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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 0.0% 0.20 0.19 0.21 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 0.0 -3.0 -0.8 - 2

Advance Energy PLC Results of EGM

16/04/2021 10:16am

UK Regulatory (RNS & others)


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RNS Number : 7310V

Advance Energy PLC

16 April 2021

16 April 2021

Advance Energy plc

("Advance Energy" or the "Company")

Results of EGM

Advance Energy plc ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that at the Company's Extraordinary General Meeting held earlier today ("EGM"), all resolutions proposed were duly passed. The resolutions were put to shareholders via a poll, the results of which were as follows:

 
                                        Poll Results 
 Resolution             For   Against   Abstain   Discretionary         Total 
               ------------  --------  --------  --------------  ------------ 
 1    Shares    240,227,750         -         -               -   240,227,750 
     --------  ------------  --------  --------  --------------  ------------ 
      %                100%         -         -               -          100% 
     --------  ------------  --------  --------  --------------  ------------ 
 2    Shares    240,227,750         -         -               -   240,227,750 
     --------  ------------  --------  --------  --------------  ------------ 
      %                100%         -         -               -          100% 
     --------  ------------  --------  --------  --------------  ------------ 
 3    Shares    240,227,750         -         -               -   240,227,750 
     --------  ------------  --------  --------  --------------  ------------ 
      %                100%         -         -               -          100% 
     --------  ------------  --------  --------  --------------  ------------ 
 4    Shares    240,227,727         -        23               -   240,227,750 
     --------  ------------  --------  --------  --------------  ------------ 
      %                100%         -        0%               -          100% 
     --------  ------------  --------  --------  --------------  ------------ 
 5    Shares    240,227,727        23         -               -   240,227,750 
     --------  ------------  --------  --------  --------------  ------------ 
      %                100%        0%         -               -          100% 
     --------  ------------  --------  --------  --------------  ------------ 
 

Accordingly, the Amended Articles have been adopted and the Capital Consolidation, whereby shareholders will be issued one new ordinary share of no par value ("New Ordinary Share") for every 10 existing ordinary shares of no par value (the "Existing Ordinary Share"), will take effect at the close of business (London time) today.

The Existing Ordinary Shares will be cancelled from trading on AIM and the New Ordinary Shares, including the Accrued Director Fee Shares, and the Placing Shares, are expected to be admitted to trading on AIM with effect from 8.00 a.m. on 19 April 2021 under the new ISIN of IM00BKSCP798. Following Admission, the Company will have up to 1,027,614,008 New Ordinary Shares in issue. The final number of New Ordinary Shares in issue on Admission, which is dependent on the number of fractional entitlements created as a result of the Capital Consolidation (which will be cancelled), will be confirmed this evening following the Record Date and announced prior to Admission on the morning of Monday, 19 April 2021.

In addition, on Admission, the following Proposals will become unconditional in all respects:

-- The Acquisition by the Company of a 50 per cent. equity interest in Carnarvon Petroleum Timor (with the shares in CPT to be released from escrow on transfer of funds to CPT, which will be confirmed by way of announcement next week); and

   --    The issue of 840,100,000 Placing Shares and the 15,672,310 Accrued Director Fee Shares; and 

-- The appointment of Stephen Whyte and Larry Bottomley to the Board as independent Non-executive directors.

Director Shareholdings

Further to the passing of, inter alia, Resolution 2, the Placing Shares and the Accrued Director Fee Shares will now be issued and the resultant beneficial interests in the Company's New Ordinary Shares of the relevant individuals on Admission will be as set out below:

