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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lapp Plats | LSE:LPP | London | Ordinary Share | GB0034353531 | 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% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLPP RNS Number : 6253U Lapp Plats Plc 29 June 2009 Date: 29 June 2009 On behalf of:Lapp Plats plc (to be renamed Cove Energy plc) ("Cove Energy", "the Company" or the "Group") Embargoed until: 0700hrs Lapp Plats plc (to be renamed Cove Energy plc) Placing to raise GBP4.2 million of new funds Highlights * Placing with institutional and other investors of 35,000,000 Placing Shares at 12p per Placing Share to raise GBP4.2 million (before expenses); * Enables Cove Energy to actively engage in its strategy of identifying and acquiring distressed and other upstream oil and gas assets; * Memorandum of Understanding with Quantic Limited to form a new joint venture company to facilitate Cove Energy with access to financing and asset opportunities in Africa and the Mediterranean (including the Lebanon and Cyprus); and * Placing subscription by, and technical services agreement entered into with, subsidiary of Petroleum Geo-Services ASA, the Oslo-listed geophysical company and possessor of the world's most extensive multi-client data library. Lapp Plats plc (AIM: LPP), the AIM quoted business soon to be renamed Cove Energy plc, is pleased to announce that it is placing 35,000,000 new ordinary shares of 1 pence each in the Company (the "Placing Shares") with institutional and other investors at a price of 12 pence per new ordinary share (the "Placing Price") to raise GBP4.2 million (before expenses) (the "Placing"). The net proceeds of the Placing of approximately GBP3.9 million will be used primarily to fund the Company's business development requirements and to enable the Company to progress its renewed strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them into marketable opportunities for the medium and larger oil and utility companies. In connection with the Placing, certain Executive and Non-Executive Directors have agreed to subscribe for a total of 2,757,666 Placing Shares at the Placing Price. Their respective participation and resultant holding, following the Placing, is as detailed below: +------------------+---------------+----------------+----------------+----------------+ | Director / | Interest in | Placing Shares | Revised Total | Percentage of | | Non-Executive | Existing | | Interest in | Enlarged | | Director | Ordinary | | Ordinary | Issued Share | | | Shares | | Shares | Capital | +------------------+---------------+----------------+----------------+----------------+ | Michael Blaha | 0 | 300,000 | 300,000 | 0.51% | +------------------+---------------+----------------+----------------+----------------+ | John Craven | 1,750,000 | 416,000 | 2,166,000 | 3.71% | +------------------+---------------+----------------+----------------+----------------+ | Ivan Murphy | 300,000 | 1,000,000 | 1,300,000 | 2.24% | +------------------+---------------+----------------+----------------+----------------+ | Thomas O'Gorman | 3,987,166 | 1,041,666 | 5,028,832 | 8.62% | +------------------+---------------+----------------+----------------+----------------+ The Placing Shares, which represent approximately 66.7 per cent. of the enlarged issued share capital of the Company, will rank pari passu in all respects with the existing ordinary shares in the Company. Application has been made for the Placing Shares to be admitted to trading on AIM and it is expected that dealings will commence on 3 July 2009. The Company is also pleased to announce that it has entered into an Memorandum of Understanding with Quantic Limited ("Quantic Group"), a private investment group operating in certain areas of the oil and gas sector and merchant banking across Africa and the Middle East, to form a joint venture company, Cedar Resources Limited ("Cedar"). The purpose of this arrangement is to facilitate access to finance and asset opportunities in the Lebanon and Cyprus.Cove Energy expects Cedar, which will be owned 20 per cent. by the Company and 80 per cent. by Quantic Group, to be incorporated and operational in or around 4-6 weeks. On incorporation, Quantic Group will be granted 3,000,000 warrants to subscribe for Ordinary Shares at an exercise price of 1p per Ordinary Share and a further 6,000,000 warrants to subscribe for Ordinary Shares at an exercise price of 22p per Ordinary Share (together the "Warrants"). The Warrants will be exercisable at any time up to 18 months from the date of grant. Any Ordinary Shares issued as a result of the exercise of the Warrants will, from the date of issue, be subject to a 12 month lock-in agreement between the Company, Quantic Group and Cenkos Securities Plc. In addition, Quantic Group's principal management have agreed to subscribe for 3,000,000 Placing Shares at the Placing Price. Quantic Group owns 70 per cent. of Gazprombank Invest (MENA) in Beirut, Lebanon, with the balance of 30 per cent. owned by OAO Gazprom. Quantic Group is a group comprising various companies created with the intention of forming the core of an oil organization active in all levels of activities traditionally associated with companies present in this sector - production, trading, refining, distribution and financing (www.quanticoil.com). OAO Gazprom is the world's largest gas company focused on geological exploration, production, transmission, storage, processing and marketing of gas and other hydrocarbons (www.gazprom.com). Further, the Company announces that it has also entered into a technical services agreement with PGS Ventures AS ("PGS Ventures"), a 100 per cent. subsidiary of Petroleum Geo-Services ASA ("PGS"). PGS is a focused geophysical company which provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation.PGS also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. PGS Ventures is the investment arm of PGS, with a remit to provide PGS data and services in return for equities and minority ownership positions in E&P assets (www.pgs.com). Under the terms of this agreement, the Company has engaged the PGS group for the provision of seismic data processing and interpretation services, with a minimum commitment of US$3 million by 30 June 2011, on a take or pay basis. The Company has also agreed to purchase from the PGS group certain seismic data, as well as providing the PGS group with a right of first refusal, subject to applicable law and regulation, to provide the Company with all of its seismic acquisition, data processing and interpretation requirements going forwards. All data and services are to be provided on demonstrable standard PGS pricing terms, and otherwise on PGS group terms and conditions. The agreement also provides that PGS Ventures will be offered the opportunity to contribute up to 50 per cent. of the costs of purchase of such data and services, by way of subscription for new ordinary shares or other securities in the Company, on terms to be agreed. Under the agreement, PGS Ventures also has the right to appoint a director to the board of the Company if its holding of ordinary shares at any time equals or exceeds 20 per cent. of the total ordinary shares in issue. The agreement may be terminated by either party giving notice to the other at any time after the fifth anniversary of the date of the agreement. In addition, PGS Ventures has agreed to subscribe for 8,333,333 Placing Shares at the Placing Price. The relationships and arrangements referred to above could provide Cove Energy with access to potential additional funding routes and exposure to asset deals, both of which are planned to assist the Company to realise its strategy in the Mediterranean (including the Lebanon and Cyprus) and in Africa. Commenting on the Placing, John Craven, CEO of Cove Energy, said: "We are very pleased to announce this successful fundraising; which means, alongside our existing cash resources, we are well capitalised to actively progress our new strategy, to identify and acquire undervalued oil and gas exploration and production assets in Africa and Eastern Mediterranean. The signing of the MOU with Quantic Group is also a significant move for the business, which gives us potential exposure to the highly prospective Lebanese and Cypriot licence areas with the financial backing and stability of Gazprombank Invest (MENA) as well as their influence in North African oil and gas activities.The fact that PGS has also participated in the Placing gives us great confidence for any involvement we might have in exploration in North Africa, the Lebanon or Cyprus, as they hold a large amount of the technical seismic and geological data on the area. Following the Placing we are now well financed to start implementing our strategy, with a senior, experienced Board and access to further capital. This gives us a sound platform from which we can start to deliver on our strategic plan. We look forward to updating the Market as to our progress as soon as is practicable." -Ends- For further information, please contact: +----------------------------------------------+-------------------------+ | Lapp Plats plc | | +----------------------------------------------+-------------------------+ | John Craven, CEO | Tel: + 353 1 662 4351 | | Michael Nolan, Executive Director | | +----------------------------------------------+-------------------------+ +----------------------------------------------+-------------------------+ | Cenkos Securities | | +----------------------------------------------+-------------------------+ | Jon Fitzpatrick / Ken Fleming | Tel: +44 (0)131 220 | | | 6939 | +----------------------------------------------+-------------------------+ +----------------------------------------------+-------------------------+ | Financial Dynamics | | +----------------------------------------------+-------------------------+ | Billy Clegg / Edward Westropp | Tel: +44 (0)20 7831 | | | 3113 | +----------------------------------------------+-------------------------+ Note to Editors: Lapp Plats plc is an AIM traded resource company. It was founded in 1993 to secure and advance platinum group metal projects in Sweden and, following a strategic review and Board changes in June 2009, the business will be changing its name to Cove Energy plc at its AGM on 2 July 2009 and has changed its operational focus. Cove Energy's strategy is to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them into marketable opportunities for the medium and larger oil and utility companies. The Company's initial focus will be on Africa and the Mediterranean. The Company will be "opportunity driven" but the objective is to target assets in areas where larger oil companies are not yet active or have overlooked opportunities. Cove Energy will also seek out assets owned by companies in distress as a result, for instance, of the current global economic climate. The Company intends to operate with a minimum level of staffing but with a larger experienced "virtual" skills-pool from where it can draw on relevant experience on a case-by-case basis. The Company intends at the outset to partner and joint venture with investors and associates who will support Cove Energy with commercial skills and influence in areas where the Company intends to grow its business. This information is provided by RNS The company news service from the London Stock Exchange END MSCUNVVRKORNUAR
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