24th Nov 2015 12:21
24 November 2015
PRESIDENT ENERGY PLC
("President" or the "Company")
Result of General Meeting
On 4 November 2015, President announced the finalisation of the restructuring ("Loan Restructuring") of its existing unsecured loan facility ("Loan Facility") with IYA Global Limited ("IYA"), as well as the completion of a US$5.0 million non-brokered equity subscription ("Subscription") through the issue of 45,801,280 new Ordinary Shares at a subscription price of 7.075 pence per share.
President is pleased to announce that all of the resolutions put to shareholders at the Company's general meeting held earlier today were duly approved. Details of the results of each resolution are shown below. Accordingly, President is pleased to confirm that the the Loan Restructuring has now been implemented in full, following the completion of the redesignation and transfer of up to the full US$4.0 million principal and accrued interest outstanding under the Loan Facility into the convertible loan held by IYA. As a consequence of the Subscription and the Convertible Loan, the drawn balance of the existing Loan Facility will be reduced to US$5.6 million from US$11.1 million.
Results of General Meeting
Resolution Number | Details of Resolution | Percentage of votes received in favour of the resolution |
1. | To grant a specific authority to the Directors to grant Conversion Rights in respect of up to US$4,278,480 outstanding principal amount and interest under the Revised Loan Facility | |
2. | To grant a general authority to the Directors in respect of the allotment of further new Ordinary Shares or granting of rights to subscribe for or convert existing securities in the capital of the Company up to an aggregate nominal amount of £1,050,641.26 | |
3. | To grant a general authority to the Directors to disapply the statutory pre-emption rights contained in section 561(1) of the Act in respect of any allotment of further new Ordinary Shares or granting of rights to subscribe for or convert existing securities over such shares up to an aggregate nominal amount of £525,320.63 |
For further information contact:
President Energy PLC +44 (0) 207 016 7950 Peter Levine, Executive Chairman and Chief Executive Officer Ben Wilkinson, Group Finance Director |
RBC Capital Markets (Nomad and Joint Broker) +44 (0) 207 653 4000 Matthew Coakes Daniel Conti |
Peel Hunt LLP (Joint Broker) +44 (0) 207 418 8900 Richard Crichton, Ross Allister |
Bell Pottinger +44 (0) 203 772 2500 Gavin Davis, Henry Lerwill |
Related Shares:
PPC.L