27th May 2025 12:45
Chariot Ltd - London-based, African-focused company working on wind power, green hydrogen, and gas projects in Morocco and Mauritania - Raises USD5.5 million net from the placing and subscription of 322.8 million new Chariot shares at 1.4 pence each. This includes USD1.0 million from a subscription by company directors and senior managers. Chariot hopes to raise up to a further USD1 million from an open offer to existing shareholders at 1 new shares for each 23 existing shares held.
Chariot said it will use the money to secure its stake and participation in its Upstream and Renewable Power businesses, as it prepares to demerge these into two stand-alone businesses. Chief Executive Officer Adonis Pouroulis says this will "unlock the value that is currently unrecognised within the group". Earlier this month, Chariot took back offshore gas interests in Morocco from Energean PLC.
Current stock price: 1.60p, up 12% in London on Monday
12-month change: down 82%
By Tom Waite, Alliance News editor
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