TIDMADV
RNS Number : 7310V
Advance Energy PLC
16 April 2021
16 April 2021
Advance Energy plc
("Advance Energy" or the "Company")
Results of EGM
Advance Energy plc ( AIM:ADV ), the energy company seeking
growth through acquisition or farm-in to non-operated interests in
discovered upstream projects, is pleased to announce that at the
Company's Extraordinary General Meeting held earlier today ("EGM"),
all resolutions proposed were duly passed. The resolutions were put
to shareholders via a poll, the results of which were as
follows:
Poll Results
Resolution For Against Abstain Discretionary Total
------------ -------- -------- -------------- ------------
1 Shares 240,227,750 - - - 240,227,750
-------- ------------ -------- -------- -------------- ------------
% 100% - - - 100%
-------- ------------ -------- -------- -------------- ------------
2 Shares 240,227,750 - - - 240,227,750
-------- ------------ -------- -------- -------------- ------------
% 100% - - - 100%
-------- ------------ -------- -------- -------------- ------------
3 Shares 240,227,750 - - - 240,227,750
-------- ------------ -------- -------- -------------- ------------
% 100% - - - 100%
-------- ------------ -------- -------- -------------- ------------
4 Shares 240,227,727 - 23 - 240,227,750
-------- ------------ -------- -------- -------------- ------------
% 100% - 0% - 100%
-------- ------------ -------- -------- -------------- ------------
5 Shares 240,227,727 23 - - 240,227,750
-------- ------------ -------- -------- -------------- ------------
% 100% 0% - - 100%
-------- ------------ -------- -------- -------------- ------------
Accordingly, the Amended Articles have been adopted and the
Capital Consolidation, whereby shareholders will be issued one new
ordinary share of no par value ("New Ordinary Share") for every 10
existing ordinary shares of no par value (the "Existing Ordinary
Share"), will take effect at the close of business (London time)
today.
The Existing Ordinary Shares will be cancelled from trading on
AIM and the New Ordinary Shares, including the Accrued Director Fee
Shares, and the Placing Shares, are expected to be admitted to
trading on AIM with effect from 8.00 a.m. on 19 April 2021 under
the new ISIN of IM00BKSCP798. Following Admission, the Company will
have up to 1,027,614,008 New Ordinary Shares in issue. The final
number of New Ordinary Shares in issue on Admission, which is
dependent on the number of fractional entitlements created as a
result of the Capital Consolidation (which will be cancelled), will
be confirmed this evening following the Record Date and announced
prior to Admission on the morning of Monday, 19 April 2021.
In addition, on Admission, the following Proposals will become
unconditional in all respects:
-- The Acquisition by the Company of a 50 per cent. equity
interest in Carnarvon Petroleum Timor (with the shares in CPT to be
released from escrow on transfer of funds to CPT, which will be
confirmed by way of announcement next week); and
-- The issue of 840,100,000 Placing Shares and the 15,672,310 Accrued Director Fee Shares; and
-- The appointment of Stephen Whyte and Larry Bottomley to the
Board as independent Non-executive directors.
