Pennpetro Energy (PPP): Suspension, going concern and pledged shares

This situation live

PPP Pennpetro Energy

£11m · 9.5p · +0% since the first step

5 Dec 2025 · Shares suspended since 1 August 2024 · +0% until the next step The board will apply for readmission to trading only once all outstanding Compliance and Governance issues, of which there were many, and today remain few, are completely resolved.

11 Feb 2026 · Shares suspended; FCA preliminary enquiry open · +0% until the next step The FCA under this management team can count on full compliance of the Company with the FCA's preliminaty enquiry:

4 Mar 2026 · Shares suspended; going-concern support still outstanding · +0% until the next step Additionally, certain additional future funding confirmation from RMD Group, which would further underpin the Company's 'going concern' position would not be provided in time to be included.

20 Mar 2026 · Accounts filed; shares still suspended · +0% until the next step There can be no guarantee that this request will be met with a positive response and immediate return to trading.

27 Mar 2026 · Interims published; shares still suspended · +0% until the next step The board will, as requested repeatedly by our shareholders, apply for re-admission to trading on the exchange, once outstanding Compliance and Governance issues, of which there were many, and today r

31 Mar 2026 · c. $5m debt removed; shares still suspended · +0% until the next step The c. $5m debt has been irrevocably removed from the Company balance sheet.

23 Apr 2026 · CLN3 being finalised; SPARK engaging FCA · +0% until the next step The Company is finalising the documentation required to enter into a third secured Convertible Loan Note ("CLN3") agreement with RMD Group to provide the Company with an additional £325,000 for workin

3 Aug 2026 · FY26 accounts filed, disclaimers of opinion remain · +0% until the next step Pennpetro's board have now resolved to procure audited interim accounts for the 3-month period from April to June 2026

14 Sep 2026 · CLN4 agreed; conversion blocked pending AGM vote · +0% since The Company is seeking to remedy this position through Resolution 11 at the forthcoming Annual General Meeting on 30 September 2026, which requires the support of at least 75% of votes cast to pass.

Balance-sheet stress / refinancing

Suspension, going concern and pledged shares

CLN4 agreed; conversion blocked pending AGM vote

Every step · 9

5 Dec 2025 Shares suspended since 1 August 2024 – The board will apply for readmission to trading only once all outstanding Compliance and Governance issues, of which there were many, and today remain few,... ↗
11 Feb 2026 Shares suspended; FCA preliminary enquiry open – The FCA under this management team can count on full compliance of the Company with the FCA's preliminaty enquiry: ↗
4 Mar 2026 Shares suspended; going-concern support still outstanding – Additionally, certain additional future funding confirmation from RMD Group, which would further underpin the Company's 'going concern' position would not... ↗
20 Mar 2026 Accounts filed; shares still suspended – There can be no guarantee that this request will be met with a positive response and immediate return to trading. ↗
27 Mar 2026 Interims published; shares still suspended – The board will, as requested repeatedly by our shareholders, apply for re-admission to trading on the exchange, once outstanding Compliance and Governance... ↗
31 Mar 2026 c. $5m debt removed; shares still suspended – The c. $5m debt has been irrevocably removed from the Company balance sheet. ↗
23 Apr 2026 CLN3 being finalised; SPARK engaging FCA – The Company is finalising the documentation required to enter into a third secured Convertible Loan Note ("CLN3") agreement with RMD Group to provide the... ↗
3 Aug 2026 FY26 accounts filed, disclaimers of opinion remain – Pennpetro's board have now resolved to procure audited interim accounts for the 3-month period from April to June 2026 ↗
14 Sep 2026 CLN4 agreed; conversion blocked pending AGM vote – The Company is seeking to remedy this position through Resolution 11 at the forthcoming Annual General Meeting on 30 September 2026, which requires the... ↗

What is happening

Pennpetro Energy: Suspension, going concern and pledged shares – CLN4 agreed; conversion blocked pending AGM vote. ['CLN4 agreed; conversion blocked pending AGM vote']

In short: Shares have been suspended since the missed audit deadline. A Loan Release Deed of 30 March 2026 removed about US$5m of debt, and the FY26 accounts of 3 Aug 2026 again carried disclaimers. On 14 Sep 2026 the company confirmed a fourth RMD loan note, CLN4 of £380,000. This takes RMD funding to £1.205m, and RMD cannot convert any of it until Resolution 11 passes at the 30 Sep 2026 AGM.
Announced: 5 Dec 2025 · Shares suspended since 1 August 2024
Latest: 14 Sep 2026 · CLN4 agreed; conversion blocked pending AGM vote
Audit: FY26 audit report again carries disclaimers of opinion, which the board says are legacy of earlier periods
Reset: Audited interims for April-June 2026 planned, expected to be free of disclaimers
RMD loan notes: Three notes totalling £825,000 (£250,000, £250,000, £325,000); expected to convert to equity on the RTO
US debt: Petroquest loan note of about US$4.8m released; disposal effective 30 March 2026
CLN4 size: £380,000 from RMD Group, confirmed 14 Sep 2026
Conversion price: £0.022
Use of money: Adviser support, running costs and the upcoming AGM
Conversion blocked: Pre-emption disapplication failed at the 23 Dec 2025 and 6 May 2026 meetings; Resolution 11 needs 75% at the AGM on 30 Sep 2026

From the company's own announcements. Not investment advice.

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