Oracle Power PLC (LON:ORCP) shares surged higher on Monday as the firm revealed it has entered into a shareholder lock-in agreement with His Highness Sheikh Ahmed Bin Dalmook Al Maktoum and Sheikh Ahmed Bin Dalmook Al Maktoum Private Office One Person Company LLC.
The Lock-in is being entered into voluntarily by His Highness and is effective for a term of 12 months. During this period His Highness has agreed not to sell, transfer or otherwise dispose of the rights to any of the 200mln Oracle shares that he owns.
"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 Naheed Memon, chief executive of Oracle Power.
“He remains a supportive and strategic shareholder who is working closely with both ourselves and China Coal as we move Block VI forward."
Oracle is developing a combined lignite coal mine and mine-mouth power plant and a proposed coal to urea mine-mouth plant at Block VI in the Thar desert in the south-east of the Sindh province of Pakistan.
In late morning trade, shares in Oracle Power were 34% higher at 0.88p.
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