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CERP Columbus Energy Resources Plc

1.825
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Columbus Energy Resources Plc LSE:CERP London Ordinary Share GB00BDGJ2R22 ORD 0.05P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.825 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Columbus Energy Resources PLC Posting of Open Offer Circular (6207T)

16/10/2017 7:00am

UK Regulatory


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TIDMCERP

RNS Number : 6207T

Columbus Energy Resources PLC

16 October 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Columbus Energy Resources plc or other evaluation of any securities of Columbus Energy Resources plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

16 October 2017

COLUMBUS ENERGY RESOURCES PLC

("COLUMBUS" or the "Company")

Posting of Open Offer Circular

Columbus is pleased to announce that, further to its announcement of 9 October 2017, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer of up to approximately GBP1.0 million. The Circular will also be made available today on the Company's website at www.columbus-erp.com.

All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.

The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date of close of business on 13 October 2017, for up to 20,129,349(1) Open Offer Shares at 5.0 pence per Open Offer Share (being the same price as the Issue Price for the Placing and Subscription) on the basis of:

1 Open Offer Share for every 31 Existing Ordinary Shares

As announced on 9 October 2017, the Issue Price represents a:

-- discount of approximately 16.7% to the Company's closing middle market share price of 6.00p on 6 October 2017, being the last business day prior to the announcement of the Fundraising; and

-- premium of approximately 14.4% to the volume weighted average price of 4.37p for the one month to 6 October 2017.

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.

Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular posted to Qualifying Shareholders today and available on the Company's website.

(1) On 10 October 2017, the Company announced that it had received a conversion notice from Lind to the value of US$0.15 million, in accordance with the terms of the Lind Facility, whereby Lind are entitled to convert US$0.15 million into 2,152,333 shares in the Company at a conversion price of 4.5 pence per share. This has resulted in an increase in the number of Open Offer Shares available to Qualifying Shareholders to 20,129,349 from 20,048,306.

Application has been made for the Open Offer Shares to be admitted to trading on the AIM market ("AIM") of London Stock Exchange, ("Admission"), and it is expected that Admission will become effective and that dealings will commence in the Open Offer Shares at 8.00 a.m. on 7 November 2017.

Following the issue of the Open Offer Shares (assuming full take-up under the Open Offer), the enlarged ordinary share capital of the Company will be 644,139,184 Ordinary Shares.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
                                                              2017 
 Record Date for entitlement                     Close of business 
  under the Open Offer                               on 13 October 
 Ex-entitlement Date for the                            16 October 
  Open Offer 
 Posting of the Circular and,                           16 October 
  to Qualifying non-CREST Shareholders 
  only, the Application Forms 
 Open Offer Entitlements and                       8.00 a.m. on 17 
  Excess CREST Open Offer Entitlements                     October 
  credited to stock accounts 
  in CREST of Qualifying CREST 
  Shareholders 
 Latest recommended time and                       4.30 p.m. on 26 
  date for requesting withdrawal                           October 
  of Open Offer Entitlements 
  and Excess CREST Open Offer 
  Entitlements from CREST 
 Latest time for depositing                        3.00 p.m. on 27 
  Open Offer Entitlements and                              October 
  Excess CREST Open Offer Entitlements 
  into CREST 
 Latest time and date for splitting                3.00 p.m. on 30 
  Application Forms (to satisfy                            October 
  bona fide market claims) 
 Latest time and date for receipt                  11.00 a.m. on 1 
  of completed Application Forms                          November 
  and payment in full under the 
  Open Offer or settlement of 
  relevant CREST instruction 
  (as appropriate) 
 Expected time and date of announcement    7.00 a.m. on 2 November 
  of results of the Open Offer 
 Admission effective and dealings          8.00 a.m. on 7 November 
  in the Open Offer Shares expected 
  to commence on AIM 
 Expected date for crediting               8.00 a.m. on 7 November 
  of Open Offer Shares in uncertificated 
  form to CREST stock accounts 
 Expected date of despatch of                          17 November 
  share certificates in respect 
  of Open Offer Shares in certificated 
  form 
 

Notes:

Each of the dates in the above timetable is subject to change at the absolute discretion of the Company. If any of the details should change, where appropriate, the revised times and/or dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.

Contact Information:

 
   Columbus Energy Resources plc               +44 (0)20 3794 
    Leo Koot / Gordon Stein                              9230 
   VSA Capital Limited 
    Financial Adviser & Broker                 +44 (0)20 3005 
    Andrew Raca / Justin McKeegan                        5000 
   Beaumont Cornish Limited 
    Nominated Adviser                          +44 (0)20 7628 
    Roland Cornish / Rosalind Hill Abrahams              3396 
   Camarco 
    Public and Investor Relations              +44 (0)20 3757 
    Georgia Edwards / James Crothers                     4983 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

October 16, 2017 02:00 ET (06:00 GMT)

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