Scirocco Energy PLC Investment Facility Part Settlement and TVR (7103A)
27 Settembre 2022 - 8:01AM
UK Regulatory
TIDMSCIR
RNS Number : 7103A
Scirocco Energy PLC
27 September 2022
27 September 2022
Scirocco Energy plc
("Scirocco" or the "Company")
Investment Facility Part Settlement and TVR
Scirocco Energy (AIM: SCIR), the AIM investing company targeting
attractive assets within the European sustainable energy and
circular economy markets , announces that the subscriber (the
"Subscriber") under the share subscription deed governing the
investment facility ("Investment Facility"), the details of which
were announced to the market on 29 June 2020, has issued the
Company a settlement notice for US$100,000.
This notice, means that an aggregate US$1.625 million of the
total US$2.0 million subscribed for to date by the Subscriber
pursuant to the Investment Facility has been settled through the
issue of new ordinary shares in Scirocco.
Following discussions with the Subscriber, and having taken
legal advice, the Company is satisfied that, notwithstanding the
result of voting at the Company's 2022 AGM, it is not in default of
any of its current obligations in respect of the Investment
Facility and that any further obligation to issue shares to the
Subscriber, including pursuant to this part settlement, can be
satisfied from the non-pre-emptive allotment authority granted by
Shareholders at the Company's 2020 AGM in respect of the Investment
Facility.
Accordingly, the Company has issued and allotted 44,923,630
ordinary shares, with a deemed price of GBP0.0020 ("Settlement
Shares") to the Subscriber. The Subscriber's investment was made as
a prepayment for ordinary shares in the Company, the number (and
price) of which were to be determined at the time the Subscriber
elected to receive such shares, according to the average of five
daily volume-weighted average prices during the twenty trading days
prior to the date of such election.
Application will be made for the Settlement Shares to be
admitted to trading on AIM with admission expected to take place on
or around 30 September 2022 ("Admission"). The Settlement Shares
will rank pari passu in all respects with all existing ordinary
shares in the Company.
Following Admission, the Company's enlarged issued share capital
will comprise 900,496,099 ordinary shares with voting rights.
This figure of 900,496,099 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 Disclosure Rules and Transparency Rules of
the United Kingdom Financial Conduct Authority.
For further information:
Scirocco Energy plc
Tom Reynolds, CEO +44 (0) 20 7466
Doug Rycroft, COO 5000
Strand Hanson Limited, Nominated Adviser +44 (0) 20 7409
Ritchie Balmer / James Spinney / Robert Collins 3494
WH Ireland Limited, Broker +44 (0) 0207
Harry Ansell / Katy Mitchell 220 1666
Buchanan, Financial PR +44 (0) 20 7466
Ben Romney / Jon Krinks 5000
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END
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