Beacon Energy plc said it had published its admission document, dated 17 February, in connection with its proposed purchase of an interest in the Colle Santo gas field in Italy.
SHAREHOLDERS
The company’s share purchase agreement with Reabold Resources plc will result in an investment in LNEnergy Ltd, which owns 90% of the project.
In return Beacon will issue 97,191,443 new ordinary shares, each at 3.9 pence, for gross £3.79 million.
The proposed acquisition, which constitutes a reverse takeover, is subject to shareholder approval, along with other resolutions, at an extraordinary general meeting scheduled for 9am on 5 March 2026.
Beacon’s shares have been suspended from trading since June 2025, and are now expected to begin trading on 6 March 2026.
The company has 18,511,680 shares, each with one vote, following its December 2025 capital reorganisation.
Chief executive officer Stewart MacDonald added: “The completion of a strategic investment in LNEnergy will be transformative for Beacon, providing the company with proven reserves, a pathway to production and an exciting pipeline of value catalysts over the next 18 months.”
If shareholders reject the resolutions, the acquisition and fundraise will not proceed and, in the absence of an alternative, the company could enter administration.