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Red Capital PLC (LSE:REDC), the Main Market-listed acquisition shell, has risen 22.5% to 30p after announcing a strategic pivot into Venezuelan energy assets, a £1.6 million fundraise, and plans to rebrand as Apertura Energy Plc.
The company, which has been seeking acquisitions since its 2021 listing, said it will redirect its focus entirely toward Venezuela. The country holds the world’s largest proven hydrocarbon reserves, but has been largely closed to international capital for a generation due to sanctions, under-investment and operational decline.
The fundraising totals £1.6 million and comprises:
Warrants will also be issued on a one-for-one basis. They are exercisable on completion of the company’s first acquisition, with further exercise windows at six, twelve and eighteen months thereafter, and they expire in April 2031.
Incoming management includes Scott Gilbert as proposed non-executive chairman and Greig Gilbert as proposed chief executive. The company said the proposed team brings more than 35 years of combined experience in energy and industrial businesses across Latin America and Africa.
It also said the incoming leadership has a family heritage in Venezuela’s oil and gas sector spanning three generations.
The incoming management team will subscribe for three million shares at nominal value alongside the fundraise.
The proposed strategy focuses on acquiring upstream licences, drilling and production infrastructure, midstream capability and related services. The incoming board said it believes valuations materially understate the long-term intrinsic value of these assets.
The company will seek shareholder approval at a general meeting to complete the fundraise, effect the board changes, and adopt the new name and ticker VZLA.
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