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DJ Altona Energy Plc Open Offer to Raise up to GBP400,000

 
TIDMANR 
 
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO 
THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR 
ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR ANY OTHER 
JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS 
ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "IMPORTANT 
NOTE" TOWARDS THE END OF THIS ANNOUNCEMENT. 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a 
Regulatory Information Service ('RIS'), this inside information is now 
considered to be in the public domain. 
 
                                                                  11 March 2020 
 
                               ALTONA ENERGY PLC 
 
                          ("Altona" or "the Company") 
 
                OPEN OFFER OF UP 6,153,846 NEW ORDINARY SHARES 
 
                AT 6.5 PENCE PER SHARE TO RAISE UP TO GBP400,000 
 
The Company announces an Open Offer to raise up to approximately GBP400,000 
(before expenses) through the issue of up to 6,153,846 new ordinary shares of 
0.01p per share ("Ordinary Shares") in the Company at an issue price of 6.5 
pence per share (the "Open Offer"), a discount of 32% to the closing price of 
9.5 pence on 10 March 2020.The Company has today posted a Circular to 
shareholders which will be made available on the Company's website at 
www.altonaenergy.com. 
 
For further information, please visit www.altonaenergy.com or contact: 
 
Altona Energy plc 
Qinfu Zhang, Executive Director                   +44 (0) 7795 168 157 
Philip Sutherland, Non-Executive Director         +61 (0)402 440 339 
 
Alfred Henry Corporate Finance Ltd (NEX 
Corporate Adviser) 
Jon Isaacs / Nick Michaels                        +44 (0) 20 3772 0021 
 
Leander (Financial PR) 
Christian Taylor- Wilkinson                       +44 (0) 7795 168 157 
 
 
 
Company Information 
 
Altona is an exploration company focused on the evaluation, development and 
extraction of coal assets in South Australia though the process of in-situ 
gasification. 
 
The Company was admitted to trading on AIM on 10 March 2005 and was 
subsequently admitted to NEX on 1 February 2019.  A copy of its admission 
documents dated 4 March 2005 can be accessed on its website, 
www.altonaenergy.com.  This website is where items can be inspected under Rule 
75 of the NEX Rules for Issuers, from 1 February 2019. 
 
Introduction to the Open Offer 
 
We are writing to you to offer you the opportunity to be part of Altona's next 
phase of its operational development in South Australia, by subscribing to a 
new issue of shares in the Company. The Company is looking to raise up to GBP 
400,000 to acquire a new mining licence and to pay for exploration costs and 
working capital for the next 12 months. 
 
When considering the options to raise new capital, the Board unanimously agreed 
that its long-term, loyal shareholders should take preference over seeking 
funding from new sources. Therefore, the Company is making this initial, direct 
approach to its shareholders, preventing further dilution in an already much 
diluted stock. 
 
The Company is currently short of cash and will not be able to purchase the 
mining licence, nor probably to continue trading on NEX Exchange Growth Market 
beyond June 2020, without raising funds. The Board has calculated that a 
minimum cash requirement of GBP250,000 is needed to enable it to acquire the 
tenement licence, appoint its mining engineers in Australia to start 
exploration work (of which there are more details below) and provide working 
capital for 6 months. However, a more suitable capital raise of GBP400,000 will 
provide sufficient funds for the Company to trade for the next 12 months and 
move past the initial exploration stages. However, should the Open Offer not be 
successful and the Company fails to raise the minimum requirement, the Board 
will need to consider the viability of the Company going forward and consider 
all options in this regard. 
 
The events of 2018 saw a heavy toll on the share price, leaving the value of 
Altona at a fraction of its market capitalisation by the end of that year. 
Other poor decisions made during 2018, such as the 1000 to 1 share 
consolidation and the re-aligned business strategy to pursue an investment in 
pyrolysis has caused long-term damage to the market sentiment and reputation to 
the Company. 
 
However, we now believe, as a Board, that we have a credible strategy in place, 
which will allow a steady recovery of the share price. 
 
As announced on 21 November 2019, the Company has entered into exclusive 
negotiations with a third party, Ahava Energy PTY Ltd, to acquire a new mining 
licence in South Australia. This licence, a Petroleum Exploration Licence 
Application ("PELA") will allow the Company to commence exploration into a 
viable In-Situ Gasification ("ISG") project (also known as Underground Coal 
Gasification, or UCG). In 2015, when the Company was at the cusp of starting a 
similar project, it was informed that it did not own the necessary PELA over 
its three tenements, which put a halt to a similar project. 
 
The new tenement covered by the PELA is close to the Company's historic 
Arckaringa tenements and covers 5,000 sq kms, twice the size of the existing 
tenements. The tenement is divided into two areas; a smaller northern area 
which overlaps the Company's historic Exploration Licences at Westfield and 
Murloocoppie to the north and west, respectively, and a significantly sized 
southern area (over 4,000 sq km), of which 50% crucially sits outside the 
environmentally sensitive Great Artesian Basin, meaning issues, caused by the 
natural aquifer of the basin, will be substantially less. 
 
Long-term shareholders will know that a significant amount of exploration work 
has been carried out over the past 15 years in the western portion of 
Murloocoppie and the northern portion of Westfield, where the main north-south 
railway line is situated. This data will be utilised within the initial desk 
top report to be conducted by WSP Australia ("WSP"), the Company's mining 
consultant. 
 
The more significant and potentially more rewarding southern area of the PELA, 
whilst never having been tested for deep coal deposits suitable for the ISG 
process is, however, situated between other major coal bearing tenements, 
providing enough evidence for WSP to warrant further investigation. Should this 
exploration be successful (i.e. by finding at least two coal bearing deposits 
between 100m and 1,400m - the depth most suitable for ISG), the Company will 
look to quickly move towards obtaining the necessary permits and funding to 
start a test production facility, within 2-3 years. 
 
It has been suggested by WSP that the longer term plan could be for the Company 
to create an "Energy Precinct", utilising wind and solar energy to reduce costs 
for the extraction process, leading to the supply of power (as well as chemical 
by-products, such as liquid ammonia, hydrogen, ethanol and other synthetic 
fuels) to the South Australian and broader markets. 
 
The Board has spent 2019 removing unnecessary costs from the Company, by 
streamlining the board (to three members, following the removal and resignation 
of four directors in January 2019) and by reducing its corporate footprint by 
closing its offices in London and Australia (until such a time when they are 
needed again). We are now dedicated solely to the ISG project, but will, in 
time, look at other resources investments which could bring in an established 
revenue stream into the Company more quickly. With that in mind, we are 
speaking with potential new board members, both in the UK and Australia and who 
have experience in the mining sector. Ideally, we will appoint a new director 
in Australia who will have the responsibility for the day-to-day running of the 
ISG project, as well as a new UK director to help with the corporate governance 
of the Company's stock market listing. 
 
The Company is currently listed on the NEX Exchange Growth Market ("NEX"), 
which was the only logical choice available to Altona when the Company's NOMAD 
resigned in November 2018 and the Company had to leave AIM. 
 
NEX announced on 4 March 2020 that it had been acquired by Aquis Exchange Plc 
(AIM: AQX), the pan-European exchange services group, which utilises dynamic 
trading technology, investor networks and its European reach to improve 
liquidity and investor access in its constituent stocks. However, the Board 
recognises the unsuitability of this exchange for Altona's long-term ambitions 
and will look to re-acquire a London Stock Exchange listing (either by 
re-admitting to AIM or to list on the Standard Market segment of the LSE) at 
some point in the future, which we believe will provide better liquidity for 
the shares, allowing greater freedom of share trading. 
 
Finally, we are aware of the criticism aimed at companies who raise capital, 
usually at a large discount to the price, with new investors, rather than 
offering loyal shareholders the opportunity to participate. We are not such a 
Company and, as such, welcome your further support in Altona. Your Board is 
fully supportive of this new project, with all three Directors participating in 
the Open Offer, and looks forward to delivering rewards to shareholders in the 
future. 
 
Use of proceeds 
 
Assuming full take up under the Open Offer, the proceeds received by the 
Company will be approximately GBP400,000 (gross of expenses), and which will be 
used as follows:  The Company is required to pay AUD200,000 (approx. GBP105,000) 
for PELA 517, with an initial up-front payment of AUD100,000, followed by two 
further tranches to settle the balance within three months. WSP has estimated 
costs for the initial two phases of exploration will be in the region of 
AUD200,000. 
 
The Company is currently looking for new Directors to join the Board, in the UK 

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DJ Altona Energy Plc Open Offer to Raise up to -2-

and Australia. It also engages with a number of advisers during its normal 
course of being a mining exploration company with a UK stock market listing. 
Fees and other costs associated with these roles will need to be met during 
this phase of activity as well as the usual working capital requirements for 
the next 12 months. 
 
The Board believes that a minimum capital requirement of GBP250,000 will allow it 
to acquire the tenement licence and instruct WSP to commence its exploration 
work. However, at this level of fund raise, the Board believes it would need to 
return to the market to seek further funding within the next six months. 
 
Should the Open Offer deliver a higher level of interest from shareholders, 
resulting in a larger commitment of capital than the GBP400,000 full take-up, the 
Board will then decide whether to issue more shares and take a higher amount in 
order to fulfil shareholder demand. 
 
Further information on PELA 517 and In-Situ Gasification 
 
The Altona Energy (the Company) Board of Directors (BOD) has been researching 
suitable resource development opportunities in Australia that if progressed 
appropriately would deliver revenues to the Company. This has included 
revisiting the Company's three Minerals Exploration Licences (MELs) in the 
Arckaringa Basin, South Australia. In respect to these, given their location in 
the environmentally sensitive Great Artesian Basin (GAB) and the consequential 
very significant costs required to bring a coal development to the point of 
production, are considered by the BOD, to be beyond the capacity and resources 
of the company. The BOD has, as a consequence and also in consideration of the 
statutory holding costs, decided to relinquish the MELs. 
 
The BOD's research has included the reconsideration of an In-situ Gasification 
Project. Shareholders and others will recall the Company trying to progress 
such a project on one of the MELs in the Arckaringa Basin in South Australia 
but was unable to gain the required licence pursuant to the South Australian 
Petroleum and Geothermal Energy Act. The BOD is now pleased to report that the 
Company is in the position to acquire an area of land (a petroleum tenement) in 
South Australia, that subject to further investigation, holds some promise as 
being capable of hosting a commercially profitable In-situ (Coal) Gasification 
(ISG) project. 
 
