Schedule One - Beacon Energy plc
Summary by AI BETAClose X
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ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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COMPANY NAME: |
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Beacon Energy PLC (AIM: BCE) (the "Company" or "Beacon")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) : |
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55 Athol Street Douglas Isle of Man IM1 1LA
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COUNTRY OF INCORPORATION: |
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Isle of Man
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: |
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: |
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Admission of the Company's enlarged share capital is sought pursuant to a proposed reverse takeover in accordance with AIM Rule 14 ("Admission").
In accordance with the Company's strategy to focus on growth through acquisition or farm-ins to oil and gas projects, the Company has entered into a Share Purchase Agreement with Reabold Resources plc ("Reabold") in relation to the acquisition of a significant indirect interest in LNEnergy Limited ("LNEnergy"), as announced on 7 October 2025 (the "SPA").
LNEnergy, through its wholly owned subsidiary LNEnergy S.r.l., holds a 90 per cent. interest in the Colle Santo gas field in Abruzzo, Italy, one of the largest onshore proven undeveloped gas field in mainland Western Europe, with 73 Bcf of gross 2P reserves (RPS estimate, October 2025). The Colle Santo project is fully appraised and development-ready with no requirement for additional drilling prior to first gas; two production-ready wells (MP-1 and MP-2) have delivered a combined test rate of 20.5 mmcf/d, and seven of eight historical wells have tested gas.
Pursuant to the SPA, the Company has conditionally agreed: (i) on Admission to complete the first acquisition, being the acquisition of 49 per cent. of LNE IOM Ltd, a special purpose vehicle set up to hold the shares in LNEnergy, equating to an indirect interest of approximately 24 per cent. in LNEnergy at Admission (the "First Acquisition"); and (ii) subject to the anticipated award of the production concession for the Colle Santo project (expected mid-2026) which may require, for the avoidance of doubt, Italian regulatory approval for a change of control, the second acquisition, being the acquisition of the remaining 51 per cent. of LNE IOM Ltd, equating to a further indirect interest of approximately 24 per cent. in LNEnergy and taking the Company's indirect interest to approximately 48 per cent. in LNEnergy (the "Second Acquisition"). On completion of the Second Acquisition, Beacon will hold a 43.2 per cent. indirect interest in the Colle Santo gas field.
In conjunction with Admission, the Company has conditionally placed 97,191,443 new ordinary shares of nil par value in the Company ("Ordinary Shares") (the "Fundraise Shares") by way of a Placing, the WRAP Offer, the Director Subscription, the Subscription and the issue of the Director and Adviser Fee Shares at the price of 3.9 pence (the "Fundraise Price") to raise total gross proceeds of £3.79 million (the "Fundraise").
The net proceeds of the Fundraise are estimated at £3.05 million. The net proceeds together with the Company's existing cash resources will be used to progress the Colle Santo Asset to final investment decision ("FID"), as well as fund corporate working capital.
The Acquisition constitutes a reverse takeover pursuant to the AIM Rules and is therefore subject, among other things, to the approval of Shareholders at the Extraordinary General Meeting (the "Proposals").
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares): |
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The Company has 18,511,680 existing Ordinary Shares currently in issue.
The Company will, on Admission, issue 9,086,917 new Ordinary Shares as Consideration for the First Acquisition (the "Consideration Shares"), and 97,191,443 new Ordinary Shares pursuant to the Fundraise (the "Fundraise Shares").
The Fundraise Shares can further be split into 30,185,758 Placing Shares, 19,230,769 Reabold Subscription Shares, 1,440,519 WRAP Shares, 1,923,076 Director Subscription Shares, 26,117,750 Director Fee Shares and 15,236,845 Adviser Fee Shares.
The Director Fee Shares, Director Subscription Shares, Adviser Fee Shares and the Consideration Shares issued to Reabold are subject to lock-in agreements.
On Admission, the Company will have 124,790,040 Ordinary Shares in issue and admitted to trading on AIM subject to approval of the Proposals.
Following completion of the Second Acquisition, the Company will have 134,247,852 Ordinary Shares in issue and admitted to trading on AIM.
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CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: |
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Capital raised on Admission of £3.79 million (gross) Implied market capitalisation on Admission of £4.87 million at the Fundraise Price
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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36.62%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED: |
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N/A
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THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION (Y/N) |
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No
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known): |
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Mr. Mark Andrew Rollins (Non-Executive Chairman and Director) Mr. Stewart Macdonald (CEO and Director) Mr. Ross Michael Warner (Non-Executive Director) Mr. Leo Willem Koot (Non-Executive Director)
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known): |
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: |
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N/A
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information) (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: |
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(i) 31 December each year; current period ends 31 December 2026
(ii) 30 June 2025 (unaudited interim financial information) 31 December 2024 (most recent audited financial year)
(iii) 30 June 2026, 30 September 2026, 30 June 2027
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EXPECTED ADMISSION DATE: |
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6 March 2026
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NAME AND ADDRESS OF NOMINATED ADVISER: |
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Strand Hanson Limited 26 Mount Row Mayfair London W1K 3SQ United Kingdom
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NAME AND ADDRESS OF BROKER: |
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Tennyson Securities Second Floor 26 Caxton Street London SW1H 0RJ United Kingdom
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: |
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The Admission Document, which contains full details of Beacon and its securities, is available at https://www.beaconenergyplc.com/
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THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY |
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QCA Corporate Governance Code
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DATE OF NOTIFICATION: |
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19 February 2026
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NEW/ UPDATE: |
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NEW
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