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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bahamas Petroleum Company Plc | LSE:BPC | London | Ordinary Share | IM00B3NTV894 | ORD 0.002P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.32 | 0.34 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBPC
RNS Number : 6500I
Bahamas Petroleum Company PLC
03 April 2020
3 April 2020
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Partial Conversion of Convertible Loan Notes
On 20 February 2020, the Company drew down GBP2.7 million of its GBP8 million convertible loan note facility (the "Facility") with a substantial Bahamian based institutional family-office investor, the terms of which were announced at the time. On 17 March 2020 the Company announced the expansion of this Facility by a further GBP8 million, thus totalling GBP16 million, and, at the same time, drew down a further GBP2 million against this expanded Facility.
As announced on 26 February 2020, the investor has previously converted GBP1.44 million of the amounts drawn down by the Company into new ordinary shares. BPC has now received a conversion notice in respect of an additional GBP0.8 million, at a conversion price of 1.28 pence per share, and in accordance with the terms of the Facility the Company will proceed to issue 62,500,000 new ordinary shares (the "Conversion Shares") to the investor. Thereafter, GBP2.46 million of convertible notes will remain on issue, and remain subject to conversion or redemption in accordance with their terms and conditions. Application will be made for Conversion Shares to be admitted to trading on the AIM market of the London Stock Exchange, with admission anticipated on 8 April 2020 ("Admission").
Following Admission, the Company's issued share capital will consist of 2,248,512,786 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury, therefore the figure of 2,248,512,786 ordinary shares may 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 FCA's Disclosure Guidance and Transparency Rules ("DTR calculations").
On admission of the previously announced 35,337,328 new ordinary shares to BPC Investment Fund Ltd, anticipated on or around 14 April 2020, the Company's issued share capital will consist of 2,283,850,114 ordinary shares, with each ordinary share carrying the right to one vote. Therefore, at such point, the figure of 2,283,850,114 ordinary shares may be used by shareholders for DTR calculations.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624 Simon Potter, Chief Executive Officer 647 882 Strand Hanson Limited - Nomad Tel: +44 (0) 20 Rory Murphy / James Spinney / Jack Botros 7409 3494 Shore Capital Stockbrokers Limited Tel: +44 (0) 207 Jerry Keen / Toby Gibbs / James Thomas 408 4090 CAMARCO Tel: +44 (0) 20 Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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.
END
MSCFLFEESAIFIII
(END) Dow Jones Newswires
April 03, 2020 02:00 ET (06:00 GMT)
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