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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nthn.Petro. | LSE:NOP | London | Ordinary Share | GB00B0D47T64 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.625 | 3.50 | 3.75 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNOP
RNS Number : 7268T
Northern Petroleum PLC
10 January 2017
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Result of Open Offer and Second Tranche Subscription
Northern Petroleum (AIM: NOP) announces the results of the recent Open Offer undertaken at a price of 3.5 pence per share, on the basis of one Open Offer Share for every seven Existing Ordinary Shares.
The Open Offer closed for acceptances at 11:00 a.m. on 9 January 2017 and the Company is pleased to announce that the Open Offer was oversubscribed and it has received valid acceptances in respect of the entirety of the Open Offer Shares from Qualifying Shareholders. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications under the Excess Application Facility will be scaled back in accordance with the terms of the Open Offer.
The Company has therefore raised aggregate gross proceeds of GBP752,500 through the Open Offer.
Second Tranche Subscription
Certain investors participating in the First Tranche Subscription agreed to subscribe for further Second Tranche Subscription Shares once the results of the Open Offer were known in order to maintain the same percentage equity interest in the Company after the completion of the Open Offer that they held before the Open Offer. Accordingly, 12,630,000 and 7,970,000 New Ordinary Shares have been issued to High Power Petroleum LLC and Cavendish Asset Management Limited respectively in the Second Tranche Subscription at a price of 3.5 pence per share (being the same price as the Issue Price for the First Tranche Subscription and Open Offer), which has raised a further GBP721,000 (before expenses).
AIM Admission
Application has been made for the 42,100,000 Open Offer Shares and Second Tranche Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective at 08:00 a.m. on 11 January 2017.
Following the issue of the Open Offer Shares, Northern Petroleum will have 314,692,368 ordinary shares of 1p each in issue, which will also represent the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Capitalised terms used in this announcement shall have the meaning ascribed to them in the circular that was sent to shareholders on 30 November 2016 unless the context otherwise requires.
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Antonio Bossi
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 10, 2017 02:00 ET (07:00 GMT)
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