RNS Number: 5240U
Pennpetro Energy PLC
Date: 14 September 2026
Confirmation of Further Convertible Loan Note
Pennpetro Energy Plc (PPP) announces the agreement of a new Convertible Loan Note (CLN4) with RMD Group to further secure the future of the Company.
Key Details:
- Amount: £380,000
- Conversion Price: £0.022
- Interest Rate: 6% (initially 12% until certain conditions are met for potential equity conversion)
The proceeds from CLN4 will be allocated towards ongoing advisory support, operational costs, and the upcoming Annual General Meeting (AGM). This follows previous Convertible Loan Notes (CLN1, CLN2, CLN3) issued on 25 September 2025, 28 January 2026, and 23 April 2026, respectively.
As RMD Group’s owner and president, Grand Chief Ronald M. Derrickson’s involvement with CLN4 is categorized as a related party transaction according to FCA regulations.
Important Note for Shareholders:
Due to unresolved pre-emption rights resolutions at previous General Meetings (23 December 2025 and 6 May 2026), the Company currently cannot issue shares upon conversion of CLN1, CLN2, and CLN3. Resolution 11 at the AGM on 30 September 2026 aims to address this issue and requires at least 75% shareholder support to proceed.
Grand Chief Ronald Derrickson encourages shareholders to support Resolution 11 to facilitate the conversion of outstanding loan notes, advancing the Company’s objectives.
Contact Information:
Pennpetro Energy Plc
- Richard Spinks | Mavriky Kalugin c/o Camarco
Financial Adviser:
SPARK Advisory Partners Limited
- Andrew Emmott | James Keeshan: +44 (0) 20 3368 3550
Broker:
Oak Securities
- Jerry Keen, Head of Corporate Broking: +44 (0) 20 3973 2678
Financial PR:
Camarco
- Andrew Turner | Fergus Young: +44 (0) 20 3757 4980
- Email: ppp@camarco.co.uk
This information is provided by RNS and is subject to the terms and conditions of the London Stock Exchange.
