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Conditional Subscription Update

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RNS Number : 0409T
ADM Energy PLC
12 November 2019
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

12 November 2019

 

ADM Energy PLC 

 

("ADM" or the "Company") 

 

Conditional Subscription Update

 

 

ADM Energy PLC (AIM:ADME), an oil and gas investing company quoted on AIM, provides an update in respect of completion of the fundraising announced on 30 September 2019. 

 

On 30 September 2019, the Company announced that a conditional fundraising ("Fundraising"), would proceed to completion following shareholder approval at the Company's general meeting on the same day. As announced on 1 November 2019, whilst the first stage of the Fundraising, raising approximately £283,450, had been completed, the completion of the Fundraising in its entirety was delayed and therefore would be effected in stages.   

 

ADM announces it has completed, conditional upon Admission, the next stage of the Fundraising, raising £128,548 by way of the issue of 1,836,402 new ordinary shares of 1 pence each ("New Ordinary Shares") at a price of 7 pence per share to Mrs. Olanike Olakunmi Anani. Following issue of the New Ordinary Shares, Mrs. Anani will hold 3,572,428 ordinary shares, representing 6.0 per cent. of the Company's issued share capital.  The Company expects the outstanding stage of the conditional subscription of £150,360 to complete and it will update the market in due course.

 

Application will shortly be made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on or around 18 November 2019.

 

The final stage of the Fundraising will be subject to separate application to the London Stock Exchange for admission to trading on AIM.

 

Total Voting Rights

 

Following the issue of the New Ordinary Shares, the Company will have 59,501,210 ordinary shares of 1 pence each in issue. There are no ordinary shares held in treasury. The figure of 59,501,210 may be used by the Company's shareholders 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, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

 

For further information please contact:

 

ADM Energy plc

+44 20 7786 3555

Osamede Okhomina, CEO




Cairn Financial Advisers LLP

+44 20 7213 0880

(Nominated Adviser)


Jo Turner, James Caithie




Pello Capital Limited

+44 20 3700 2500

(Broker)


Dan Gee




Luther Pendragon

+44 20 7618 9100 

(Financial PR)

Harry Chathli, Alexis Gore, Joe Quinlan


 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 4.6

Market: AIM
Market Cap: £2.74 m
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