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Pennpetro Energy Plc ( (GB:PPP) ) has shared an announcement.
Pennpetro Energy PLC announces a new share placement of up to 8 million shares through a tender process managed by Peterhouse Capital. This strategic move aims to raise funds to meet financial obligations under the Globalvision Agreement, settle historical debts, and provide working capital for relisting. The company addresses potential conflicts of interest with Petroquest Energy Limited, ensuring independent management of decisions related to lending interests. The placement targets sophisticated investors and encourages participation from existing retail investors, with a minimum bid set at 9.0p. The final pricing will be determined based on bids received through a Dutch Auction process.
More about Pennpetro Energy Plc
Pennpetro Energy PLC operates in the energy sector, focusing on oil and gas exploration and development. The company is listed on the London Stock Exchange and engages primarily with sophisticated and professional investors in its market activities.
YTD Price Performance: 354.76%
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £9.58M
For detailed information about PPP stock, go to TipRanks’ Stock Analysis page.
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