Sound Oil PLC Open Offer Timetable (4054N)

TIDMSOU

RNS Number : 4054N

Sound Oil PLC

18 May 2015

18 May 2015

Sound Oil plc

("Sound Oil" or the "Company")

Open Offer Timetable

Sound Oil, the Mediterranean focused upstream oil and gas company announced on 28 April 2015 that existing shareholders would be offered the chance to participate in an open offer of new ordinary shares and warrants on similar terms to those under the placing described in that announcement (the "Placing").

The Company is now pleased to announce the timetable for that open offer to eligible shareholders on the register as at 15 May 2015 (the "Record Date") of up to 18,226,394 new ordinary shares (the "Open Offer Shares") at an issue price of 19.0 pence per Open Offer Share (the "Issue Price") to raise up to GBP3.46 million.

Each Open Offer Share will be accompanied by a detachable warrant to subscribe for a new ordinary share at a price of 24.0 pence per new ordinary share for a period of 5 years from the admission of the first tranche of the new ordinary shares under the Placing to trading on AIM (an "Open Offer Warrant").

Eligible shareholders will be able to subscribe for Open Offer Shares on the basis of:

1 Open Offer Share for every 23 ordinary shares held on the Record Date

Given that the primary purpose of the Open Offer is to provide shareholders that did not participate in the Placing the right to subscribe for additional shares on similar terms to those that were available under the Placing, the placees under the Placing have (at the request of the Company) each irrevocably undertaken they will not, and that it will procure that their related parties will not, take up any rights under the Open Offer which attach to the ordinary shares held by them and/or their related parties as at the Record Date. The Open Offer entitlement that the placees and/or their related parties would otherwise have held under the Open Offer will instead be available to other eligible shareholders on the register on the Record Date under an excess application facility.

Open Offer Circular and Timetable

The detailed terms and conditions of the Open Offer will be provided in a circular to be posted to eligible shareholders, together with a notice convening a general meeting for the purpose of, inter alia, seeking shareholder approval of board authorities to enable the issue of the Open Offer Shares and the issue and exercise of the Open Offer Warrants, on or before 21 May 2015.

The expected timetable of principal Open Offer events is as set out below.

 
 Record Date for entitlement              5.00 p.m. on 
  under the Open Offer                     15 May 2015 
--------------------------------------  -------------- 
 Announcement of Open Offer                18 May 2015 
  timetable 
--------------------------------------  -------------- 
 Ex-entitlement date of the               8.00 a.m. on 
  Open Offer                               18 May 2015 
--------------------------------------  -------------- 
 Posting of the Open Offer circular,       21 May 2015 
  application forms, notice of 
  General Meeting and forms of 
  proxy 
--------------------------------------  -------------- 
 Open Offer entitlements and              8.00 a.m. on 
  excess CREST Open Offer entitlements     22 May 2015 
  credited to stock accounts 
  in CREST of eligible CREST 
  shareholders 
--------------------------------------  -------------- 
 Recommended latest time for              4.30 p.m. on 
  requesting withdrawal of Open            2 June 2015 
  Offer entitlements and excess 
  CREST Open Offer entitlements 
  from CREST 
--------------------------------------  -------------- 
 Latest time for depositing               3.00 p.m. on 
  Open Offer entitlements into             3 June 2015 
  CREST 
--------------------------------------  -------------- 
 Latest time for splitting of             3.00 p.m. on 
  application forms (to satisfy            4 June 2015 
  bona fide market claims only) 
--------------------------------------  -------------- 
 Latest time and date for receipt        11.00 a.m. on 
  of application form and payment          8 June 2015 
  in full under the Open Offer 
  and settlement of relevant 
  CREST instructions 
--------------------------------------  -------------- 
 General Meeting                          12 noon on 8 
                                             June 2015 
--------------------------------------  -------------- 
 Expected date of announcement             9 June 2015 
  of results of the Open Offer 
  through a Regulatory Information 
  Service 
--------------------------------------  -------------- 
 Expected time and date for               8.00 a.m. on 
  admission and commencement              10 June 2015 
  in dealings in the Open Offer 
  Shares on AIM 
--------------------------------------  -------------- 
 Expected date for crediting              10 June 2015 
  of the Open Offer Shares in 
  uncertificated form to CREST 
  accounts 
--------------------------------------  -------------- 
 Expected date of dispatch of             17 June 2015 
  definitive share certificates 
  for the Open Offer Shares and 
  the Open Offer Warrants 
--------------------------------------  -------------- 
 

(1) References to times in this announcement are to London time

(2) The dates and timing of the events in the above timetable may be subject to change at the absolute discretion of the Company. If any of the above times or dates should change, the details of the revised times and/or dates will be notified to AIM and, where appropriate, to shareholders.

For further information please contact:

 
 Vigo Communications - PR                    Tel: +44 (0)20 
  Adviser                                         7016 9573 
  Patrick d'Ancona 
  Chris McMahon 
--------------------------------  ------------------------- 
 Sound Oil                         [e-mail] 
  James Parsons, Chief Executive 
  Officer 
--------------------------------  ------------------------- 
 Smith & Williamson - Nominated              Tel: +44 (0)20 
  Adviser                                         7131 4000 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
--------------------------------  ------------------------- 
 Peel Hunt - Broker                          Tel: +44 (0)20 
  Richard Crichton                                7418 8900 
  Charles Batten 
--------------------------------  ------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSFWFDWFISELI