Option Extension, CLN issue & Total Voting Rights
Summary by AI BETAClose X
4 November 2026
Electric Guitar PLC
(“Electric Guitar” or the “Company”)
Option extension to acquire West Thomas Field Services, LLC
Issue of convertible loan note
Total Voting Rights
Option extension
Further to the Company’s announcement on 5 August 2026 regarding its revised option (the “Revised Option”) to acquire West Thomas Field Services, LLC and certain related assets, the Company has agreed with Vega Upstream JV, LLC (“VUJV”) to extend the Company’s right to exercise the Revised Option to no later than 28 February 2027 (previously 31 October 2026). The Company will provide further updates as appropriate.
Issue of Convertible Loan Note
VUJV has agreed to invest £50,000 into the Company through a convertible loan note (the “CLN”) which will automatically convert into new ordinary shares of 0.01p each in the capital of the Company (“Ordinary Shares”) upon completion of a reverse takeover (“RTO”) by the Company. The new Ordinary Shares issued pursuant to such conversion will be issued at the price that other shares are issued at the time of the RTO. The CLN is unsecured, bears no interest, and can be repaid at any time by the Company.
Total Voting Rights
The issued share capital of the Company at the date of this announcement comprises 3,034,082,941 Ordinary Shares of 0.01p each with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company is 3,034,082,941.
The figure of 3,034,082,941 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 to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
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Electric Guitar PLC
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