Client News
Predator Oil & Gas: Update to the fund raising announced on 17 March 2023Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco announces the following update to the fund raising announced on 17 March 2023.
On that date the Company announced that it had conditionally placed 15,500,000 new ordinary shares of no par value in the Company (“New Shares”) and 20,863,636 existing ordinary shares of no par value in the Company (“Loan Shares”) transferred by a director of the Company, Paul Griffiths, at a placing price of 5.5 pence each (the “Placing Price”) to raise £2,000,000 (before expenses) (the “Placing”) for completion on 3 April 2023. The Company now confirms that the number of New Shares issued will be 14,174,056 whilst the number of Loan Shares to be transferred by Paul Griffiths will be 22,189,580.
The total funds raised by the Placing remains at £2,000,000, which is conditional on the New Shares being admitted to listing on the Official List (standard listing segment) and to trading on the London Stock Exchange’s main market for listed securities (“Admission”) on or around 3 April 2023 (or such later date as may be agreed by the Company and Novum)..
Stock Lending Agreement
The Loan Shares will be documented in a single stock lending agreement between Paul Griffiths and the Company (the “Stock Lending Agreement”).
Under the unsecured Stock Lending Agreement between the Company and Paul Griffiths the return of 22,189,580 shares loaned to the Company (the “Loan”) are intended to be issued to Mr Griffiths when the Company has additional headroom and at an appropriate time, subject to the Company’s dealing policy. When repayment is due the Company will make the necessary listing and admission hearing applications to have those new ordinary shares admitted to trading.
Interest shall accrue on the Loan at a rate of 4% (four percent) above SONIA of the principal sum lent of £1,220,427, being the market value of 22,189,580 shares at the Placing Price. The default rate of interest under the Stock Lending Agreement for any sum which is not repaid when due is 12% per annum.
Related Party Transaction
Paul Griffiths is a director of the Company. The Stock Lending Agreement is therefore considered to be a related party transaction.
Lonny Baumgardner, Alistar Jury and Carl Kindinger, being the independent directors for the purposes of the Related Party Transaction consider that the terms and conditions of the Stock Lending Agreement are fair and reasonable insofar as the shareholders of the Company are concerned.
An application will be made to the FCA and to the London Stock Exchange Admission in respect of those 14,174,056 New Shares. It is expected that Admission will become effective, and that dealings in such shares are expected to commence, at 8.00 a.m. on 3 April 2023.
The rights attaching to the New Shares will be uniform in all respects and will rank pari passu, and form a single class for all purposes with, the existing issued shares of no par value in the Company.
Total Voting Rights
Following Admission, the Company will have 399,968,959 ordinary shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore increased by 14,174,056 to 399,968,959. This figure of 399,968,959 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.
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