Conversion of Loan Notes and TVR

Prospex Energy PLC

26 July 2023

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

26 July 2023

Prospex Energy PLC

('Prospex' or the 'Company')

Conversion of Loan Notes and TVR

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received notices to convert an aggregate of £103,307.35 in two convertible loan notes in exchange for the issue of 2,430,762 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").

The abovementioned convertible loan notes were issued in July 2022 and are convertible at 4.25p per share pursuant to a Convertible Loan Note Deed dated 18 July 2022.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for the admission of 2,430,762 new Ordinary Shares to trading on AIM ('Admission') as a result of the above conversion.  Admission is expected to occur on or around 31 July 2023.  There are currently 291,326,390 Ordinary Shares in issue.  Following Admission there will be a total of 293,757,152 Ordinary Shares in issue.  This will be the number of Ordinary Shares that 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 Company under the FCA's Disclosure and Transparency Rules.

The two loan note conversions are being made by directors of the Company, William Smith and Alasdair Buchanan.  Both are therefore deemed to be 'Persons Discharging Managerial Responsibilities' or 'PDMRs'.

Declaration of Interests

The shares to be issued as part of this loan note conversion are set out below:

William Smith	1,216,827
Alasdair Buchanan	1,213,935
Total	2,430,762

Both William Smith the Chairman of the Company and Alasdair Buchanan a non-executive director of the Company have indicated their intention to hold their shares after this conversion.

Shares currently held by directors: -

Director	Number of Shares	% of current share capital
William Smith	6,447,517	2.21%
Alasdair Buchanan	3,428,571	1.18%
Mark Routh	2,639,960	0.91%
Totals	12,516,048	4.30%

Directors' total interest in shares after this conversion: -

Director	Number of Shares	% of share capital following Admission
William Smith	7,664,344	2.61%
Alasdair Buchanan	4,642,506	1.58%
Mark Routh	2,639,960	0.90%
Total	14,946,810	5.09%

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

* * ENDS * *

For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Ritchie Balmer Rory Murphy	Strand Hanson Limited	Tel: [phone]
Jerry Keen	Fox-Davies Capital Limited	Tel: [phone]
Andrew Monk (Corporate Broking) Andrew Raca/Alex Cabral (Corporate Finance)	VSA Capital Limited	Tel: [phone]
Ana Ribeiro / Susie Geliher	St Brides Partners Limited	Tel: [phone]

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	William Smith
2.	Reason for the Notification
a)	Position/status	Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Energy Plc
b)	LEI	213800NY9RH8O1B72D27
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc
	Identification code	GB00BMFZVZ53
b)	Nature of the Transaction	Issue of new ordinary shares pursuant to conversion of convertible loan notes
c)	Price(s) and volume(s)	Price(s) Volume(s) 4.25 pence 1,216,827
d)	Aggregated information Aggregated volume Price	N/A (Single Transaction)
e)	Date of the transaction	24 July 2023
f)	Place of the transaction	AIM

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alasdair Buchanan
2.	Reason for the Notification
a)	Position/status	Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Energy Plc
b)	LEI	213800NY9RH8O1B72D27
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc
	Identification code	GB00BMFZVZ53
b)	Nature of the Transaction	Issue of new ordinary shares pursuant to conversion of convertible loan notes
c)	Price(s) and volume(s)	Price(s) Volume(s) 4.25 pence 1,213,935
d)	Aggregated information Aggregated volume Price	N/A (Single Transaction)
e)	Date of the transaction	24 July 2023
f)	Place of the transaction	AIM

 

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