The predominant product gases from ISG are methane, hydrogen, carbon monoxide 
 and carbon dioxide. Alternatively, the gas output can be used to produce 
synthetic natural gas, or hydrogen and carbon monoxide can be used as a 
chemical feedstock for the production of fuels (e.g. diesel), fertilizer, 
explosives and other products. The gas can be used for electricity generation 
which will be discussed later in this statement. The process of ISG enables the 
development of deep coal resources where open-cut or underground mining are 
identified as not feasible or uneconomic. This could include coal seams that 
are too deep, low grade, or have a thin stratum profile. The important criteria 
for a viable ISG mine is the scale of the coal deposit; coal must be at a depth 
of greater than 100 metres (up to 1400 metres); a coal seam with a thickness of 
more than 3 metres; Ash content of less than 60%; minimal discontinuities; coal 
seam isolated from valued water aquifers; and overburden that has suitable 
properties. 
 
ISG is an industrial process considered to require less capital and lower 
operating costs than traditional mining and is a term applied to a number of 
different techniques that can produce a fuel or synthesis gas mixture from coal 
seams. Since the experimental research on ISG started in the 1930s there has 
been a progressive change in the technologies and improvement in operating 
methods to increase efficiency of operations and reduce environmental impact. 
 
ISG converts coal into product gas while still in the coal seam (in-situ). 
While there are a variety of designs for ISG, essentially gas is produced and 
extracted through wells drilled into the unmined coal seam. Injection wells are 
used to supply the oxidants (air, oxygen) and steam to ignite the underground 
combustion process. The product gas is brought to the surface in a controlled 
manner through separate production wells drilled from the surface. As the coal 
face burns (underground) and the immediate area is depleted, volumes of 
oxidants injected are controlled by the operator. 
 
The subject tenement to be acquired is covered by Petroleum Exploration Licence 
Application (PELA) 517 which is a very large area comprising approximately 
5,000 square kilometres and extending across two blocks of land, the Main Block 
(the larger of the two) and a North Eastern Block. As with our MELs, PELA 517 
sits within the Arckaringa Basin, a highly prospective coal province. Following 
the Company's own exhaustive research and enquiries, WSP Australia Pty Ltd 
(WSP), a multinational engineering firm was commissioned by the Company to 
undertake a preliminary assessment of the tenement to determine if the findings 
of the company's research was robust enough to warrant further investigation. 
Pleasingly, WSP subsequently reported, based on their preliminary assessment, 
that there was good reason to undertake a more detailed assessment of PELA 
517. 
 
WSP reported that earlier exploration drilling by others had shown that PELA 
517 had potential for large coal deposits close to the surface. Coal at depth 
however is a requirement for ISG. While some of the available seismic analysis 
available to WSP indicted the possibility of coal at depth in the North-Eastern 
Block, this Block has been discounted as an area of interest as the area falls 
within the environmentally sensitive GAB. The southern half of the Main Block 
is outside of the GAB and located on the eastern extremity of the Officer 
Basin, a largely unexplored but known hydrocarbon bearing basin. 
Notwithstanding this the area has been subject to extensive exploration and no 
direct evidence of coal has been found. 
 
The immediate primary area of interest for the Company is therefore the 
northern part of the Main Block.  This area is still within the GAB but outside 
of the primary sensitive zone. Drilling reports show evidence of coal in 
several sections. Encouragingly, there is seismic data that may be interpreted 
as identifying coal seams at depths from 100 to 1300 metres. WSP have 
recommended the progression of an early Stage 1 desktop review of all of the 
available data in the PELA 517 with the objective of preparing a staged 
programme for a more detailed geological and hydrological investigation should 
sufficient coal at depth be identified in locations where there is potential 
for an ISG project. 
 
Subject to funding, the BOD is desirous of commissioning this early Stage 1 
review, and then to escalate the exploration effort subject to additional 
favourable information becoming available. Should a suitable ISG project target 
area be defined, a mine plan will be developed together with the identification 
of the appropriate ISG mining technology. A wide variety of coals are amenable 
to the ISG process and coal grades from lignite through to bituminous may be 
successfully gasified. A great many factors are taken into account in selecting 
appropriate locations for ISG, including surface conditions, hydrogeology, 
lithology, coal quantity, coal depth and quality. The project economics 
including the investment required and return on this investment will be 
progressively established. One body of work will inform the next. 
 
ISG is currently a proven technology with companies developing projects in 
Australia (South Australia), UK, Hungary, Pakistan, Poland, Bulgaria, Canada, 
United States, Chile, China, Indonesia, India, South Africa, Botswana and 
Russia. There is an estimated 60 projects in development around the world. The 
driver for many ISG projects producing electricity in particular is energy 
security. South Australia has an energy deficit. With the support of the South 
Australian Government, the state currently hosts an ISG project which is 
successfully being progressed by Leigh Creek Energy Limited. This project is 
located in a remnant open-cut coal mine some distance to the south of PELA 517. 
 
