TIDMORCP

RNS Number : 6617B

Oracle Power PLC

03 February 2020

3 February 2020

Oracle Power PLC

("Oracle", or the "Company")

Lock-In Agreement Signed with His Highness Sheikh Ahmed Bin Dalmook Al Maktoum

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant and a proposed coal to urea mine mouth plant located in Block VI of the Thar desert in the south-east of the Sindh province of Pakistan, is pleased to announce that yesterday it entered into a Shareholder Lock-In Agreement with His Highness Sheikh Ahmed Bin Dalmook Al Maktoum ("His Highness") and Sheikh Ahmed Bin Dalmook Al Maktoum Private Office One Person Company LLC, His Highness' private office, (the "Lock-In").

The Lock-In is being entered into voluntarily by His Highness and is effective from today for a term of 12 months (the "Restricted Period"). During the Restricted Period, pursuant to the Lock-in, His Highness has agreed not to sell, transfer or otherwise dispose of the rights to any of the 200,000,000 ordinary shares he has confirmed, by way of execution of the Lock-in, that he beneficially owns in the Company. The restrictions on disposals also covers any ordinary shares acquired by His Highness and his private office during the Restricted Period, which, for the avoidance of doubt, also includes any ordinary shares acquired via the exercise of warrants.

Naheed Memon, CEO of Oracle Power, commented:

"We would like to express our gratitude to His Highness for volunteering to enter into the Lock-In arrangement, highlighting his long-term view towards Oracle. He remains a supportive and strategic shareholder who is working closely with both ourselves and China Coal as we move Block VI forward."

For further information please contact:

 
 Oracle Power PLC                               +44 (0) 20 3580 
  Naheed Memon                                   4316 
 Strand Hanson Limited (Nominated Adviser)      +44 (0) 20 7409 
  Rory Murphy, James Harris, Jack Botros         3494 
 Brandon Hill Capital Limited (Joint Broker)    +44 (0) 20 3463 
  Oliver Stansfield                              5000 
 Shard Capital (Joint Broker)                   +44 (0) 20 7186 
  Damon Heath                                    9952

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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