Director Shareholdings
Further to the passing of, inter alia, Resolution 2, the Placing
Shares and the Accrued Director Fee Shares will now be issued and
the resultant beneficial interests in the Company's New Ordinary
Shares of the relevant individuals on Admission will be as set out
below:
Director/Senior Number Accrued Placing Number Percentage
Manager of Director Shares of New of Enlarged
Existing Fee Shares Ordinary Share Capital
New Shares (%)
Ordinary on Admission
Shares
Mark Rollins 13,983,333 5,804,320 9,615,500 29,403,153 2.86
----------- ------------ ---------- -------------- ---------------
Leslie Peterkin 13,883,333 5,804,320 6,923,500 26,611,153 2.59
----------- ------------ ---------- -------------- ---------------
Stephen West 879,920 4,063,670 - 4,943,590 0.48
----------- ------------ ---------- -------------- ---------------
Stephen Whyte (1) 391,266 - - 391,266 0.04
----------- ------------ ---------- -------------- ---------------
Ross Warner 205,287 - - 205,287 0.02
----------- ------------ ---------- -------------- ---------------
Larry Bottomley - - - - -
----------- ------------ ---------- -------------- ---------------
Anthony John Battrick 6,666,666 - - 6,666,666 0.65
----------- ------------ ---------- -------------- ---------------
(1) Stephen Whyte's shareholding is held in the name of Nicola
Louise Whyte
Further to the passing of the Proposals, 83,710,000 Options over
New Ordinary Shares have been granted to directors and certain
senior management. The number of Options over New Ordinary Shares
granted to each recipient is as set out below:
Names Number of Options
Mark Rollins 19,840,000
------------------
Leslie Peterkin 24,450,000
------------------
Stephen West 19,840,000
------------------
Ross Warner 3,930,000
------------------
Larry Bottomley 1,670,000
------------------
Stephen Whyte 1,670,000
------------------
Anthony John Battrick 12,310,000
------------------
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the
up to 1,027,614,008 New Ordinary Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become
effective and that dealings in the New Ordinary Shares will
commence at 8.00 a.m. on 19 April 2021. The New Ordinary Shares
will trade under the new ISIN of IM00BKSCP798.
The number of New Ordinary Shares with voting rights in issue on
Admission will be confirmed prior to Admission, as noted above.
There are no Ordinary Shares held in treasury.
Capitalised terms used in this announcement carry the same
meanings as those ascribed to them in the Company's Admission
Document dated 31 March 2021 and/or the Company's announcement of
31 March 2021, unless the context requires otherwise .
The Admission Document and further information on the Company
can be found on Advance Energy's website at: www.advanceplc.com
Leslie Peterkin, Chief Executive Officer of Advance Energy,
commented:
"We are delighted to have received the requisite shareholder
approval to complete this transaction. In a little over a year we
have established a new company, with a compelling growth strategy,
and executed a transformative transaction that sets the Company up
for an active year and provides us with a strong platform for
long-term growth. We can now begin working closely alongside our
joint venture partner Carnarvon as we plan for the fully funded
B-10 well in Q4 this year which has the potential to be a major
value catalyst for Advance Energy. We also continue to screen other
strategically complementary opportunities as we seek to assemble a
diverse portfolio and achieve our ambitious growth objectives."
Enquiries:
Advance Energy plc
Leslie Peterkin (CEO) / Stephen +44 (0) 1624
West (CFO) 681 250
Strand Hanson Limited (Financial and Nominated
Adviser)
Rory Murphy / James Harris / James +44 (0) 20 7409
Bellman / Georgia Langoulant 3494
Buchanan (Public Relations)
+44 (0) 20 7466
Ben Romney / Kelsey Traynor 5000
Tennyson Securities (Joint Broker)
+44 (0)20 7186
Peter Krens / Ed Haig-Thomas 9030
Optiva Securities Limited (Joint
Broker)
+44 (0) 20 3411
Christian Dennis 1881
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
To register for Advance Energy's email alerts, please complete
the following form:
https://www.advanceplc.com/media-centre/news/#alerts
Additional Information on Mr. Stephen Whyte (aged 55)
Current Directorships Past Directorships
Echo Energy plc Genel Energy Plc
--------------------------
Kazmunaygas NC
--------------------------
Mckechnie Oil Limited
--------------------------
Peturos Oil & Gas Limited
--------------------------
Sound Energy plc
--------------------------
Additional Information on Mr. Larry Bottomley (aged 63)
Current Directorships Past Directorships
Chariot Oil & Gas Finance (Brazil)
Limited
-------------------------------------
Chariot Oil & Gas Holdings (Morocco)
Limited
-------------------------------------
Chariot Oil & Gas Investments
(Brazil) Limited
-------------------------------------
Chariot Oil & Gas Investments
-------------------------------------
(Mauritania) Limited
-------------------------------------
Chariot Oil & Gas Investments
-------------------------------------
(Morocco) Limited
-------------------------------------
