Results Of Equity Fundraising
Afentra plc has successfully raised gross proceeds of US$40 million through an oversubscribed placing of 44,315,240 new ordinary shares at 67 pence per share, representing 19.6% of the company's existing share capital. This equity fundraising comprises a firm placing of approximately US$20.4 million and a conditional placing of approximately US$19.6 million, subject to shareholder approval. The issue price represents a 5.2% discount to the closing mid-market price on 2 June 2026. The company will also offer retail shareholders the opportunity to participate at the same issue price. Admission of the firm placing shares is expected on 9 June 2026, with conditional placing shares expected to be admitted on 26 June 2026. Certain directors participated in the placing, acquiring a total of 276,970 shares for Thierry Tanoh, 200,000 shares for Andrew Osborne, and 74,626 shares for Gavin Wilson.
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Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, is pleased to announce that it has successfully raised gross proceeds of US$40 million before expenses by way of an oversubscribed firm and conditional placing (the "Placing"). The Placing was completed via the issue of 44,315,240 new ordinary shares in the Company ("Placing Shares") representing 19.6 per cent of the Company's existing share capital at a price of 67 pence per share (the "Issue Price"), comprising:
- a firm placing of 22,615,600 Firm Placing Shares to raise approximately US$20.4 million at the Issue Price, to be effected using the authorities to issue and allot new shares granted to the Directors by Shareholders at the Company's annual general meeting held on 4 June 2025 (the "Firm Placing"); and
- a conditional placing of 21,699,640 Conditional Placing Shares to raise approximately US$19.6 million at the Issue Price, conditional upon inter alia the passing of the Resolutions at a general meeting of the Company (the "General Meeting").
The Issue Price represents a discount of approximately 5.2 per cent to the closing mid-market price of 70.7 pence on 2 June 2026.
The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the new Ordinary Shares.
Stifel Nicolaus Europe Limited ("Stifel") acted as Bookrunner (the "Bookrunner") to the Company in connection with the Placing.
In conjunction with the Placing, the Company will also offer the opportunity for the Company's wider retail shareholder base in the United Kingdom to participate in the offering at the Issue Price (the "Retail Offer"). The Retail Offer will be carried out via the Winterflood Retail Access Platform and a separate announcement will be made regarding the Retail Offer and its terms.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for Admission to trading of the Placing Shares on AIM. It is expected that First Admission of the Firm Placing Shares will become effective at 8.00 a.m. on 9 June 2026 (or such later date as the Bookrunner and the Company may agree). Furthermore, it is expected that Second Admission of the Conditional Placing Shares will become effective, subject to shareholder approval of the Resolutions at the General Meeting, at 8.00 a.m. on 26 June 2026 (or such later date as the Bookrunner and the Company may agree). A further announcement will be made once the Retail Offer has closed.
Following Admission of the Firm Placing Shares, and prior to the Second Admission, the Company's issued and fully paid share capital will consist of 248,771,590 Ordinary Shares. The Company has no Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 248,771,590 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Capitalised terms not otherwise defined in the text of this Announcement have the meanings given in the Company's announcement dated 3 June 2026.
Certain Directors have participated in the Placing for total gross proceeds of £369,569, as set out below.
| Director | Existing holding of Ordinary Shares | New Ordinary Shares to be issued pursuant to the Placing | Resultant holding of Ordinary Shares immediately following First Admission | Resultant holding of Ordinary Shares following Second Admission |
|---|---|---|---|---|
| Thierry Tanoh | 0 | 276,970 | 140,148 | 276,970 |
| Andrew Osborne | 225,000 | 200,000 | 326,201 | 425,000 |
| Gavin Wilson | 3,351,666 | 74,626 | 3,389,427 | 3,426,292 |
The FCA notifications, made in accordance with the requirements of MAR, are appended below.
DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name: | 1. Thierry Tanoh 2. Andrew Osborne 3. Gavin Wilson |
| 2. | Reason for the notification | |
| a) | Position/status: | 1. Chairman 2. Non-Executive Director 3. Non-Executive Director |
| b) | Initial notification/Amendment: | Initial Notification |
| a) | Name | Afentra plc |
| b) | LEI: | 21380028BFDFJK8BRX92 |
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.10 per share par value GB00B4X3Q493 |
| b) | Nature of the transaction: | Purchase of Ordinary Shares |
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1.Thierry Tanoh 67p 140,148 2. Andrew Osborne 67p 101,201 3. Gavin Wilson 67p 37,761 |
| d) | Aggregated information: · Aggregated volume: · Price: | N/a N/a |
| e) | Date of the transaction: | 4 June 2026 |
| f) | Place of the transaction: | XLON |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.