Results of EGM

RNS Number : 7201D

Challenger Energy Group PLC

04 March 2022

 

4 March 2022

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

Results of Extraordinary General Meeting

Challenger Energy (AIM: CEG), is pleased to announce that each of the three   resolutions put to shareholders at the Extraordinary General Meeting held at 11.00 a.m. on 4 March 2022 (the "EGM") were duly passed.

As a result, the Company will proceed to issue a total of 6,601,216,434 new ordinary shares of 0.002p each ("Ordinary Shares") in respect of the Conditional Placing and Broker Option, as well as up to 1,903,058,641 Settlement Shares as set out in the Notice of EGM. The Placing Shares, Broker Option Shares and Settlement Shares will be issued and admitted to trading on AIM in two tranches:

(1)  3,480,645,475 new Ordinary Shares will be issued and admitted to trading on AIM at 8.00 a.m. on Monday, 7 March 2022 (the "First Tranche Shares"), in respect of the portion of the Conditional Placing Shares and Broker Option Shares that have been settled directly through CREST or by direct subscribers who had prepaid their subscriptions; and

(2)  a further 3,120,570,959 new Ordinary Shares in respect of the Conditional Placing and Broker Option, along with up to 1,903,058,641 Settlement Shares (together, the "Second Trance Shares"), will be issued and admitted to trading on AIM at 8.00 a.m. on or around Friday, 11 March 2022. These new Ordinary Shares are in respect of direct settlements to be received by the Company under the Conditional Placing and Broker Option, but which funds were only to be remitted consequent on passing of the resolutions at the EGM. The issue and admission to trading on AIM of the Second Trance Shares will thus occur on receipt of cleared funds by the Company which, as noted, it expected to by Friday, 11 March 2022.

As previously advised, the Conditional Placing and Broker Option, when coupled with the Firm Placing of £0.7 million (comprising 691,401,490 new Ordinary Shares that were admitted to trading on AIM on 31 January 2022) will result in a total fundraising of approximately £7.3 million before expenses. Net proceeds of the fundraising will be used to enable the Company to complete all remaining payments agreed as part of the previously announced creditor restructuring process, and to pursue a production and cashflow focused work program through the balance of 2022.

A further announcement will be made on Monday, 7 March 2022, detailing various other matters that are consequent on completion of the Company's overall restructuring and refinancing process.

Admission and Total Voting Rights

Following admission to trading on AIM of the First Tranche Shares, expected to take place on Monday, 7 March 2022 , Challenger Energy's issued share capital will consist of 4,968,569,879 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any ordinary shares in treasury; therefore, this figure may be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the  FCA's  Disclosure Guidance and Transparency Rules.

Following admission to trading on AIM of the Second Tranche Shares on or around Friday, 11 March 2022 , Challenger Energy's issued share capital will consist of up to 9,992,199,480 Ordinary Shares (subject to confirmation of the number of Settlement Shares to be issued), with each Ordinary Share carrying the right to one vote.

Defined terms have the same meaning as in the Company's Notice EGM posted to shareholders on 9 February 2022.

For further information, please contact:

Challenger Energy Group PLC Eytan Uliel, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Rob Patrick	Tel: [phone]
Arden Partners plc - Broker Simon Johnson / Antonio Bossi	Tel: [phone]
Gneiss Energy - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft	Tel: [phone]
CAMARCO Billy Clegg / James Crothers / Hugo Liddy	Tel: [phone]

Notes to Editors

Challenger Energy is a Caribbean and Atlantic margin focused oil and gas company, with a range of  exploration, appraisal, development and production assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, Challenger Energy has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, Challenger Energy has on onshore appraisal / development project. Challenger Energy's exploration licence in each of Uruguay and The Bahamas are highly prospective, and offer high-impact value exposure within the overall portfolio value.

Challenger Energy is quoted on the AIM market of the London Stock Exchange. 

https://www.cegplc.com  

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