Bahamas Petroleum Company PLC Partial Conversion of Convertible Loan Notes (6500I)
April 03 2020 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 6500I
Bahamas Petroleum Company PLC
03 April 2020
3 April 2020
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Partial Conversion of Convertible Loan Notes
On 20 February 2020, the Company drew down GBP2.7 million of its
GBP8 million convertible loan note facility (the "Facility") with a
substantial Bahamian based institutional family-office investor,
the terms of which were announced at the time. On 17 March 2020 the
Company announced the expansion of this Facility by a further GBP8
million, thus totalling GBP16 million, and, at the same time, drew
down a further GBP2 million against this expanded Facility.
As announced on 26 February 2020, the investor has previously
converted GBP1.44 million of the amounts drawn down by the Company
into new ordinary shares. BPC has now received a conversion notice
in respect of an additional GBP0.8 million, at a conversion price
of 1.28 pence per share, and in accordance with the terms of the
Facility the Company will proceed to issue 62,500,000 new ordinary
shares (the "Conversion Shares") to the investor. Thereafter,
GBP2.46 million of convertible notes will remain on issue, and
remain subject to conversion or redemption in accordance with their
terms and conditions. Application will be made for Conversion
Shares to be admitted to trading on the AIM market of the London
Stock Exchange, with admission anticipated on 8 April 2020
("Admission").
Following Admission, the Company's issued share capital will
consist of 2,248,512,786 ordinary shares, with each ordinary share
carrying the right to one vote. The Company does not hold any
ordinary shares in treasury, therefore the figure of 2,248,512,786
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 in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules ("DTR
calculations").
On admission of the previously announced 35,337,328 new ordinary
shares to BPC Investment Fund Ltd, anticipated on or around 14
April 2020, the Company's issued share capital will consist of
2,283,850,114 ordinary shares, with each ordinary share carrying
the right to one vote. Therefore, at such point, the figure of
2,283,850,114 ordinary shares may be used by shareholders for DTR
calculations.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney / Jack Botros 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs / James Thomas 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
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END
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