Electric Guitar PLC (ELEG) has announced two significant developments on 4 November 2026: an extension of its option to acquire West Thomas Field Services, LLC until 28 February 2027, and the issue of a £50,000 convertible loan note (CLN) from counterparty Vega Upstream JV, LLC. The option had previously been due to expire on 31 October 2026, making the extension a material update for investors monitoring the company's potential reverse takeover. The CLN is structured to convert automatically into ordinary shares upon completion of an RTO, linking the investment directly to the transaction's outcome.

Key Points

  • Electric Guitar PLC (ELEG) — London-listed company pursuing a reverse takeover strategy
  • The company has extended its revised option to acquire West Thomas Field Services, LLC from 31 October 2026 to no later than 28 February 2027
  • Vega Upstream JV, LLC has subscribed £50,000 via an unsecured, interest-free convertible loan note, converting into ordinary shares at the RTO issue price
  • Investors should watch for further updates on whether the company proceeds to exercise the option ahead of the new February 2027 deadline

Electric Guitar Secures Extended Deadline to Acquire West Thomas Field Services, LLC

Electric Guitar PLC has agreed with Vega Upstream JV, LLC to extend its revised option to acquire West Thomas Field Services, LLC and certain related assets. The new deadline for exercising this option is 28 February 2027, pushed back from the previous cut-off of 31 October 2026. The announcement references an earlier update issued on 5 August 2026, which had outlined the terms of the revised option. The company stated it will provide further updates as appropriate, leaving the precise timeline and conditions for exercising the option undisclosed at this stage.

Vega Upstream JV Provides £50,000 Convertible Loan Note Tied to RTO Completion

Alongside the option extension, Vega Upstream JV, LLC has agreed to invest £50,000 into Electric Guitar PLC through a convertible loan note. The CLN will automatically convert into new ordinary shares of 0.01p each upon completion of a reverse takeover by the company. Conversion will occur at the same price as other shares issued at the time of the RTO. The announcement states the CLN is unsecured, carries no interest, and may be repaid at any time by the company, giving Electric Guitar flexibility while securing a small but strategically linked injection of capital from its counterparty.

Total Voting Rights and Share Capital Following the CLN Announcement

The company's issued share capital at the date of this announcement comprises 3,034,082,941 ordinary shares of 0.01p each, each carrying one voting right. Electric Guitar PLC holds no ordinary shares in treasury, meaning the total number of voting rights stands at 3,034,082,941. This figure serves as the denominator for shareholders calculating whether they are required to disclose interests or changes in interests under the FCA's Disclosure Guidance and Transparency Rules. The CLN conversion will increase the share count upon any future RTO completion.