 
 Director/Senior          Number       Accrued       Placing     Number          Percentage 
  Manager                  of           Director      Shares      of New          of Enlarged 
                           Existing     Fee Shares                Ordinary        Share Capital 
                           New                                    Shares          (%) 
                           Ordinary                               on Admission 
                           Shares 
 Mark Rollins             13,983,333     5,804,320   9,615,500      29,403,153             2.86 
                         -----------  ------------  ----------  --------------  --------------- 
 Leslie Peterkin          13,883,333     5,804,320   6,923,500      26,611,153             2.59 
                         -----------  ------------  ----------  --------------  --------------- 
 Stephen West                879,920     4,063,670           -       4,943,590             0.48 
                         -----------  ------------  ----------  --------------  --------------- 
 Stephen Whyte (1)           391,266             -           -         391,266             0.04 
                         -----------  ------------  ----------  --------------  --------------- 
 Ross Warner                 205,287             -           -         205,287             0.02 
                         -----------  ------------  ----------  --------------  --------------- 
 Larry Bottomley                   -             -           -               -                - 
                         -----------  ------------  ----------  --------------  --------------- 
 Anthony John Battrick     6,666,666             -           -       6,666,666             0.65 
                         -----------  ------------  ----------  --------------  --------------- 
 

(1) Stephen Whyte's shareholding is held in the name of Nicola Louise Whyte

Further to the passing of the Proposals, 83,710,000 Options over New Ordinary Shares have been granted to directors and certain senior management. The number of Options over New Ordinary Shares granted to each recipient is as set out below:

 
 Names                    Number of Options 
 Mark Rollins                    19,840,000 
                         ------------------ 
 Leslie Peterkin                 24,450,000 
                         ------------------ 
 Stephen West                    19,840,000 
                         ------------------ 
 Ross Warner                      3,930,000 
                         ------------------ 
 Larry Bottomley                  1,670,000 
                         ------------------ 
 Stephen Whyte                    1,670,000 
                         ------------------ 
 Anthony John Battrick           12,310,000 
                         ------------------ 
 

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the up to 1,027,614,008 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 19 April 2021. The New Ordinary Shares will trade under the new ISIN of IM00BKSCP798.

The number of New Ordinary Shares with voting rights in issue on Admission will be confirmed prior to Admission, as noted above. There are no Ordinary Shares held in treasury.

Capitalised terms used in this announcement carry the same meanings as those ascribed to them in the Company's Admission Document dated 31 March 2021 and/or the Company's announcement of 31 March 2021, unless the context requires otherwise .

The Admission Document and further information on the Company can be found on Advance Energy's website at: www.advanceplc.com

Leslie Peterkin, Chief Executive Officer of Advance Energy, commented:

"We are delighted to have received the requisite shareholder approval to complete this transaction. In a little over a year we have established a new company, with a compelling growth strategy, and executed a transformative transaction that sets the Company up for an active year and provides us with a strong platform for long-term growth. We can now begin working closely alongside our joint venture partner Carnarvon as we plan for the fully funded B-10 well in Q4 this year which has the potential to be a major value catalyst for Advance Energy. We also continue to screen other strategically complementary opportunities as we seek to assemble a diverse portfolio and achieve our ambitious growth objectives."

Enquiries:

 
 Advance Energy plc 
 Leslie Peterkin (CEO) / Stephen          +44 (0) 1624 
  West (CFO)                                   681 250 
 Strand Hanson Limited (Financial and Nominated 
  Adviser) 
 Rory Murphy / James Harris / James    +44 (0) 20 7409 
  Bellman / Georgia Langoulant                    3494 
 Buchanan (Public Relations) 
                                       +44 (0) 20 7466 
 Ben Romney / Kelsey Traynor                      5000 
 Tennyson Securities (Joint Broker) 
                                        +44 (0)20 7186 
 Peter Krens / Ed Haig-Thomas                     9030 
 Optiva Securities Limited (Joint 
  Broker) 
                                       +44 (0) 20 3411 
 Christian Dennis                                 1881 
 
   For further information, please visit www.advanceplc.com   and @advanceplc on Twitter 

To register for Advance Energy's email alerts, please complete the following form: https://www.advanceplc.com/media-centre/news/#alerts

Additional Information on Mr. Stephen Whyte (aged 55)

 
 Current Directorships   Past Directorships 
 Echo Energy plc         Genel Energy Plc 
                        -------------------------- 
                         Kazmunaygas NC 
                        -------------------------- 
                         Mckechnie Oil Limited 
                        -------------------------- 
                         Peturos Oil & Gas Limited 
                        -------------------------- 
                         Sound Energy plc 
                        -------------------------- 
 

Additional Information on Mr. Larry Bottomley (aged 63)

 
 Current Directorships   Past Directorships 
                         Chariot Oil & Gas Finance (Brazil) 
                          Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Holdings (Morocco) 
                          Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Investments 
                          (Brazil) Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Investments 
                        ------------------------------------- 
                         (Mauritania) Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Investments 
                        ------------------------------------- 
                         (Morocco) Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Investments 
                          (Namibia) Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Limited 
                        ------------------------------------- 
                         Chariot Oil & Gas Statistics Limited 
                        ------------------------------------- 
                         Enigma Oil & Gas Exploration (Pty) 
                          Limited 
                        ------------------------------------- 
                         Enigma Oil & Gas Fifteen (Pty) 
                          Limited 
                        ------------------------------------- 
                         Enigma Oil & Gas Fourteen (Pty) 
                          Limited 
                        ------------------------------------- 
                         Enigma Oil & Gas Nineteen (Pty) 
                          Limited 
                        ------------------------------------- 
 

There is no further information to be disclosed on Mr. Stephen Whyte and Mr. Larry Bottomley pursuant to paragraph (g) of Schedule 2 of the AIM Rules.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail:

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Mark Rollins 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Non-Executive Chairman 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification        Initial 
       /Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        Advance Energy plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800TZWOYU7UFZ5V63 
     --------------------------  ------------------------------------------------- 
 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          Ordinary shares of nil par value 
       financial instrument, 
       type of instrument          ISIN: IM00BKSCP798 
       Identification code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        (a) Conversion of fees to ordinary shares 
                                        (b) Purchase of ordinary shares 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)      Price(s)                       Volume(s) 
     --------------------------  ------------------------------  ----------------- 
                                       (a) 2.6 pence per         (a) 5,804,320 
                                        share 
                                        (b) 2.6 pence per         (b) 9,615,500 
                                         share 
     --------------------------  ------------------------------  ----------------- 
 d    Aggregated information 
       - Aggregated volume                *    15,419,820 
       - Price 
 
                                          *    2.6 pence 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transactions    16 April 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transactions   Outside a trading venue 
     --------------------------  ------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Leslie Peterkin 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Chief Executive Officer & Executive 
                                   Director 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification        Initial 
       /Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        Advance Energy plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800TZWOYU7UFZ5V63 
     --------------------------  ------------------------------------------------- 
 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          Ordinary shares of nil par value 
       financial instrument, 
       type of instrument          ISIN: IM00BKSCP798 
       Identification code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        (a) Conversion of fees to ordinary shares 
                                        (b) Purchase of ordinary shares 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)      Price(s)                       Volume(s) 
     --------------------------  ------------------------------  ----------------- 
                                       (a) 2.6 pence per         (a) 5,804,320 
                                        share 
                                        (b) 2.6 pence per         (b) 6,923,500 
                                         share 
     --------------------------  ------------------------------  ----------------- 
 d    Aggregated information 
       - Aggregated volume                *    12,727,820 
       - Price 
 
                                          *    2.6 pence 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transactions    16 April 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transactions   Outside a trading venue 
     --------------------------  ------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Stephen West 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Chief Financial Officer 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification        Initial 
       /Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        Advance Energy plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800TZWOYU7UFZ5V63 
     --------------------------  ------------------------------------------------- 
 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          Ordinary shares of nil par value 
       financial instrument, 
       type of instrument          ISIN: IM00BKSCP798 
       Identification code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        (a) Conversion of fees to ordinary shares 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)      Price(s)                        Volume(s) 
     --------------------------  -------------------------------  ---------------- 
                                       (a) 2.6 pence per          (a) 4,063,670 
                                        share 
     --------------------------  -------------------------------  ---------------- 
 d    Aggregated information 
       - Aggregated volume                *    4,063,670 
       - Price 
 
                                          *    2.6 pence 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transactions    16 April 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transactions   Outside a trading venue 
     --------------------------  ------------------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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