Prospex Energy PLC Conversion of Warrants and TVR (2389J)

TIDMPXEN

RNS Number : 2389J

Prospex Energy PLC

20 August 2021

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

20 August 2021

Prospex Energy PLC ('Prospex' or the 'Company')

Conversion of Warrants and TVR

Prospex Energy PLC, the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, has issued a total of 11,644,817 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"), following the conversion of certain warrants granted pursuant to warrant agreements dated 23 December 2020 (and as announced by the Company on 24 December 2020). All warrants have been exercised at 2.25p and therefore the Company has received c. GBP262,000 as part of the exercise.

The names of the individuals, the number of warrants exercised, the number of new Ordinary Shares that will be issued and the resultant percentage holding of Ordinary Shares are as follows:-

 
      Name          No. of Warrants       Resultant holding    Resultant percentage 
                      Exercised and       of Ordinary Shares    holding of Ordinary 
                   No. of New Ordinary                                Shares 
                      Shares Issued 
  Colin Wilson         8,888,888             18,644,986               11.66% 
                 ---------------------  --------------------  --------------------- 
   Bill Smith          1,195,705              3,894,438               2.43% 
                 ---------------------  --------------------  --------------------- 
  James Smith           964,519               4,890,858               3.06% 
                 ---------------------  --------------------  --------------------- 
 Richard Mays*          595,705                708,105                0.44% 
                 ---------------------  --------------------  --------------------- 
     Total             11,644,817 
                 ---------------------  --------------------  --------------------- 
 

*This exercise notice was received on behalf of the Trustees of the SIPP of Elaine and Richard Mays who are the beneficial owners of the warrants.

Bill Smith and Richard Mays are directors of the Company, thus as Persons Discharging Managerial Responsibility ('PDMR') - the PDMR Notifications are set out below.

Admission to Trading and TVR

The Company has applied to the London Stock Exchange for admission of 11,644,817 new Ordinary Shares to trading on AIM ('Admission'). Admission is expected to occur on 25 August 2021. There are currently 148,299,898 Ordinary Shares in issue and 7,361 shares held in Treasury. Following Admission, there will be 159,944,715 Ordinary Shares in issue. Deducting the 7,361 held in Treasury there will accordingly be 159,937,354 Ordinary Shares that 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 the Company under the FCA's Disclosure and Transparency Rules.

Mark Routh, CEO of Prospex, commented:

"The receipt of funds from the conversion of these warrants is very useful at the current time. This together with recent record monthly income from the El Romeral power plant in southern Spain on account of record high electricity prices means we can comfortably manage our commitments well into next year."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

* *S * *

For further information visit www.prospex.energy or contact the following:

 
Mark Routh       Prospex Energy PLC          Tel: [phone] 
                                                             1177 
Rory Murphy      Strand Hanson Limited       Tel: [phone] 
 Ritchie Balmer                                              3494 
Colin Rowbury    Novum Securities Limited    Tel: [phone] 
 Jon Belliss                                                 9427 
Duncan Vasey     Peterhouse Capital Limited  Tel: [phone] 
                                                             9797 
Frank Buhagiar   St Brides Partners Ltd      Tel: [phone] 
                                                             1177 
 

PDMR Notification

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              William Smith 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 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      Ordinary shares of 0.1p each in the 
       instrument, type of instrument    share capital of Prospex Energy plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BMFZVZ53 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Exercise of Warrants 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)      Volume(s) 
                                          2.25 pence    1,195,705 
                                                       ---------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            1,195,705 
       Aggregated volume Price           2.25 pence 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction           16 August 2021 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          London 
     --------------------------------  ------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Richard Mays 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 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      Ordinary shares of 0.1p each in the 
       instrument, type of instrument    share capital of the Prospex Energy 
                                         plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BMFZVZ53 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Exercise of Warrants 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)      Volume(s) 
                                          2.25 pence    595,705 
                                                       ---------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            595,705 
       Aggregated volume Price           2.25 pence 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction           16 August 2021 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          London 
     --------------------------------  ------------------------------------- 
 

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August 20, 2021 02:00 ET (06:00 GMT)