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Oracle Power PLC - Exercise of Warrants

RNS Number : 4035R
Oracle Power PLC
29 June 2020
 

29 June 2020

 

Oracle Power PLC

("Oracle" or the "Company")

 

Exercise of Warrants by HH Sheikh Ahmed Bin Dalmook Juma Al Maktoum

 & Issue of Equity

 

Oracle Power PLC (AIM:ORCP) announces that today it has received notices of exercise from the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum ("HH Private Office") in respect of certain pre-existing warrants to subscribe for, in aggregate, 100,000,000 new ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 0.25 pence per share. The exercise of these warrants amounts to an aggregate cash subscription of £250,000.

 

Application will be made to the London Stock Exchange plc for the admission of the 100,000,000 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 3 July 2020.  On Admission HH Private Office will hold 300,000,000 Ordinary Shares of the shares in issue.

 

On Admission, the Company will have 1,977,913,151 Ordinary Shares in issue.  The Company holds no shares in treasury.  Accordingly, the figure of 1,977,913,151 can be used by 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.

 

Naheed Memon, CEO of Oracle, said:

 

"The continued support that we receive from His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum is gratefully received and I am delighted that he is increasing his exposure to Oracle Power as a long-term strategic investor.  With the overall shareholding of HH Private Office increasing by 50%, I believe that today's exercise of warrants reinforces His Highness's confidence in the quality of our existing interests and our ability to deliver on our commercial milestones.  This is also a testament to the trust he places in the management of the Company and the belief he has in Oracle's potential to grow into an international natural resource and power developer. The management is striving to expedite progress at Thar Block VI Project and achieve its stated commercial and operational objectives. The board appreciates the support of its strategic and investment partners and remains committed to delivering high returns for the benefit of all stakeholders."

 

 

**ENDS**

 

 

For further information please contact:

Oracle Power PLC

Naheed Memon

 

+44 (0) 203 580 4314

Strand Hanson Limited (Nominated Adviser)

Rory Murphy, James Harris, Jack Botros

 

+44 (0) 20 7409 3494

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield

 

+44 (0) 203 463 5000

Shard Capital (Joint Broker)

Damon Heath

Isabella Pierre

 

St Brides Partners Limited (Financial PR)

Susie Geliher

Catherine Leftley

 

+44 (0) 20 7186 9952

 

 

 

+44 (0) 20 7236 1177

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.


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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Quick facts: Oracle Power PLC

Price: 0.725

Market: AIM
Market Cap: £14.35 m
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