SNDA.L

Sunda Energy Plc
Sunda Energy PLC - CLN Conversion
16th May 2025, 06:32
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RNS Number : 9925I
Sunda Energy PLC
16 May 2025
 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.

 

16 May 2025

Sunda Energy Plc

("Sunda" or "Sunda Energy" or the "Company")

 

Conversion of Loan Notes and Issue of Warrants

 

Further to the Company's announcement on 13 May 2025, Sunda Energy Plc (AIM: SNDA), the AIM-quoted exploration and appraisal company focused on gas assets in Southeast Asia, announces that it has received notice from each of the three investors (collectively the "Investors") who participated in the CLN fundraising, in each case to convert all of the outstanding balance of their Loan Notes (the "Outstanding Balance") into ordinary shares of 0.025 pence each in the Company ("Ordinary Shares").

 

The conversion price of the Outstanding Balance is 0.03995 pence (the "Conversion Price"), which, in accordance with the terms of the Loan Notes, is a 15% discount to the lowest daily volume weighted average trading price on any of the 20 business days prior to the issue of each individual conversion notice (being 0.047 pence).

 

Accordingly, the Company will issue in aggregate 3,125,594,493 new Ordinary Shares (the "New Ordinary Shares") to the Investors (the "Conversion").

 

In addition, the Company has granted Warrants to the Investors pursuant to the Conversion. In aggregate, 1,803,227,592 Warrants have been granted to the Investors. One Warrant will entitle the Investors to subscribe for one Ordinary Share, at a 30% premium to the Conversion Price, being 0.051935 pence.

 

Details of the terms and conditions of the CLNs are outlined in the Company's announcement released on 24 April 2025 and in the Company's circular posted to shareholders on 25 April 2025.

 

Admission to AIM

 

Application will be made shortly to London Stock Exchange plc for the 3,125,594,493 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM at 8.00 a.m. on or around 22 May 2025.

 

Following Admission, the Company's issued share capital will comprise 28,636,378,281 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Capitalised terms in this announcement have the meaning ascribed to them in the announcement released by the Company on 24 April 2025.

 

 

For further information, please contact:

 

Sunda Energy Plc

Andy Butler, Chief Executive

Rob Collins, Chief Financial Officer

 

Tel: +44 (0) 20 7770 6424

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Athanas, Nick Harriss, Ashur Joseph (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Tel: +44 (0) 203 328 5656

Hannam & Partners Advisory Limited (Advisor and Joint Broker)

Neil Passmore (Corporate Finance)

Leif Powis (Sales)

 

Tel: +44 (0) 20 7907 8502

 

Celicourt Communications (Financial PR and IR)

Mark Antelme, Philip Dennis, Charles Denley-Myerson

Tel: +44 (0) 20 7770 6424

sunda@celicourt.uk

 

 

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

 

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