Update on return Contributed Share arrangements
Summary by AI BETAClose X
18 September 2026
Pennpetro Energy Plc
("Pennpetro" or the "Company")
Update on return Contributed Share arrangements
Pennpetro Energy plc (PPP), the company focused on developing strategic energy projects, confirms the allotment of Replacement Shares to comply with the Company’s obligations under the Promissory Notes issued when the Contributed Shares were received. As announced by RNS on 24th July 2026, and following legal advice, the Company has completed the necessary procedures to return 24,500,000 shares for “non-cash consideration” (a share-for-share replacement of Contributed Shares).
With regard to the second category of “for cash consideration” Contributed Shares, counsel advised that the Replacement Shares can only be issued on the basis of the Companies Act provisions for shares issued for cash consideration, for which the Company needs to obtain shareholder approval to dis-apply pre-emption rights in respect to issue of Replacement Shares.
This relates to Resolution 10 at the upcoming Annual General Meeting on 30th September 2026 and will require at least 75% support of the votes cast to pass.
Grand Chief Ronald Derrickson, Co-Chairman of Pennpetro Energy, said: "Progress is important, and as we have said all along being able to return shares in this Company to their rightful owners is very important to me. I would encourage all shareholders to read the Annual General Meeting notice thoroughly and to vote in support of the resolutions, particularly Resolution 10, to enable us to complete this process. It is a legal and moral obligation on the Company and a vital step in being able to return to trading. I would like to think that our shareholders support us in our desire to see fair treatment of their fellow shareholders who have assisted the Company by contributing their shares in the past and to help the Company move forward at pace.”
For further information, contact:
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Pennpetro Energy Plc Richard Spinks | Mavriky Kalugin |
c/o Camarco
|
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SPARK Advisory Partners Limited - Financial Adviser Andrew Emmott | James Keeshan |
+44 (0) 20 3368 3550 |
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Oak Securities - Broker Jerry Keen, Head of Corporate Broking |
+44 (0) 20 3973 2678 |
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Camarco – Financial PR Andrew Turner | Fergus Young
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+44 (0) 20 3757 4980
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