Beacon Energy plc shareholders have approved the issue of 106,278,360 shares, in connection with the company’s investment in the Colle Santo gas field in the Abruzzo region of Italy.
DIRECTORS
The figure includes new ordinary shares from earlier fundraises, first acquisition consideration shares, Reabold Resources plc subscription shares, director subscription and fee shares.
On admission, the company’s enlarged share capital will comprise of 124,790,040 ordinary shares, each with equal voting rights.
Beacon holds no shares in treasury.
Following the passing of all resolutions at an extraordinary general meeting today, shares issued to directors for fees and subscriptions results in non-executive chairman Mark Rollins holding 9,079,697 ordinary shares, equal to 7.27% of the company’s enlarged share capital.
Chief executive officer Stewart MacDonald holds 10,847,369 shares (8.69%) and non-executive directors Ross Warner and Leo Koot hold 205 and 1,411,141 shares (1.15%) respectively.
Shareholders also approved the grant of an aggregate 7.5 million share options to the directors.
Mr Rollins receives 1.25m options, taking his holding to 1,405,335, Mr Warner was awarded one million options (1,074,864), Mr MacDonald received 4.5m (4,769,623) and Mr Koot received 750,000 options.
Colle Santo, which already has two existing drilled and tested production wells, holds 65 billion cubic feet of gross 2P reserves, based on a RPS estimate in September 2022.
The project aims to produce liquefied natural gas for sea and road transportation, local industry, agriculture and tourism.