Client NewsBeacon Energy plc – PrimaryBid Offer
● Beacon Energy announces a conditional offer for subscription of new Ordinary Shares via PrimaryBid;
● The Issue Price for the new Ordinary Shares to be issued pursuant to the Placing and the PrimaryBid Offer is 0.15 pence per new Ordinary Share, representing a discount of approximately 16.7 per cent. to the closing middle market price of 0.18 pence per existing Ordinary Share on 14 September 2023, being the latest practicable date prior to the date and time of this Announcement;
● Investors may also be able to take part through PrimaryBid’s extensive network of retail brokers, wealth managers and investment platforms, subject to such partners’ participation.
● Applications for new Ordinary Shares through these partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts (GIAs);
● The PrimaryBid Offer is available to both existing shareholders and new investors;
● There is a minimum subscription of £500 per investor in the PrimaryBid Offer;
● No commission will be charged by PrimaryBid on applications to the PrimaryBid Offer.
Beacon Energy plc (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH, is pleased to announce, a conditional offer for subscription of new ordinary shares of no par value each in the capital of the Company (“Ordinary Shares”) via PrimaryBid (the “PrimaryBid Offer”) at an issue price of 0.15 pence per new Ordinary Share (the “Issue Price”), representing a discount of approximately 16.7 per cent. to the closing middle market price of 0.18 pence per existing Ordinary Share on 14 September 2023, being the latest practicable date prior to the date and time of this Announcement. The Company is also conducting a placing of new Ordinary Shares at the Issue Price by way of an accelerated bookbuilding process (the “Placing”) as announced earlier today.
The PrimaryBid Offer is conditional on the new Ordinary Shares to be issued pursuant to the PrimaryBid Offer and the Placing being admitted to trading on AIM (“Admission”). Admission is expected to take place at 8.00 a.m. (London time) on 20 September 2023. The PrimaryBid Offer will not be completed without the Placing also being completed.
The Company will use the gross proceeds of the Placing and the PrimaryBid Offer for general working capital prior to the receipt of proceeds from the sale of commercial production from the Company’s Schwarzbach-2(2.) well and to cover the expenses of the Placing and PrimaryBid Offer.
Reason for the PrimaryBid Offer
While the Placing has been structured as a non-pre-emptive offer within the Company’s existing authorities from shareholders for non-pre-emptive offers so as to minimise cost and time to completion, the Company values its retail investor base and is therefore pleased to provide retail investors with the opportunity to participate in the PrimaryBid Offer.
Existing shareholders and new investors can access the PrimaryBid Offer through PrimaryBid’s website and on PrimaryBid’s app. The PrimaryBid app is available on the UK Apple App Store and Google Play Store.
Investors can also participate through PrimaryBid’s extensive partner network of investment platforms, retail brokers and wealth managers, subject to such partners’ participation.
Applications for new Ordinary Shares through participating partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as GIAs. Some partners may only accept applications from existing shareholders.
After consideration of the various options available to it, the Company believes that the separate PrimaryBid Offer is in the best interests of shareholders, as well as wider stakeholders in the Company.
The PrimaryBid Offer will open to investors resident and physically located in the United Kingdom following the release of this Announcement. The PrimaryBid Offer is expected to close at the same time as the Placing, and may close early if it is oversubscribed.
There is a minimum subscription amount of £500 per investor in the PrimaryBid Offer.
The Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection.
Investors who apply for new Ordinary Shares through PrimaryBid’s website or PrimaryBid’s app will not be charged any fee or commission by PrimaryBid. It is vital to note that once an application for new Ordinary Shares has been made and accepted via PrimaryBid, that application cannot be withdrawn.
Investors wishing to apply for new Ordinary Shares through their investment platform, retail broker or wealth manager using their ISA, SIPP or GIA should contact them for details of their terms and conditions, process and any relevant fees or charges.
The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing and the Company’s existing Ordinary Shares.
For further information on PrimaryBid, the PrimaryBid Offer or for a copy of the terms and conditions (including the procedure for application and payment for new Ordinary Shares) that apply to registered users of PrimaryBid in addition to the terms and conditions set out in this Announcement, visit www.PrimaryBid.com or email PrimaryBid at firstname.lastname@example.org.
Brokers wishing to offer their customers access to the PrimaryBid Offer and future PrimaryBid transactions, should contact email@example.com.
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