Our ISG project economics will benefit by the relatively close proximity of 
PELA 517 to the main Adelaide-Darwin railway line and highway. This is a ready 
export route and avoids the costs associated with constructing the extensive 
infrastructure necessary to transport product to market which in some projects 
exceeds the cost of a mining operation. The location of PELA 517 is also very 
likely to be suitable for the establishment of a very large scale solar farm. 
WSP have suggested to the Company that the BOD consider the development of an 
'energy precinct' to include ISG, solar, and hydrogen production. ISG gas 
output may be combusted for electricity production on site via a combined cycle 
power plant - an assembly of heat engines that work in tandem from the same 
source of heat, converting it into mechanical energy. On land, when used to 
make electricity the most common type is called a combined cycle gas turbine 
(CCGT). This electricity could power the ISG project, and given the energy 
deficit in South Australia, potentially be sold to electricity wholesalers and 
retailers in that state and the Northern Territory, and also sold to the many 
mining operations in the region. 
 
The BOD believes the Company now has a project, subject to completing the 
acquisition of the PELA, and further geological and hydrological investigation, 
with very significant potential and financial upside. 
 
WSP - Proposed Initial Working Programme 
 
Stage 1: up to 3 months from commencement. Cost approx AUD30,000 
 
Desktop review of information available - confirm preliminary assessment 
 
  * Undertake review by senior coal geologist on likelihood of coal presence in 
    the area/s identified 
  * Review the potential for extensive coal in the two areas identified in the 

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    main block using available data 
  * Review seismic information available - identify any correlation with any 
    hole data in both areas 
  * Identify possible extent of coal field(s), if any 
  * Prepare very preliminary report on potential cost and benefit of a 
    geological investigation 
  * Undertake all relevant hydrogeological studies to determine water risks and 
    opportunities 
 
Stage 2: up to 6 months from end of Stage 1. Cost up to AUD150,000 (dependent 
on initial findings) 
 
  * Small seismic programme in the east of the Main Block, with extension 
    running approx 5 km on orthogonal lines - total 40km line seismic 
  * Use seismic results to plan to drill 2-4 holes, coring at least 2 holes 
  * Correlate seismic results to prepare a coal resource potential report 
  * Prepare a report on the potential to develop the resource, including a 
    forward drilling and testing work programme and budget 
 
Stage 3: up to 1 year from end of Stage 2: Cost between AUD500,000 to AUD2 
million 
 
  * Bring together an integrated project roadmap for the development of an ISG 
    / mining / energy precinct for PELA517 
  * Exploration drilling programme, to define the target area for the ISG 
    project 
  * Pre-feasibility Study 
 
Shareholder Conference Call - 11am on 18 March: Dial-in Details and Format 
 
The Directors of Altona, along with a representative from WSP will host a 
Shareholder Conference Call on 18 March at 11am GMT to address any questions 
that shareholders may have on the ISG Project and investment into Altona. The 
call will last not longer than 1 hour. 
 
The meeting will be in the form of a Q&A and it is suggested that participants 
keep their phones on mute, whilst listening and only turn this off, if they 
have a question to ask. 
 
Conference Call PIN:   70891913 
 
Telephone Numbers: 
 
UK Mobile:                    83000 
 
UK Landline:                 0843 373 0843 
 
Australia:                      02-8999 0964 
 
China:                          010-5387 6269 
 
France:                         0821-618272 
 
Germany:                     01803-127 127 
 
Worldwide Mobile:         +44 843 373 0999 
 
If you would like to attend the conference call, but live in a country not 
listed above, please contact Christian Taylor-Wilkinson via email on 
ctw@leanderPR.com prior to 4pm on 17 March, to receive your phone number. 
 
Details of the Open Offer 
 
The Company is proposing to raise up to GBP400,000 (before expenses) pursuant to 
the Open Offer. 
 
The Directors recognise the importance of pre-emption rights to Shareholders 
and consequently up to 6,153,846 Open Offer Shares are being offered to each 
existing Shareholders by way of the Open Offer. The Open Offer provides every 
Qualifying Shareholders with an opportunity to participate in the Open Offer by 
subscribing for their respective Basic Entitlements and Excess Entitlements. 
 
Qualifying Shareholders may subscribe for Open Offer Shares in proportion to 
their holding of Existing Ordinary Shares held on the Record Date. Shareholders 
subscribing for their full entitlement under the Open Offer may also request 
additional Open Offer Shares as an Excess Entitlement, up to the total number 
of Open Offer Shares available to Qualifying Shareholders under the Open Offer. 
Shareholders are entitled to apply for shares in excess of their pre-emption 
right and any shares left unallocated on the pre-emption round will be offered 
to those shareholders expressing their interest in the shares remaining. 
 
The Open Offer is conditional on the following: 
 
Admission of the Open Offer Shares to trading on NEX becoming effective on or 
before 8.00 a.m. on 3 April 2020 (or such later date and/or time as the Company 
may decide, being no later than 17 April 2020). 
 
In the event that the Open Offer does not become unconditional by 11.00 a.m. on 
17 April 2020 the Open Offer will lapse and application monies will be returned 
by post to the Applicant(s) at the Applicant's risk and without interest, to 
the address set out in the Application Form, within 14 days thereafter. 
 
The Open Offer Shares will, when issued and fully paid, rank pari passu in all 
respects with the Ordinary Shares, including the right to receive all dividends 
and other distributions declared, made or paid after the date of Admission. 
 
