Result of Open Offer
Chariot Limited announced the results of its Open Offer, which conditionally raised approximately US$2.9 million (£2.1 million) by issuing 155,678,180 Open Offer Shares, representing 69% of the available shares. Adonis Pouroulis subscribed for US$0.25 million (£0.19 million) in Open Offer Shares, increasing his post-fundraising holding to 10.09%. Qualifying Shareholders will receive one warrant for every new ordinary share issued, exercisable at 2.4 pence and expiring on 9 April 2029. The issuance is conditional on resolutions passed at a General Meeting on 11 March 2026.
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Chariot (AIM: CHAR), the African focused energy company, today announces the result of its Open Offer pursuant to the Fundraising announced on 19 February 2026.
The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 155,678,180 Open Offer Shares, representing 69 per cent of the maximum Open Offer Shares available. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately US$2.9 million (£2.1 million).
Adonis Pouroulis applied for Open Offer Shares to the value of $0.25 million (£0.19 million) through the Open Offer. Accordingly, the current and expected holdings (direct and indirect) of the Directors and persons closely associated with them following Admission are:
| Name | Number of Ordinary Shares prior to the Fundraising | % of the Ordinary Share capital prior to the Fundraising | Number of Ordinary Shares following the Fundraising | % of issued Share capital on Admission |
|---|---|---|---|---|
| Adonis Pouroulis | 143,586,381 | 9.10 | 289,089,026 | 10.09 |
| Julian Maurice-Williams | 1,432,084 | 0.09 | 1,789,226 | 0.06 |
| Duncan Wallace | 2,246,008 | 0.14 | 2,603,150 | 0.09 |
| Chris Zeal | 513,964 | 0.03 | 513,964 | 0.02 |
| Andrew Hockey | 746,704 | 0.05 | 1,460,989 | 0.05 |
Qualifying Shareholders will receive one warrant for every New Ordinary Share issued pursuant to the Open Offer ("Warrant"). Each Warrant shall entitle the relevant warrant holder to subscribe for one Ordinary Share at an exercise price of 2.4 pence and will expire on 9 April 2029. The Warrants are expected to be credited within 4 weeks of issuance of the Open Offer Shares in uncertificated form in CREST or dispatched as warrant certificates in certificated form.
The issuance of the Open Offer Shares is subject to and conditional on the passing of the Resolutions at the General Meeting to be held on 11 March 2026.
Julian Maurice-Williams, CFO of Chariot, commented:
"We are very pleased to announce the results of this open offer and thank our shareholders for their ongoing support. In part financing the transaction announced a few weeks ago we secure an economic exposure to a producing asset offshore Angola that offers both significant future cashflow and growth opportunities. This marks a material step change for the Company and we are excited about the plans we have for our upstream business going forward."
Capitalised terms in this announcement shall have the same meaning as in the announcement made by the Company on 19 February 2026 unless the context requires otherwise.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.