Business
Board Changes and Subscription
Board Changes and Subscription.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9074B Andalas Energy And Power PLC 04 February 2020 \n\nThe following amendment has been made to the Board Changes and Subscription and Total Voting Rights' announcement released on 4 February 2020 at 7.00am under RNS No 8289B.\n \nIn the paragraph titled 'Subscription Details', the first paragraph, last sentence should have read 'Mark Rollins, Leslie Peterkin and John Battrick have entered into a 6 month Lock-in in respect of their Subscription Shares'; in the original announcement the sentence referred incorrectly to a 12 month Lock-in period.\nAt the end of the titled 'Board and management Changes', the second paragraph relating to Leslie Peterkin, last sentence should have read 'He studied Physics at St. Andrews University, where a 1st Class Honours was followed by a PhD'; in the original announcement the sentence referred incorrectly to a 'PhD in mathematics'.\nSimilarity in the paragraph titled 'Regulatory Information, the paragraph, below the last table should have read 'Mark and Leslie have agreed to take 66 2/3% and 50% respectively of their salary for the first 12 months of employment in Ordinary Shares, issued quarterly, at the closing mid-market price on the day preceding their issue'; in the original announcement the sentence referred incorrectly to the both taking 66 2/3%.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\nFor immediate release\n4 February 2020\n \nAndalas Energy and Power Plc\n('Andalas' or the 'Company')\nBoard Changes and Subscription\nTotal Voting Rights\nAndalas Energy and Power plc (AIM:ADL) is pleased to announce board changes and a placing as set out below.\nHighlights\n· Mr Leslie Peterkin appointed Chief Executive Officer and director;\n· Mr Mark Rollins appointed non-Executive Chairman and director;\n· Mr Anthony John Battrick appointed Technical Manager;\n· £525,000 raised by a subscription of 349,999,998 new shares (the \"Subscription\") at 0.15 pence per subscription share (the \"Subscription Price\") representing approximately 22% of the Enlarged Issued Share Capital;\n· Issue price represents a 20% premium to the last closing mid market price on AIM of 0.125p;\n· Mr Peterkin has subscribed for 13...