Basic Entitlement 
 
Subject to the fulfilment of the conditions set out below and in Part IV of 
this document, Qualifying Shareholders are being given the opportunity to 
subscribe for Open Offer Shares under the Open Offer at the Issue Price, 
payable in full on application and free of all expenses, pro rata to their 
existing shareholdings on the following basis: 
 
1 Open Offer Share for every 1 Existing Ordinary Share 
 
held by Qualifying Shareholders and registered in their name at the Record 
Date. 
 
Open Offer Entitlements under the Open Offer will be rounded down to the 
nearest whole number and 
 
any fractional entitlements to Open Offer Shares will not be allocated and will 
be disregarded. Qualifying Shareholders with holdings of Existing Ordinary 
Shares in both certificated and uncertificated form will be treated as having 
separate holdings for the purpose of calculating their Basic Entitlement. 
 
Qualifying Shareholders are also being given the opportunity, provided that 
they take up their Open Offer Entitlement in full, to apply for Excess Shares 
through the Excess Application Facility. 
 
Shareholders who are not Qualifying Shareholders may not participate in the 
Open Offer, unless the minimum requirement is not met and the Offer is opened 
up to the general market. 
 
All Qualifying Shareholders who hold Existing Ordinary Shares on the Record 
Date will receive an Open Offer Entitlement and may also apply for Excess 
Shares pursuant to the Excess Application Facility. 
 
If you have sold or otherwise transferred all of your Ordinary Shares after the 
ex-entitlement Date, you are not entitled to participate in the Open Offer. 
 
The Open Offer is not a rights issue. Qualifying CREST Shareholders should note 
that, although the Open Offer Entitlements will be admitted to CREST and be 
enabled for settlement, applications in respect of entitlements under the Open 
Offer may only be made by the Qualifying Shareholder originally entitled or by 
a person entitled by virtue of a bona fide market claim raised by Euroclear's 
Claims Processing Unit. Qualifying Non-CREST Shareholders should note that the 
Application Form is not a negotiable document and cannot be traded. Qualifying 
Shareholders should be aware that under the Open Offer, unlike in a rights 
issue, any Open Offer Shares not applied for will not be sold in the market or 
placed for the benefit of Qualifying Shareholders who do not apply under the 
Open Offer. 
 
Application has been made for the Open Offer Entitlements of Qualifying CREST 
Shareholders to be admitted to CREST. It is expected that such Open Offer 
Entitlements will be admitted to CREST on 13 March 2020. The Open Offer 
Entitlements will also be enabled for settlement in CREST on 13 March 2020 to 
satisfy bona fide market claims only. Applications through the CREST system may 
only be made by the Qualifying CREST Shareholder originally entitled or by a 
person entitled by virtue of a bona fide market claim. 
 
Further details of the Open Offer and the terms and conditions on which it is 
being made, including the procedure for application and payment, are contained 
in Part IV of this document and for Qualifying Non-CREST Shareholders on the 
Application Form. 
 
To be valid, Application Forms (duly completed) and payment in full for the 
Open Offer Shares applied for must be received by no later than 11.00am on 31 
March 2020. 
 
Qualifying Non-CREST Shareholders will receive an Application Form which sets 
out their maximum entitlement to Open Offer Shares as shown by the number of 
Basic Entitlements allocated to them. 
 
All Qualifying Shareholders who hold Ordinary Shares on the Record Date will 
receive an Open Offer Entitlement and may apply for additional Open Offer 
Shares pursuant to the Excess Application Facility. 
 
The Open Offer is restricted to Qualifying Shareholders in order to enable the 
Company to benefit from exemptions from securities law requirements in certain 
jurisdictions outside the United Kingdom. 
 
Excess Application Facility 
 
The Excess Application Facility will enable Qualifying Shareholders, provided 
that they take up their Basic Entitlements in full, to apply for Excess 
Entitlements to the extent that if a Qualifying Shareholder has taken up its 
Basic Entitlements in full and applies for and is allocated the maximum Excess 
Entitlements it will suffer no dilution as a result of the Open Offer. 
Qualifying Non-CREST Shareholders who wish to apply to acquire more than their 
Basic Entitlements should complete the relevant sections on the Application 
Form. Qualifying CREST Shareholders will have Excess Entitlements credited to 
their stock account in CREST and should refer to paragraph 3(ii) of Part IV of 
this document for information on how to apply for Excess Entitlements pursuant 
to the Excess Application Facility. Applications for additional Open Offer 
Shares through the Excess Application Facility will be satisfied only and to 
the extent that corresponding applications by other Qualifying Shareholders are 
not made or are made for less than their Basic Entitlements and may be scaled 
back at the Company's absolute discretion. 
 
Once subscriptions by Qualifying Shareholders under their Basic Entitlements 
have been satisfied, the Company shall, in its absolute discretion, determine 
whether or not to meet any applications for Excess Entitlements in full or in 
part and no assurance can be given that applications by Qualifying Shareholders 
under the Excess Application Facility will be met in full, in part or at all. 
Applications will be made for the Basic Entitlements and Excess Entitlements in 
respect of Qualifying CREST Shareholders to be admitted to CREST. It is 

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DJ Altona Energy Plc Open Offer to Raise up to -4-

expected that Open Offer Shares issued pursuant to subscriptions by Qualifying 
Shareholders exercising their Basic Entitlements and Excess Entitlements will 
be admitted to CREST at 8.00 a.m. on 3 April 2020. Such Open Offer Shares will 
also be enabled for settlement in CREST on 3 April 2020. Applications through 
the means of the CREST system may only be made by the Qualifying Shareholder 
originally entitled or by a person entitled by virtue of a bona fide market 
claim. Qualifying Non-CREST Shareholders will receive an Application Form which 
sets out their entitlement to Open Offer Shares as shown by the number of Basic 
Entitlements allocated to them. Qualifying Non-CREST Shareholders should note 
that the Application Form is not a negotiable document and cannot be traded. 
 
