3rd Feb 2020 17:16
(Alliance News) - Oracle Power PLC on Monday said it has entered into a shareholder lock-in agreement with Ahmed Bin Dalmook Al Maktoum and Sheikh Ahmed Bin Dalmook Al Maktoum Private Office One Person Co LLC.
The UK energy developer explained that the lock-in is being entered into voluntarily by Al Maktoum and is effective immediately for a term of 12 months.
During this period, Oracle Power said Al Maktoum has agreed not to sell, transfer or otherwise dispose of the rights to any of the 200.0 million shares he has confirmed that he beneficially owns in the company.
The restrictions on disposals also covers any shares acquired by Al Maktoum and his private office during the restricted period, including the exercise of warrants.
"We would like to express our gratitude to His Highness for volunteering to enter into the lock-in arrangement, highlighting his long-term view towards Oracle," said Oracle Power Chief Executive Naheed Memon.
Oracle Power shares closed 38% higher in London on Monday at 0.90 pence each, giving it a market capitalisation of GBP16.3 million.
By Evelina Grecenko; [email protected]
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