Completion of Subscription, Board Changes and TVR
Zarara Energy completes £306,000 subscription for 222.4m new shares, becoming 60% shareholder; board reconstituted.
- Subscription price £306,000
- New ordinary shares issued 222,407,081
- Percentage of enlarged capital 60.00%
- Share price per share 0.1 pence
- Total voting rights post-completion 370,627,024
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The board of directors of BIH (the "Board") is pleased to announce that completion of the subscription by Zarara Energy Ltd ("ZEL") for 222,407,081 new ordinary shares of 0.1 pence each in the Company (the "Subscription Shares") for £306,000 in cash took place on 29 November 2024 ("Completion"). The Subscription Shares were allotted and issued by the Company to ZEL credited as fully paid up and ranking pari passu, and as one class with, the existing 148,219,943 ordinary shares in the Company. The Subscription Shares represent 60.00% of the enlarged issued share capital of the Company.
No application is being made for the present time for the Subscription Shares to be admitted to listing on the FCA's Official List or to trading on the London Stock Exchange's main market for listed securities. In any event, the listing and trading in the Company's existing issued ordinary shares is currently suspended.
Board changes
On Completion, Said Mbarak Salim Al Digeil and William ('Brock') Henry Tuppeny III (nominee Directors of ZEL) were appointed to the Board and Martin Lampshire and Richard Hartheimer resigned from the Board.
Conversion of Outstanding Directors' Fees and Expenses into New Convertible Loan Notes
As a result of Completion, the conversion of outstanding Directors' fees and expenses due from the Company to them and their consultancy companies into an aggregate principal amount of £246,982.20 New Convertible Loan Notes (as announced by the Company on 29 October 2024) has become effective.
Total voting rights
Following the allotment and issue of the 222,407,081 Subscription Shares, the Company's issued share capital consists of 370,627,024 ordinary shares of 0.1 pence, each with one voting right. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 370,627,024.
The above figure of 370,627,024 should be used by shareholders in the Company as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.