Angus Energy PLC Extension of Convertible Loan Note Maturity Date (7126P)
October 20 2021 - 10:29AM
UK Regulatory
TIDMANGS
RNS Number : 7126P
Angus Energy PLC
20 October 2021
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.
20 October 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Extension of Convertible Loan Note Maturity Date
Further to our RNS of 20 April 2020, detailing the terms of a
GBP1.4m Convertible Loan Note (the "Note") repayable on 17 April
2022, Angus Energy plc (AIM: ANGS) is pleased to announce that the
holder, Knowe Properties Limited, has agreed to extend the final
mandatory repayment date by a further 12 months until 17 April
2023.
The Note, which was otherwise convertible at 1p per ordinary
share from 17 February 2022, will now only be convertible at the
earliest of 17 July 2022 representing a six month extension.
Additionally the Company retains the right to repay the Note at any
time with the additional grant of warrants at 1.3p per share as
detailed in the RNS of 20 April 2020. All other terms of the Note
remain the same.
In consideration for this extension the Company shall issue and
allot to the Noteholder 11,200,000 ordinary shares (the "Shares")
in the Company for nil consideration and arrange for the same
shares to be admitted to trading on AIM within 14 days.
Application will be made for the Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will
become effective on or around 5 November 2021. The Shares will rank
pari passu with the existing ordinary shares. Following the issue
of the Shares, the Company will have 977,702,269 Ordinary Shares in
issue, each share carrying the right to one vote. The Company does
not hold any Ordinary Shares in treasury.
The above figure of 977,702,269 Ordinary Shares 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 Financial Conduct Authority's Disclosure
Guidance and Transparency Rues.
George Lucan, CEO, comments: "This extension strengthens the
Company's medium term capital base and in particular will relieve
the Company of a possible cash outlflow in the early months of
production at Saltfleetby and will be greatly beneficial to all
shareholders.
In addition we are pleased to report that all gas process
equipment requiring shipping is either now in country or in the sea
lanes. This has been of particular concern to our procurement team
and as a consequence, despite ongoing logistical bottlenecks at UK
customs and with haulage, we now have a much higher level of
confidence in our scheduling for construction and
commissioning."
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
899 6380
Beaumont Cornish www.beaumontcornish.com
(Nomad)
James Biddle/ Roland Tel: +44 (0) 207
Cornish 628 3396
WH Ireland Limited
(Broker)
Katy Mitchell/ Harry Tel: +44 (0) 113
Ansell 394 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207
129 1474
Fergus Mellon
Aleph Commodities info@alephcommodities.com
Notes
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent onshore Energy
Transition company with a complementary portfolio of clean gas
development assets, onshore geothermal projects, and legacy oil
producing fields. Angus is focused on becoming a leading onshore UK
diversified clean energy and energy infrastructure company. Angus
Energy has a 51% interest in the Saltfleetby Gas Field (PEDL005),
majority owns and operates conventional oil production fields at
Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the
Balcombe Licence (PEDL244).
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END
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