Qualifying CREST Shareholders will receive a credit to their appropriate stock 
accounts in CREST in respect of their Basic Entitlements and Excess 
Entitlements on 13 March 2020. Qualifying CREST Shareholders should note that 
although the Basic Entitlements and Excess Entitlements will be admitted to 
CREST and be enabled for settlement, applications in respect of their Open 
Offer Entitlements may only be made by the Qualifying Shareholder originally 
entitled or by a person entitled by virtue of a bona fide market claim. If 
applications are made for less than all of the Open Offer Shares available, 
then the lower number of Open Offer Shares will be issued and any outstanding 
Basic Entitlements will lapse. 
 
Further information on the Open Offer and the terms and conditions on which it 
is made, including the procedure for application and payment, are set out in 
Part IV of this document. For Qualifying Non-CREST Shareholders, completed 
Application Forms, accompanied by full payment, should be returned by post, or 
by hand (during normal business hours only) to, Share Registrars Ltd, The 
Courtyard, 17 West Street, Surrey, GU9 7DR, so as to arrive as soon as possible 
and in any event so as to be received no later than 11.00am on 31 March 2020. 
For Qualifying CREST Shareholders the relevant CREST instructions must have 
been settled as explained in this document by no later than 11.00am a.m. on 31 
March 2020. 
 
Action to be taken in respect of the Open Offer 
 
If you are a Qualifying Non-CREST Shareholder you will be sent an Application 
Form which gives details of your Basic Entitlement (i.e. the number of Open 
Offer Shares available to you). If you wish to apply for Open Offer Shares 
under the Open Offer, you should complete the Application Form in accordance 
with the procedure set out at paragraph 3(i) of Part IV of this document and on 
the Application Form itself and post it, or return it by hand (during normal 
business hours only), together with payment in full in respect of the number of 
Open Offer Shares applied for to The Share Registrars Ltd, The Courtyard, 17 
West Street, Surrey, GU9 7DR, so as to arrive as soon as possible and in any 
event so as to be received no later than 11.00 a.m. on 31 March 2020, having 
first read carefully Part IV of this document and the contents of the 
Application Form. 
 
If you are a Qualifying CREST Shareholder, no Application Form will be sent to 
you. As a Qualifying CREST Shareholder you will receive a credit to your 
appropriate stock account in CREST in respect of your Basic Entitlement. You 
should refer to the procedure set out at paragraph 2 and paragraph 3 (ii) of 
Part IV of this document. 
 
The latest time for applications to be received under the Open Offer is 11.00 
a.m. on 31 March 2020. The procedure for application and payment depends on 
whether, at the time at which application and payment is made, if you have an 
Application Form in respect of your Basic Entitlement or your Basic Entitlement 
has been credited to your stock account in CREST. The procedures for 
application and payment are set out in Part IV of this document. Further 
details also appear on the Application Form which has been sent to Qualifying 
Shareholders. Qualifying CREST Shareholders who are CREST sponsored members 
should refer to their CREST sponsors regarding the action to be taken in 
connection with this document and the Open Offer. 
 
If you are in any doubt as to the procedure for acceptance, please contact 
Share Registrars Ltd on 01252 821 390. Calls are charged at the standard 
geographic rate and will vary by provider. Calls outside the United Kingdom 
will be charged at the applicable international rate. The helpline is open 
between 9.00 am - 5.30 pm, Monday to Friday excluding public holidays in 
England and Wales. Please note that Share Registrars cannot provide any 
financial, legal or tax advice and calls may be recorded and monitored for 
security and training purposes. The helpline is open between 9.00 a.m. to 5.30 
p.m., Monday to Friday excluding public holidays in England and Wales. Please 
note that Share Registrars cannot provide any financial, legal or tax advice 
and calls may be recorded and monitored for security and training purposes. 
 
If you are in any doubt as to the contents of this document and/or the action 
you should take, you are recommended to seek your own personal financial advice 
from an independent financial adviser authorised under the Financial Services 
and Markets Act 2000 (as amended) if you are in the UK or, if you are outside 
the UK, from an appropriately authorised independent financial adviser, without 
delay. 
 
The Company already has the authority to issue 6,153,846 Ordinary Shares as 
part of the Open Offer and will not require any further approvals from 
Shareholders in order to complete the Open Offer. 
 
Recommendation 
 
The Directors consider that the Proposals are in the best interests of the 
Company and its Shareholders as a whole and encourage shareholders to take up 
their Excess Entitlement. The Directors have confirmed their participation in 
this Open Offer. 
 
