Update on the Proposed Broker Option
Broker option closed oversubscribed at £274,000, exceeding the £250,000 target.
vs expectations: ahead
- Broker Option subscriptions received £274,000
- Broker Option Shares issued 274,000,000
- Subscription Shares 313,000,000
- Market capitalisation at Issue Price £1,565,333
- Total Admission Shares 1,565,332,811
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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 | |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.