18 March 2025
ADM Energy PLC
("ADM" or the "Company")
Update on the Proposed Broker Option
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, announces that on 14 March 2025, the Company's broker Novum Securities Limited ("Novum") closed the proposed Broker Option that was announced in the Circular published on 3 March 2025 (the "Circular"). The Broker Option was oversubscribed and Novum received subscription orders representing in aggregate £274,000.
In the Circular, the Company announced that, conditional on the Resolutions being passed at the General Meeting taking place on 21 March 2025, and further to the Conditional Subscription, the Company and Novum agreed to launch a broker option to raise up to a further £250,000 for the Company through the issue of up to 250,000,000 New Ordinary Shares ("Broker Option") at the Issue Price, in order to provide certain eligible existing shareholders the ability to participate in the Subscription, in the event they have not had the opportunity to do so.
As at the close of business on 14 March 2025, the Broker Option was oversubscribed and Novum had received orders representing in aggregate £274,000. The Company has elected to receive the full amount, above the indicated £250,000 as set out in the Circular.
The updated details of the Proposed Capital Reorganisation, including the issue of 274,000,000 New Ordinary Shares ("Broker Option Shares") can be found below. Admission of the Broker Option Shares and the receipt of funds will be subject to the completion of the Capital Reorganisation.
The General Meeting is due to be held at the offices of offices of Shakespeare Martineau LLP at 60 Gracechurch St, London, EC3V 0HR at 12:00 p.m. on 21 March 2025.
Capitalised terms in this announcement have the meaning ascribed to them in the Definitions section of the Circular. The Circular can be found on the Company's website https://admenergyplc.com/.
Statistics of the Proposed Capital Reorganisation,
Subscription, Broker Option, Investment, Funding Obligation And Debt Settlements
| | Value | Number | Nominal |
| Subdivision |
| | |
| Capital Reorganisation Shares following the Subdivision | | 627,863,811 | 0.001 |
| Number of Deferred Shares following the Subdivision | | 627,235,947,189 | 0.001 |
| | | | |
| Issue of Equity |
| | |
| Subscription Shares | | 313,000,000 | 0.001 |
| | | | |
| Broker Option Shares | | 274,000,000 | 0.001 |
| | | | |
| Consideration Shares | | 109,995,000 | 0.001 |
| | | | |
| Funding Obligation Shares | | 48,494,000 | 0.001 |
| | | | |
| Debt Settlement Shares | | 191,980,000 | 0.001 |
| | | | |
| Admission Shares |
| 1,565,332,811 | 0.001 |
| | | | |
| Market Capitalisation at the Issue Price | £1,565,333 |
| |
Expected Timetable of Events
| | 2025 |
| |
|
| Publication and posting to Shareholders of the Circular
| 03 March |
| Latest time for receipt of Forms of Proxy for the General Meeting
| 12:00 p.m. on 19 March |
| General Meeting
| 12:00 p.m. on 21 March |
| Record date for the subdivision and reclassification of the Existing Ordinary Shares
| 6:00 p.m. on 21 March |
| | |
| | On or around: |
| |
|
| Admission of the Admission Shares
| 8:00 a.m. on 24 March |
| CREST accounts credited with the Admission Shares
| Morning of 24 March |
| Dispatch of definitive share certificates in respect of the Admission Shares
| No later than 07 April |
Market Abuse Regulation (MAR) Disclosure
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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Enquiries:
| ADM Energy plc | +44 20 7786 3555 |
| Lord Henry Bellingham, Non-executive Chairman | |
| | |
| | |
| Cairn Financial Advisers LLP | +44 20 7213 0880 |
| (Nominated Adviser) | |
| Jo Turner, James Caithie, Ed Downes | |
| | |
| ODDO BHF Corporates & Markets AG | +49 69 920540 |
| (Designated Sponsor) | |
| Michael B. Thiriot | |
| | |
| Gracechurch Group | +44 20 4582 3500 |
| (Financial PR) | |
| Harry Chathli, Alexis Gore, Henry Gamble | |
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with investments including a 100% interest in Vega Oil and Gas; a 30.6% economic interest in JKT Reclamation, LLC; a 46.8% economic interest in OFX Technologies, LLC (www.ofxtechnologies.com); and a 9.2% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward-looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage'', "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