                             OPEN OFFER STATISTICS 
 
Issue Price per New Ordinary 
Share                                                               6.5 pence* 
 
Open Offer Basic Entitlement                                            1 Open 
Offer Shares for every 
 
                                                       1 Ordinary Shares on the 
 
                                                                    Record Date 
 
Number of Ordinary Shares in issue as at the date of this 
Document                 1,602,434 
 
Number of Ordinary Shares in issue as at the Record 
Date                               1,602,434 
 
Number of Open Offer Shares to be issued pursuant to the 
Open                      6,153,846 
 
Offer to raise GBP400,000 
 
Maximum Enlarged Ordinary Share Capital on 
Admission                                 7,756,280 
 
Gross proceeds of the Open 
Offer                                                            up to GBP400,000 
 
Estimated cash proceeds of the Open Offer receivable by the Company 
(net            up to GBP380,000 
 
of expenses and assuming full allocation) 
 
Percentage of the Enlarged Ordinary Share Capital of the Company that 
the        384 per cent. 
 
Open Offer Shares will represent 
 
ISIN - Open Offer Basic 
Entitlements                                                    GB00BKV4RQ57 
 
ISIN - Open Offer Excess 
Entitlements                                                 GB00BKV4RR64 
 
Notes 
 
  * *Share Price on 10 March is 9.5 pence, representing a discount of 
    32% 
  * Statistics are prepared on the basis that no Ordinary Shares will be issued 
    following the date of this document and before the completion of the Open 
    Offer 
 
                    EXPECTED TIMETABLE OF PRINCIPAL EVENTS 
 
                                                                           2020 
 
Record Date and time for entitlements under the Open Offer 
6.00pm on 10 March 
 
Announcement of the Open 
Offer                                                        4.30pm on 11 March 
 
Publication of this document and Application Forms to 
Qualifying                           12 March 
 
Shareholders 
 
Ordinary Shares marked 'ex' entitlement by the NEX Exchange            8.00am 
on 11 March 
 
Basic Entitlements and Excess Entitlements credited to CREST accounts 
of           13 March 
 
Qualifying CREST Shareholders 
 
Shareholder Meeting and Q&A, via conference call to speak with Directors 
        11am on 18 March 
 
Recommended latest time and date for requesting             4.30pm on 23 March 
withdrawal of 
Basic Entitlements and Excess Entitlements from CREST 
                                                            3.00pm on 24 March 
Latest time and date for depositing Basic Entitlements 
and                                                         3.00pm on 25 March 
Excess Entitlements into CREST 
Latest time and date for splitting Application Forms 
(to satisfy bona fide market claims only)                 11.00am on 31 March 
 
Latest time and date for receipt of completed 
Application Forms from Qualifying Shareholders and 
payment in full under the Open Offer or settlement of 
relevant CREST instructions (as appropriate) 
 
Expected date of Admission and commencement of dealings of Open        8.00am 
on 3 April 
 
Offer Shares 
 
Expected date for CREST accounts to be credited with Open Offer Shares 8.00am 
on 3 April 
 
Share certificates in relation to Open Offer Shares (where applicable) 
                  By 10 April 
 
dispatched by 
 
Save for the date of publication of this document, each of the times and dates 
above are subject to change. Any such change, including any consequential 
change in the Open Offer Statistics above, will be notified to Shareholders by 
an announcement on a Regulatory Information Service. All times are London times 
and each of the times is subject to change. 
 
                                  DEFINITIONS 
 
The following words and expressions shall have the following meanings in the 
document, unless the context otherwise requires: 
 
"Act"                                         the UK Companies Act 2006, as 
amended; 
 

(MORE TO FOLLOW) Dow Jones Newswires

March 11, 2020 12:30 ET (16:30 GMT)

DJ Altona Energy Plc Open Offer to Raise up to -5-

"Admission"                              admission of the Open Offer Shares (to 
the extent subscribed for pursuant to the Open Offer) to trading on NEX 
becoming effective in accordance with the NEX Rules; 
 
"Applicant"                                a Qualifying Shareholder or a person 
entitled by virtue of a bona fide market claim who lodges an Application Form 
under the Open Offer; 
 
"Application Form"                   the application form to be used by 
Qualifying Non-CREST Shareholders in connection with the Open Offer; 
 
"Articles"                                  the articles of association of the 
Company for the time being; 
 
"Basic Entitlement(s)"               the entitlement to subscribe for Open 
Offer Shares, allocated to a Qualifying Shareholder pursuant to the Open Offer 
as described in Part IV of this document; 
 
"Board" or "Directors"              the current directors of the Company, whose 
names are set out on page 7 of this document; 
 
"Business Day"                         any day which is not a Saturday, Sunday 
or a public holiday in the UK; 
 
"certificated" or "in certificated 
 
Form"                                        not in uncertificated form (that 
is, not in CREST); 
 
"Company" or "Altona"             Altona Energy Plc, a company registered in 
England and Wales with registered number 05350512; 
 
"CREST"                                   the computerised settlement system to 
facilitate the transfer of title of shares in uncertificated form operated by 
Euroclear UK & Ireland Limited; 
 
"CREST Manual"                       the compendium of documents entitled CREST 
Manual issued by Euroclear from time to time and comprising the CREST Reference 
Manual, the CREST Central Counterparty Service Manual, the CREST International 
Manual, CREST Rules, CCSS Operations Manual and the CREST Glossary of Terms; 
 
"CREST Member"                      a person who has been admitted to Euroclear 
as a member (as defined in the CREST Order); 
 
 "CREST Participant"                a person who is, in relation to CREST, a 
participant (as defined in the CREST Order); 
 
