Ncondezi Energy Limited PDMR Dealing & Conversion Notice (9059M)
17 Janvier 2023 - 8:00AM
UK Regulatory
TIDMNCCL
RNS Number : 9059M
Ncondezi Energy Limited
17 January 2023
News Release
Non-Executive Director/ PDMR Dealing and Conversion Notice
17 January 2023: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM:NCCL) announces it has been notified that on 13 and
16 January 2023, Scott Fletcher, Non-Executive Director, purchased
an aggregate of 7,256,555 ordinary shares of no par value in the
Company ("Shares") and after market close on 16 January 2023 issued
a conversion notice in relation to the proposed conversion of
approximately GBP83,129 of outstanding convertible loan, together
with interest, held by him into Shares.
Scott Fletcher's purchases were made in compliance with the
Company's share dealing policy before the loan conversion notice
from Sertitza Limited and Mike Haworth was received and after the
announcement of the receipt of the conversion notices. Following
these purchases, and before any further Shares are issued as part
of the convertible loan conversion, Scott Fletcher's beneficial
interest in Ordinary Shares in the Company is 105,015,575 Ordinary
Shares, representing 21.4 per cent. of the Company's issued share
capital.
Under the terms of the convertible loan, each of the convertible
loan lenders has the right to convert the principal portion of
their loan into Ncondezi Shares at a 25% discount to the Volume
Weighted Average Price ("VWAP") on the thirty days immediately
preceding the date of the conversion notice with a floor price of
GBP0.005 per ordinary share, and the right to convert the interest
thereon at a 30% premium to VWAP.
In addition, as announced on 16 January, Ncondezi has 15
business days to exercise its right to exclude up to 50% of the
amount to be converted on condition that it is immediately redeemed
in cash. The Company's independent director, Aman Sachdeva, is
assessing the Company's options in respect to what is in the best
interest of shareholders, particularly in regard to minimising
shareholder dilution and taking into account conversion notices
received from other convertible loan lenders as announced on 16
January 2023.
An update to shareholders will be provided within 15 business
days of the original conversion notices confirming Ncondezi's
position on exercising its repayment rights and the number of new
shares to be issued to the convertible loan lenders and the timing
of admission of those shares to trading on AIM.
Following today's announcement in combination with the Company's
announcement on 16 January 2023, the convertible loan will be fully
converted and/or repaid.
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited Scott Mathieson, Edward Thomas, +44 (0) 20 3100
NOMAD & Joint Broker Kane Collings 2000
Novum Securities
Limited +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Pimlico Advisory
Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon
publication of this Announcement and such information is now
considered to be in the public domain. The person who arranged for
the release of this announcement on behalf of the Company was Hanno
Pengilly.
About Ncondezi Energy
Ncondezi is an African power development company focused on the
development of a 300MW solar PV plus BESS renewable energy in the
Tete Province in northern Mozambique.
It is the intention that the Solar Project will connect to the
Mozambique grid with target power off takers in Mozambique and the
Southern African Power Pool (SAPP).
The Solar Project takes full advantage of Mozambique's leading
sustainable energy resources and is fully aligned with Government's
objective to become a champion for energy transition impacting all
of Southern Africa.
The notification below is made in accordance with the
requirements of the MAR.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Scott Fletcher
---------------------- -------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Non-Executive Director
---------------------- -------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Ncondezi Energy Limited
---------------------- -------------------------------------------
b) LEI 2138003W75PP9STE9J18
---------------------- -------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description Ordinary shares of no par value
of the financial
instrument,
type of instrument
Identification 4VGG640631039
code
---------------------- -------------------------------------------
b) Nature of On-market purchase of Ordinary Shares
the transaction
---------------------- -------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) GBP
1. 0.0075 1. 2,250,000
2. 0.0076 2. 693,555
3. 0.007725 3. 1,000,000
4. 0.0078 4. 500,000
5. 0.0079 5. 1,513,000
6. 0.00794 6. 800,000
7. 0.007975 7. 500,000
------------------ -------------------
---------------------- -------------------------------------------
d) Aggregated
information
- Aggregated 7,256,555
volume
- Price 0.00772587 GBP
---------------------- -------------------------------------------
e) Date of the 13 & 16 January 2023
transaction
---------------------- -------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
---------------------- -------------------------------------------
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