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LONDON - Sunda Energy Plc (AIM:SNDA), a Southeast Asian gas exploration and appraisal company, announced today that it has completed the conversion of outstanding loan notes into ordinary shares as previously arranged with its investors. Following an announcement on May 13, 2025, the company confirmed that all three participating investors chose to convert their remaining loan note balances into new ordinary shares at a discounted rate.
The conversion price was set at 0.03995 pence per share, a 15% discount to the lowest daily volume-weighted average trading price over the 20 business days preceding the conversion notice, which was 0.047 pence. This resulted in the issuance of 3,125,594,493 new ordinary shares.
In connection with the conversion, Sunda Energy has also granted investors a total of 1,803,227,592 warrants. Each warrant allows the holder to subscribe for one ordinary share at a 30% premium to the conversion price, equating to 0.051935 pence.
The company expects that the new ordinary shares will be admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG) around May 22, 2025, at which point dealings in the shares will commence. Post-admission, Sunda Energy’s issued share capital will be 28,636,378,281 ordinary shares, with none held in treasury. Shareholders can use this figure as the denominator for notifications related to their interests in the company’s share capital, as per the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
This financial maneuver follows the company’s detailed terms and conditions outlined in their April 24, 2025, announcement and subsequent shareholder circular dated April 25, 2025. The conversion of loan notes and the issue of warrants are part of Sunda Energy’s broader financing strategy as it continues its operations in the Southeast Asian gas sector.
The information in this article is based on a press release statement from Sunda Energy Plc.
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