Block Energy plc, the development and production company focused on Georgia, announces that Paul Haywood, CEO, has exercised an option to acquire 4,400,000 ordinary shares of 0.25 pence each ("Ordinary Shares") at the exercise price of 2.5 pence per share.
On 16 March 2021, the Company received the exercise proceeds of £110,000 and allotted 4,400,000 Ordinary Shares to Paul Haywood.
Mr Haywood now holds 12,544,381 Ordinary Shares, representing 2.02 per cent of the Company's enlarged issued share capital, directly in his own name and a further 3,166,837 Ordinary Shares, representing 0.51 per cent of the Company's enlarged issued share capital, is owned by Plutus Strategies Ltd, a company in which he is a shareholder.
Additionally, today, the Company allotted 2,190,707 Ordinary Shares to a service provider as part settlement for services provided to the Company with a total value of £72,134.
Application will be made for the admission to trading on AIM ("Admission") for the 6,590,707 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 22 March 2021.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 622,076,423 ordinary shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 622,076,423 and this figure of ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Block Energy plc's CEO, Paul Haywood, said:
"I am pleased to increase my investment in the Company, exercising my option to purchase 4.4 million shares for 2.5p each. I now own over two per cent of the Company's issued shares and remain focused on creating value for all shareholders. Likewise, the directors and employees of Block remain committed to the future of the Company and continue to receive a significant portion of their remuneration in options to acquire Block shares, further strengthening our alignment with all shareholders. This will be an exciting year for the Company, and I look forward to providing further operational updates soon."