"CREST Payment"                    shall have the meaning given in the CREST 
Manual issued by Euroclear; 
 
"CREST Sponsor(s)"                 a CREST Participant admitted to CREST as a 
CREST sponsor; 
 
"CREST Sponsored member(s)"      a CREST Member admitted to CREST as a 
sponsored member (which includes all CREST Personal Members); 
 
"CREST Regulations"                the Uncertificated Securities Regulations 
2001 (SI 2001 No. 3755), as amended; 
 
"Enlarged Ordinary Share Capital" the Ordinary Shares of the Company in issue 
upon Admission following completion of Open Offer (assuming full take-up of the 
Open Offer); 
 
"EU"                                          the European Union; 
 
"Excess Application Facility"    the arrangement pursuant to which Qualifying 
Shareholders may apply for any number of Open Offer Shares in excess of their 
Open Offer Entitlement provided that they have agreed to take up their Open 
Offer Entitlement in full 
 
"Existing Ordinary Shares"       The existing Ordinary Shares of the Company as 
at close of business on the Record Date; 
 
"Financial Conduct Authority" or     the United Kingdom Financial Conduct 
Authority; "FCA" 
 
"FSMA"                                     the Financial Services and Markets 
Act 2000, as amended; 
 
"HMRC"                                     Her Majesty's Revenue & Customs; 
 
"IFRS"                                       International Financial Reporting 
Standards as adopted by the European Union; 
 
"ISIN"                                        international security 
identification number; 
 
 "Issue Price"                            6.5 pence per New Ordinary Share; 
 
"NEX Rules"                              the NEX Rules for Companies and the 
NEX Rules for NEX Corporate Advisers; 
 
"NEX Rules for Companies"     the rules which set out the obligations and 
responsibilities in relation to companies whose shares are admitted to trading 
on NEX as published by the NEX Exchange from time to time; 
 
"Official List"                             the list maintained by the UKLA in 
accordance with section 74(1) of FSMA for the purposes of Part VI of FSMA; 
 
"Open Offer"                             the offer to Qualifying Shareholders 
to subscribe for Open Offer Shares at the Issue Price, as described in this 
document; 
 
"Open Offer Entitlements"        the entitlement of Qualifying Shareholders to 
subscribe for the Open Offer Shares at the Issue Price allocated to Qualifying 
Shareholders at the Record Date pursuant to the Open Offer; 
 
"Open Offer Shares"                  up to 6,153,846 new Ordinary Shares which 
are being offered to Qualifying Shareholders pursuant to the Open Offer; 
 
"Ordinary Shares"                     ordinary shares of 0.01p each in the 
issued share capital of the Company from time to time; 
 
"Overseas Shareholders"          Shareholders resident in, or citizens of, 
jurisdictions outside the United Kingdom; 
 
"Qualifying CREST Shareholders"   Qualifying Shareholders whose Existing 
Ordinary Shares on the register of members of the Company on the Record Date 
are held in uncertificated form; 
 
"Qualifying Non-CREST            Qualifying Shareholders whose Existing 
Ordinary Shares on the register 
 
Shareholders"                           of members of the Company on the Record 
Date are held in certificated form; 
 
"Qualifying Shareholders"        holders of Existing Ordinary Shares on the 
Record Date (other than Shareholders resident in or citizens of any Restricted 
Jurisdiction); 
 
"Receiving Agent"                     Share Registrars Ltd 
 
"Record Date"                           close of business on 10 March 2020; 
 
"Regulation S"                           Regulation S of the Securities Act; 
 
"Restricted Jurisdiction"           any U.S. person (as defined in Regulation 
S) or any address in the U.S., Canada, Australia, the Republic of South Africa, 
New Zealand, Japan or any other country outside of the United Kingdom where a 
distribution may lead to a breach of any applicable legal or regulatory 
requirements; 
 
"Securities Act"                         the U.S. Securities Act of 1933, as 
amended; 
 
"Shareholders"                          the persons who are registered as 
holders of Ordinary Shares; 
 
"Sterling" or "GBP"                        the legal currency of the UK; 
 
"TIDM"                                      tradable instrument display 
mnemonic; 
 
"UK" or "United Kingdom"        the United Kingdom of Great Britain and 
Northern Ireland; 
 
"UKLA"                                      the United Kingdom Listing 
Authority, being the FCA acting in its capacity as the competent authority for 
the purposes of Part VI of FSMA; 
 
"Uncertificated" or "in Uncertificated Form" 
 
"U.S." or "US" 
"USE" 
 
a share or other security recorded on the relevant register of the relevant 
company concerned as being held in uncertificated form in CREST and title to 
which, by virtue of the CREST Regulations, may be transferred by means of 
CREST; 
 
the United States of America, its territories and possessions, any state of the 
United States of America and the District of Columbia; Unmatched Stock Event 
 
"VAT"                                        Value Added Tax; 
 
All references in this Document to "GBP" or "pence" are to the lawful currency of 
the UK. 
 
All references in this Document to "$" or "cents" are to the lawful currency of 
the United States of America. 
 
All references to legislation in this Document are to English legislation 
unless the contrary is indicated. 
 
                                    -Ends- 
 
 
 
END 
 

(END) Dow Jones Newswires

March 11, 2020 12:30 ET (16:30 GMT)