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Pennpetro Energy Plc ( (GB:PPP) ) has shared an update.
Pennpetro Energy Plc has agreed a second £250,000 convertible loan note (CLN2) with RMD Group to bolster its working capital, fund legal and audit costs, and enable the publication of its overdue 2024/25 audited accounts, a prerequisite for applying for readmission to trading on the exchange. The new funding, which retains a 4p conversion price and carries 6% interest (initially 12% until conversion headroom is cleared), will also support the CEO’s internal review of impaired Texas assets and past irregular share trading linked to prior management, as the board seeks to distance itself from previous governance failings and manage ongoing pressure from a small group of activist shareholders ahead of a forthcoming shareholder information call in February.
More about Pennpetro Energy Plc
Pennpetro Energy Plc is an energy company focused on developing strategic traditional and transition energy projects, with key assets including Texas operations. The company has recently faced trading suspensions linked to failures to publish audited accounts on time and is working to stabilise its finances and corporate governance to secure a return to trading on the exchange.
Average Trading Volume: 512,108
Technical Sentiment Signal: Sell
Current Market Cap: £9.57M
See more data about PPP stock on TipRanks’ Stock Analysis page.