Clontarf Energy plc
("Clontarf" or "the Company")
Placing and Subscription
Conversion of Debt
Intended Conversion of Directors' Loans
Clontarf Energy Plc is pleased to announce that the Company has conditionally raised £121,500 before expenses through a placing and subscription of 16,200,000 new ordinary shares ("the Placing Shares") at a price of 0.75p per Placing Share.
In addition, in order to strengthen the Company's balance sheet, the Board has agreed to issue 9,111,067 new ordinary shares to a creditor ("Creditor Shares") at a price of 0.75p per Creditor Share and intends to issue a further 70,302,632 new ordinary shares in repayment of directors' loans and accrued remuneration totalling £409,382 and £117,888 respectively ("the Directors' Loan Shares") at a price of 0.75p per Directors' Loan Share.
It is intended that the Directors' Loan Shares will be issued as shown in the table below.
Director |
Existing shareholding |
Directors' Loan Shares |
Enlarged shareholding |
% of enlarged share capital |
|
|
|
|
|
John Teeling |
22,286,633 |
31,906,122 |
54,192,755 |
14.16 |
David Horgan |
10,842,233 |
11,108,655 |
21,950,888 |
5.73 |
James Finn |
11,024,867 |
27,287,855 |
38,312,722 |
10.01 |
Application will be made for the Placing Shares and the Creditor Shares to be admitted to trading on AIM ("Admission"). Admission is expected to be effective on 28 July 2014.
A further announcement will be made in due course in relation to the intended issue of the Directors' Loan Shares and the resultant total voting rights in the Company.
ENDS
For further information please visit http://clontarfenergy.com or contact:
Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
James Finn, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Gavin Burnell / Lauren Kettle +44 (0)20 7382 1100
Alice Lane / John Howes (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
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Pembroke Communications
Natalie Tennyson +353 (0) 1 649 6486
Alan Tyrrell +353 (0) 1 649 6486
