Egdon Resources PLC Result of Open Offer (1292Q)
25 November 2016 - 7:00AM
UK Regulatory
TIDMEDR
RNS Number : 1292Q
Egdon Resources PLC
25 November 2016
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25 November 2016
EGDON RESOURCES PLC
("Egdon" or the "Company")
Result of Open Offer
Egdon announces the result of the Open Offer for up to
approximately GBP2.06 million at 13.5 pence per share, further
details of which were set out in the Open Offer Circular (the
"Circular") despatched to Shareholders on 8 November 2016.
The Open Offer has been 1.3 times oversubscribed and valid
acceptances have been received in respect of the entirety of the
Open Offer Shares.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Open Offer Entitlement.
Applications under the Excess Entitlements Facility will be
scaled back in accordance with the terms of the Open Offer.
Application will be made for these 15,234,093 Open Offer Shares,
which will rank pari passu in all respects with the Existing
Ordinary Shares, to be admitted to trading on the AIM Market of the
London Stock Exchange. It is expected that Admission of the Open
Offer Shares will occur, and dealings will commence at 8.00 a.m. on
29 November 2016.
The Company has, to date, raised total gross proceeds from the
Subscription and Open Offer of approximately GBP5.06 million via
the issuance of 37,456,315 Subscription Shares and Open Offer
Shares.
The participation in the Open Offer by Petrichor Holdings
Coöperatief, U.A.(1) , a substantial shareholder in the Company,
constitutes a related party transaction for the purposes of the AIM
Rules. The directors of Egdon, having consulted with the Company's
nominated adviser, Cantor Fitzgerald Europe, consider that the
terms of the related party transaction are fair and reasonable
insofar as the Company's shareholders are concerned.
Following Admission, the Company's enlarged issued share capital
will comprise 258,879,583 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore
the total number of Ordinary Shares in the Company with voting
rights will be 258,879,583. This figure may be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.
Mark Abbott, Managing Director of Egdon, commented:
"We are delighted to have received such a positive response from
our existing shareholders to the Open Offer which was
oversubscribed. Having raised gross proceeds of GBP5.06 million
from the Subscription and Open Offer, Egdon is now well capitalized
to deliver on our strategy. Our near term focus will include
gaining the final consent for the development of the Wressle oil
field, progressing the Company's 14(th) Round licence evaluations
and moving the "A" Prospect to drillable status."
All defined terms in this announcement have the meanings given
to them in the Circular.
Notes:
(1) Shares previously held by HEYCO International, Inc. have
been transferred to an associate company, Petrichor Holdings
Coöperatief, U.A.. Following the Open Offer Petrichor Holdings
Coöperatief, U.A will hold, in total, 42,112,229 shares (16.27%) in
the Company. HEYCO Energy Group, Inc. is the ultimate parent
company of both companies.
Contact Information:
Egdon Resources Plc +44 (0) 1256
Mark Abbott, Managing Director 702 292
VSA Capital Limited - Financial Adviser
& Joint Broker +44 (0) 20 3005
Andrew Monk/Andrew Raca 5000
Cantor Fitzgerald Europe Limited - Nominated
Adviser and Joint Broker +44 (0) 20 7894
David Porter/Sarah Wharry/Mark Westcott 7000
Buchanan - PR +44 (0) 20 7466
Richard Darby/Anna Michniewicz 5000
About Egdon:
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company primarily focused on onshore
exploration and production in the hydrocarbon-producing basins of
the UK.
Egdon holds interests in 43 licences in the UK and France and
has an active programme of exploration, appraisal and development
within its balanced portfolio of oil and gas assets. Egdon is an
approved operator in both the UK and France.
Egdon was formed in 1997 and listed on AIM in December 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
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November 25, 2016 02:00 ET (07:00 GMT)