Application will be made to the London Stock Exchange for the Placing Shares to 
be admitted to trading on AIM.  It is expected that dealings in the 
Unconditional Placing Shares will commence on or about 17 August 2017 ("First 
Admission") and it is expected that dealings in the Conditional Placing Shares 
will commence on or around 31 August 2017 ("Second Admission") subject to the 
passing of the necessary Resolutions at the EGM. 
 
In connection with the Placing, the Company has agreed to issue 161,538,462 5 
year warrants to third parties, with an exercise price of 0.065 pence per 
warrant, following the passing the EGM resolutions. 
 
Total voting rights 
 
Following the First Admission but before the Second Admission, the Company's 
issued share capital will consist of 3,993,167,975 ordinary shares of nil par 
value ("Ordinary Shares"), with each Ordinary Share carrying the right to one 
vote. The Company does not hold any Ordinary Shares in treasury. This figure of 
3,993,167,975 Ordinary Shares may therefore be used by shareholders in the 
Company, between the dates of First Admission and Second Admission, as the 
denominator for the calculations by which they will determine if they are 
required to notify their interest in, or a change in their interest in, the 
share capital of the Company under the FCA's Disclosure Guidance and 
Transparency Rules ("DTRs"). 
 
Following the Second Admission the Company's issued share capital will consist 
of 4,708,552,590 Ordinary Shares, with each Ordinary Share carrying the right 
to one vote. The Company does not hold any Ordinary Shares in treasury. This 
figure of 4,708,552,590 Ordinary Shares may therefore be used by shareholders 
in the Company as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change in 
their interest in, the share capital of the Company under the DTRs. 
 
EXPECTED TIMETABLE OF PRINCIPAL EVENTS 
 
Announcement of the Placing           14 August 2017 
 
First Admission and commencement of   on or around 17 August 2017 
dealings in the Unconditional Placing 
Shares 
 
Latest time and date for receipt of   11 a.m. on 29 August 2017 
Forms of Proxy for the Extraordinary 
General Meeting 
 
Extraordinary General Meeting         11 a.m. on 31 August 2017 
 
Second Admission, completion of the   on or around 5 September 2017 
Placing and commencement of dealings 
in the Conditional Placing Shares 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a 
Regulatory Information Service ('RIS'), this inside information is now 
considered to be in the public domain. 
 
For further information, please contact: 
 
David Whitby    Andalas Energy and Power Plc               Tel: +62 21 2783 
                                                           2316 
 
Sarah Wharry    Cantor Fitzgerald Europe                   Tel: +44 20 7894 
                (Nominated Adviser and Joint Broker)       7000 
 
Jon Belliss     Beaufort Securities Limited                Tel: +44 20 7382 
                (Joint Broker)                             8415 
 
Frank Buhagiar  St Brides Partners Limited                 Tel: +44 20 7236 
Susie Geliher                                              1177 
 
                                   **ENDS** 
 
Notes for Editors: 
 
Andalas Energy and Power plc 
 
Andalas is a developer of independent power generation capacity in Indonesia. 
It has partnered with key Indonesian State-owned enterprises, PT Pertamina 
(Persero) and PT PP Energi ("PPE").  Andalas and PPE are developing their first 
project, Jambi-1, a 30+MW power project in Jambi Provence, South Sumatra. 
Andalas is seeking to develop a series of power projects with a total 
generating capacity of more than 500MW. 
 
PT Pertamina (Persero) ("Pertamina") - Indonesia's World Class National Oil 
Company 
 
Today Pertamina is ranked 230 on the Global Fortune 500 of companies generating 
over US$41 billion in revenue and with some US$45.5 billion in assets in 2015. 
It has interests in over 230,000 square kilometres of acreage, has over 5 
billion barrels of oil equivalent ('boe') in proven and probable (2P) reserves, 
and in 1H 2016 its production reached 640,000 boe per day, equating to over 50% 
of Indonesia's total hydrocarbon production.  Pertamina's business is fully 
integrated and includes a significant power business.  Pertamina are the lead 
developer of the recently approved Jawa-1 (1,760MW) power plant and have a 
further 235 MW of geothermal power plants in operation or being commissioned 
throughout Indonesia. 
 
PT PP (Persero) Tbk ("PTPP") - Indonesia's state owned engineering and 
construction group 
 
PTPP is the parent company of PT PP Energi ("PPE").  PTPP, is an Indonesian 
state-owned enterprise that is listed on the Indonesian Stock Exchange with a 
market capitalisation of approximately US$1.4 billion and generated revenue of 
US$1.2 billion in 2016.  The PTPP group is one of the largest construction and 
investment groups in Indonesia and is considered a preeminent engineering 
procurement and construction ('EPC') contractor of Indonesian independent power 
producer projects.  PTPP group has a strong relationship with the national 
power company, PLN, having constructed 14 power projects for PLN totalling 
2,168 MW since 2012. 
 
 
 
END 
 

(END) Dow Jones Newswires

August 14, 2017 09:50 ET (13:50 GMT)

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