Chariot Oil & Gas Investments
(Namibia) Limited
-------------------------------------
Chariot Oil & Gas Limited
-------------------------------------
Chariot Oil & Gas Statistics Limited
-------------------------------------
Enigma Oil & Gas Exploration (Pty)
Limited
-------------------------------------
Enigma Oil & Gas Fifteen (Pty)
Limited
-------------------------------------
Enigma Oil & Gas Fourteen (Pty)
Limited
-------------------------------------
Enigma Oil & Gas Nineteen (Pty)
Limited
-------------------------------------
There is no further information to be disclosed on Mr. Stephen
Whyte and Mr. Larry Bottomley pursuant to paragraph (g) of Schedule
2 of the AIM Rules.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail:
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Rollins
-------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Non-Executive Chairman
-------------------------- -------------------------------------------------
b) Initial notification Initial
/Amendment
-------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Advance Energy plc
-------------------------- -------------------------------------------------
b) LEI 213800TZWOYU7UFZ5V63
-------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares of nil par value
financial instrument,
type of instrument ISIN: IM00BKSCP798
Identification code
-------------------------- -------------------------------------------------
b) Nature of the transaction (a) Conversion of fees to ordinary shares
(b) Purchase of ordinary shares
-------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------- ------------------------------ -----------------
(a) 2.6 pence per (a) 5,804,320
share
(b) 2.6 pence per (b) 9,615,500
share
-------------------------- ------------------------------ -----------------
d Aggregated information
- Aggregated volume * 15,419,820
- Price
* 2.6 pence
-------------------------- -------------------------------------------------
e) Date of the transactions 16 April 2021
-------------------------- -------------------------------------------------
f) Place of the transactions Outside a trading venue
-------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Leslie Peterkin
-------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Chief Executive Officer & Executive
Director
-------------------------- -------------------------------------------------
b) Initial notification Initial
/Amendment
-------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Advance Energy plc
-------------------------- -------------------------------------------------
b) LEI 213800TZWOYU7UFZ5V63
-------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares of nil par value
financial instrument,
type of instrument ISIN: IM00BKSCP798
Identification code
-------------------------- -------------------------------------------------
b) Nature of the transaction (a) Conversion of fees to ordinary shares
(b) Purchase of ordinary shares
-------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------- ------------------------------ -----------------
(a) 2.6 pence per (a) 5,804,320
share
(b) 2.6 pence per (b) 6,923,500
share
-------------------------- ------------------------------ -----------------
d Aggregated information
- Aggregated volume * 12,727,820
- Price
* 2.6 pence
-------------------------- -------------------------------------------------
e) Date of the transactions 16 April 2021
-------------------------- -------------------------------------------------
f) Place of the transactions Outside a trading venue
-------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Stephen West
-------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Chief Financial Officer
-------------------------- -------------------------------------------------
b) Initial notification Initial
/Amendment
-------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Advance Energy plc
-------------------------- -------------------------------------------------
b) LEI 213800TZWOYU7UFZ5V63
-------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares of nil par value
financial instrument,
type of instrument ISIN: IM00BKSCP798
Identification code
-------------------------- -------------------------------------------------
b) Nature of the transaction (a) Conversion of fees to ordinary shares
-------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------------------- ------------------------------- ----------------
(a) 2.6 pence per (a) 4,063,670
share
-------------------------- ------------------------------- ----------------
d Aggregated information
- Aggregated volume * 4,063,670
- Price
* 2.6 pence
-------------------------- -------------------------------------------------
e) Date of the transactions 16 April 2021
-------------------------- -------------------------------------------------
f) Place of the transactions Outside a trading venue
-------------------------- -------------------------------------------------
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END
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April 16, 2021 05:16 ET (09:16 GMT)
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