Result of General Meeting

RNS Number : 1827O
ADM Energy PLC
30 September 2019
 

30 September 2019

 

ADM Energy plc

 

("ADM Energy" or the "Company")

 

Result of General Meeting

Completion of £562,360 Subscription

 

ADM Energy plc (AIM: ADME), an oil and gas investing company quoted on AIM, announces that at its General Meeting held earlier today, all resolutions put to shareholders were duly passed.

 

The Company announced on 11 September 2019 that it had raised £269,640 through the issue of 3,852,000 new ordinary shares of 1 pence each at 7 pence per share ("Issue Price"). It also announced that it had conditionally raised approximately £562,360 (before expenses) through a proposed issue of 8,033,713 shares at the Issue Price. Zark Capital Ltd ("Zark") conditionally subscribed for 2,148,000 new ordinary shares to raise gross proceeds of £150,360, whilst the remainder of the new ordinary shares were conditionally raised though a subscription from other investors to raise gross proceeds of £412,000 (together the "Fundraising").

 

Following the passing of the resolutions at the General Meeting, the Fundraising will now proceed to completion. Further details of, inter alia, the background to and reasons for the Fundraising are set out in the circular which was posted to shareholders in connection with the resolutions of the General Meeting, and which is available on the Company's website at www.admenergyplc.com.

 

Issue of New Ordinary Shares

Application will shortly be made to the London Stock Exchange for the new ordinary shares to be issued pursuant to the Fundraising to be admitted to trading on AIM ("Admission"), with Admission expected to become effective at 8.00 a.m. on or around 4 October 2019. Upon Admission, Zark will hold 6,000,000 ordinary shares, representing 9.73 per cent. of the enlarged issued share capital of the Company.

 

Issue of Warrants

In addition, the Company also confirms that, following the passing of the resolutions at the General Meeting, up to 14,874,601 warrants will be issued to investors, with an exercise price of 8 pence per share ("Warrants"). The Warrants may be exercisable no earlier than 6 months and no later than 2 years after the date of their issue.

 

Total Voting Rights

Following Admission, the Company's issued ordinary share capital will comprise 61,649,210 Ordinary Shares, of which none are held in treasury. This figure may 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 voting rights of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

-Ends-

 

For further information, please contact:

 

ADM Energy plc

+44 20 7786 3555

Richard Carter, Chairman


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




 


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