Issue of Equity

 

TIDMPTG 
 
RNS Number : 0262C 
Portland Gas plc 
05 November 2009 
 

 
 
 
 
 
 
 
 
5 November 2009 
For Immediate Release 
Portland Gas plc 
 
 
Issue of Equity 
 
 
GBP2.5m Placing 
 
 
Portland Gas Plc (AIM: PTG) ("the Company") is pleased to announce the placing 
of 2,500,000  new ordinary shares at 100p per share to raise GBP2.5 million 
before expenses. The shares were placed by Seymour Pierce Limited with existing 
institutional investors and the Company Directors. 
 
 
Following the placing, the Company will have 73,804,201 ordinary shares in 
issue. The Placing Shares will represent approximately 3.39 per cent. of the 
Company's Enlarged Share Capital. 
 
 
Two members of the Company's Board are participating in the placing as follows: 
 
 
+-------------------+----------------+------------+---------------+-----------+ 
| Director          | Existing       | Shares     | Total shares  | Total %   | 
|                   | holding        | acquired   | now held      | holding   | 
+-------------------+----------------+------------+---------------+-----------+ 
| Andrew Hindle*    | 6,617,117      | 32,674     | 6,649,791     | 9.01      | 
+-------------------+----------------+------------+---------------+-----------+ 
| Walter Roberts**  | 1,042,960      | 12,500     | 1,055,460     | 1.43      | 
+-------------------+----------------+------------+---------------+-----------+ 
 
 
* 19,500 ordinary shares are held on behalf of a minor daughter of Andrew and 
13,174 ordinary shares are held by Andrew's wife 
** These shares are held on behalf of Walter's minor daughter 
 Walter's elder daughter is also taking 12,500 shares. 
 
 
Application has been made for the shares to be admitted to AIM and admission of 
the shares is expected to be on 12 November 2009. 
 
 
The net proceeds of the Placing receivable by the Company will be applied to 
fund essential  ongoing activity on the Portland and Islandmagee projects, 
redeem the debenture issued to Hydrock and the funding of G&A expenditure. 
 
 
 
 
 
 
For further information please contact: 
 
 
Portland Gas plc 
 
 
Andrew Hindle, Chief Executive Officer020 8332 1200 
Craig Gouws, Chief Financial Officer 
 
 
PR - Watershed 
 
 
Sara Hudston01308 420785 
 
 
Investor Relations - Buchanan Communications 
 
 
Ben Willey020 7466 5000 
 
 
Nominated Adviser and Broker - Seymour Pierce 
 
 
Jonathan Wright 020 7107 8000 
Sarah Jacobs 
Richard Redmayne 
 
 
 
 
Notes to Editors: 
 
 
Background on Portland Gas plc 
 
 
Portland Gas' business is focused on the development of two gas storage projects 
in the United Kingdom  at Portland, Dorset and at Islandmagee, County Antrim, 
Northern Ireland. The two projects could between them provide over 10% of the 
total UK and Ireland peak daily demand in the latter part of the next decade. 
The Company is also developing new projects in mainland  Europe  initially 
 focussing  on Germany and Spain. The Company is one of only a few in Europe 
focused specifically on gas storage development, a sector with significant 
growth potential in Europe over the coming decades. In order that the "Portland 
Gas" name can remain with the Portland Project where it is very well established 
in Dorset, the Directors intend to seek approval at the next Annual General 
Meeting of the Company, scheduled for December 2009, to change the name of 
Portland Gas plc to "Infrastrata plc". The Portland Project company, Portland 
Gas Holdings Limited, would then be renamed to "Portland Gas Limited". 
 
 
Further information is available on the Company's website www.portland-gas.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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