President Energy PLC (AIM:PPC) confirmed its shareholders – except those in excluded territories – will receive a stake in the Atome Energy company as it floats in London before the end of December.
Shareholders will receive 1 Atome share for every 169 President shares held.
Those residing in the United States, Australia, Canada, Japan, South Africa and New Zealand are ineligible to receive ordinary shares in Atome.
Shares that would be due to these shareholders will be assigned to Atome’s broker, which "will facilitate an orderly distribution of the shares into the markets and any net proceeds will be remitted to the relevant shareholders", the company said.
Earlier this month, Atome raised some £9mln through brokers and the PrimaryBid retail investor platform. The shares were sold at a price of 80p per share and the funding set a £20mln valuation for the whole business.
Atome Energy is a green hydrogen and ammonia production company with large-scale production planned in Iceland and Paraguay targeting the fast-growing global demand for green products.
The new company is backed by a strong strategic and institutional base which includes international commodity trader and logistics firm Trafigura.
Prior to the IPO, the company was a subsidiary of South America focussed oil and gas junior President Energy.