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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petrolatina | LSE:PELE | London | Ordinary Share | GB00B2QMZ536 | ORD USD0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPELE
RNS Number : 8540I
Petrolatina Energy PLC
21 June 2011
FOR IMMEDIATE RELEASE
21 June 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Issue of Equity and
Conversion of Tranche 2 of Tribeca's Convertible Loan Note
PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company, focused on Latin America, announces details of an issue of new ordinary shares of US$0.10 par value each ("Ordinary Shares") in the Company to Tribeca Oil and Gas Financing Inc. ("TOGF"), a subsidiary of existing substantial shareholder Tribeca Oil & Gas, Inc. ("TOGI") (a portfolio investment company of Tribeca Asset Management Inc. (formerly Tribecapital Partners S.A.)), to satisfy interest payable in respect of, and the conversion in full of, Tranche 2 of its holding of convertible loan notes.
PetroLatina has on Monday 20 June 2011 issued and allotted (credited as fully paid) to TOGF (i) 943,198 new Ordinary Shares in satisfaction of US$376,366.03, the fourth and final six monthly interest installment to 17 June 2011 due in respect of the second tranche of US$6.29 million convertible loan notes subscribed by TOGF on 17 June 2009, at a conversion price of 24.75 pence per share (being the middle market closing price on 16 June 2011) (the "Interest Shares"), and (ii) a further 15,605,520 new Ordinary Shares in satisfaction of the conversion in full of the second tranche of US$6.29 million convertible loan notes at a conversion price of 25 pence per share (the "Conversion Shares").
The Interest Shares and Conversion Shares will rank pari passu in all respects with the Company's existing Ordinary Shares and application will be made to the London Stock Exchange for these, in aggregate, 16,548,718 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Interest Shares and Conversion Shares will commence at 8.00 a.m. on Monday 27 June 2011. The Company's issued ordinary share capital will consist of 121,623,629 Ordinary Shares with voting rights. PetroLatina does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
The aforementioned figure of 121,623,629 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 to their interest in, PetroLatina under the FSA's Disclosure and Transparency Rules.
Following the issuance of the abovementioned Interest Shares and Conversion Shares, TOGI and its related companies now hold, in aggregate, 76,122,225 Ordinary Shares, representing approximately 62.59 per cent. of the Company's enlarged issued share capital and warrants over a further 32,308 Ordinary Shares which are automatically exercisable if, and to the extent that, any exercise of the Company's other existing outstanding 60,000 warrants occurs.
Luc Gerard, Executive Chairman of PetroLatina, commented:
"Conversion of this second and final tranche of its loan note into equity reflects Tribeca's continued support of the Company and belief in its short, medium and long-term potential, underpinned by its expectations for the planned ongoing and future exploration and development programme."
Enquiries:
PetroLatina Energy Plc Tel: +57 1627 8435 Juan Carlos Rodriguez, Chief Executive Officer Pawan Sharma, Executive Vice President - Corporate Tel: +44 (0)20 7766 Affairs 0081 Strand Hanson Limited Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409 3494 Evolution Securities Limited Chris Sim / Adam James Tel: +44 (0)20 7071 4304 Financial Dynamics Ben Brewerton / Susan Quigley Tel: +44 (0)20 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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