Beacon Energy plc was today on course to complete a share consolidation on a one-to-every-1,000 share basis, ahead of the restart of trading.
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Following the capital reorganisation, the company’s current issued share capital of 18,511,679,620 ordinary shares will reduce to 18,511,680, each with one voting right.
Listing and trading of Beacon shares on AIM and on the London Stock Exchange is currently suspended, pending publication of an admission document, expected in January 2026.
Beacon was previously a cash shell before it signed a binding agreement with Reabold Resources plc over the Colle Santo gas field in Italy.
The company said that the proposed transaction was “progressing well”.
In a cash-saving measure, chief executive officer Stewart MacDonald, chairman Mark Rollins and non-executive director Leo Koot have agreed to defer 100% of their fees until after the deal completes.
Mr Rollins and Mr Koot have each additionally agreed to provide a £25,000 short-term unsecured interest-free loan to Beacon.