Oracle Power Plans Shareholder Approval for Capital Raising and Reorganization

London-listed natural resources and power company, Oracle Power, announced its intention to seek shareholder approval for a conditional placing and capital reorganization, leading to a decline in its shares. The company aims to raise 350,000 pounds ($422,695) through this move.

At 0719 GM, Oracle Power’s shares experienced a significant drop of 54%, down by 0.04 pence to reach 0.04 pence.

The funds raised from this initiative will be utilized to advance the company’s green hydrogen project. Notably, green hydrogen is produced without the use of fossil fuels, making it an environmentally friendly alternative.

As part of the capital reorganization, each existing ordinary share will be subdivided and converted into one new ordinary share of 0.001 pence and one deferred share of 0.099 pence. However, the deferred shares will not be available for trading on AIM or any other exchange.

It is important to note that the placement is subject to the approval of the capital reorganization. In the event that the approval is not obtained, Oracle Power will be unable to complete the placing or raise equity capital.

“The directors of Oracle consider that the resolutions to be proposed at the general meeting are in the best interests of the company and its shareholders as a whole and unanimously recommend that shareholders vote in favor of the resolutions,” stated Oracle Power.