Share Name Share Symbol Market Type Share ISIN Share Description
San Leon LSE:SLE London Ordinary Share IE00BWVFTP56 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  +0.20p +0.72% 28.00p 132,497 14:23:54
Bid Price Offer Price High Price Low Price Open Price
27.30p 27.50p 28.50p 28.00p 28.10p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.3 3.0 2.9 9.4 140.07

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Date Time Title Posts
26/4/201807:22San Leon Energy45,088
25/4/201816:07San Leon home of the moron279
20/4/201809:48San Leon Energy - The New Positive Thread34,732
02/12/201712:12San Leon618
01/12/201723:46san leon energy51

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San Leon (SLE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
14:07:0427.505,0001,375.00O
13:27:3227.501,000275.00O
10:50:0127.753,557987.07O
10:35:5227.508222.55O
10:02:2027.50956262.90O
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DateSubject
26/4/2018
09:20
San Leon Daily Update: San Leon is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SLE. The last closing price for San Leon was 27.80p.
San Leon has a 4 week average price of 27.20p and a 12 week average price of 27.20p.
The 1 year high share price is 53.75p while the 1 year low share price is currently 17.75p.
There are currently 500,256,857 shares in issue and the average daily traded volume is 3,019,429 shares. The market capitalisation of San Leon is £140,071,919.96.
25/4/2018
08:39
chart trader2000: chart trader20004 Jan '18 - 15:21 - 44317 of 45077 Edit 0 0 0 linksdean9 Feb '11 - 21:35 - 951 of 34731 0 0 0 lizzie 2 you gave a good share price recommendation a few days/weeks ago on a billion barrels of oil at $8 a barrel and as we know it is a lot more than that at present so your recommendation was conservative and you did say you would give a conservative rational approach, and it was very well executed and fair BUT we have to hit it first and if tarafaya comes in that it just works share price will be over broker price, if not,, it will retrace to the 20s maybe less,but as you truely said it is still there,what will be will be and san leon have many billions of barrels of oil and trillion feet of gas mostly prospective and at the share price as it is, it is cheap and a great investment..going back to your price on a billion barrels ie £6 something a share...500m barrels £3 something..just 250m barrels.£1.50p a share and this is at your low barrel price of $8 (what is the true price ?)..I have a large holding in san leon and next week I will be buying more and intend to hold these for 3/5/10 years as this company is a millionaire maker make no dowt a bowt it..but you have hold come the highs and lows it will be so..regards to all links
24/4/2018
14:26
chart trader2000: San Leon Energy – M&A discussions terminated, but positives as shares resume trading By HotStockRockets | Tuesday 24 April 2018 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. San Leon Energy (SLE) has announced it has terminated discussions with Midwestern Oil & Gas and trading in its shares has recommenced on AIM - with it arguing “a number of positive developments across its business… Our financial position is much stronger than when discussions with Midwestern commenced”R30; San Leon “does not feel the structure of the combination (which would have included the loan notes being deemed to have been repaid) reflected the true value of the company's portfolio”, though also states it “believes that the discussions have themselves strengthened the working relationship between the two companies and looks forward to working with Midwestern, as its partner, and jointly advancing production at OML 18”. We’ll wait and see on that – the company noting “an expected regular future income stream from its ongoing quarterly loan note repayments (of approximately US$19 million)… San Leon has now received $58.6 million in quarterly payments… A further $168.6 million of principal and interest remains outstanding and payable, along with future interest”. Additionally, it adds “since its shares were suspended in November 2017 has settled its dispute with Avobone and repaid material outstanding liabilities. As at 19 April 2018, San Leon had a cash balance of approximately $13.5 million”. It also notes an “encouraging” backdrop of improving oil prices and CEO Oisin Fanning considers “all material problems with creditors and litigation are behind us… I look forward to updating shareholders with continued progress”. We continue to consider there repayment risks but have consistently emphasised if the Nigerians start paying the shares are cheap. They have currently responded nicely higher to just above 30p, but joint broker to the company Brandon Hill Capital notes the further payments “equating to 24p/sh and the company also benefits from a 9.7% effective working interest in OML 18, which is producing approximately c.53mbopd (5,150bopd net to SLE), and a 4.5% net profit interest in the Barryroe field. We believe these assets and income stream provide a solid basis for the company going forward and at an attractive valuation relative to the current share price”. We concur – and note the company is now also to progress with a capital reduction “to allow capital returns to shareholders”. We apologise that this has not worked out so far, but the operational tide now looks to have turned and the share price one is now responding somewhat too. However, at around these levels, there looks much more to go for – and we look for this to be delivered as the income stream continues and confidence in it builds and as capital returns to shareholders are delivered. As such, the stance at this point is BUY.
02/4/2018
20:03
chart trader2000: I can see why the market was less than impressed with Providence's Barryroe farm-out By Gary Newman | Monday 2 April 2018 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Providence Resources (PVR) was once a favourite of AIM natural resources investors and speculators back in the heyday at the start of this decade, when any company finding potentially decent amounts of oil saw its share price rocket. I certainly had high hopes for it back then, especially after its drill in early 2012 which found hydrocarbons and flowed oil at a rate of over 3,500bopd, the third time that its 80% owned Barryroe licence in the Celtic Sea had historically achieved a flow rate from the five different wells drilled there. This led to 311 million barrels of contingent resources being assigned to the prospect and everyone was waiting to see what happened next and which large company was brought on board as a partner. Such was the interest that the share price here managed to remain fairly buoyant even when the prices of other oil shares were crashing around it as the market took a downturn. But months became years and still nothing happened, and at the same time the company suffered from internal problems when founder Tony O’Reilly found himself in financial difficulties, and his son Tony O’Reilly Junior, who took over, continued to burn through cash at a rate that was unsustainable for a company in this position. So, news last week that the company had finally secured a farm out deal for Barryroe should have had long term investors rejoicing. But after seeing the terms of the deal it was hardly surprising that the market seemed not to be overly impressed with the deal, and after an initial flurry of buying the share price dropped back to finish up around 15% on the day, and the shares are currently trading at around 11p to buy. To me the terms of the farm-out seem to be more along the lines of what you would expect for a licence area that was purely at the early exploration phase, and certainly not for one where there had already been several discoveries, completed flow tests, and a large amount of contingent resources already attributed to the prospect. The deal was done with a Chinese consortium of private companies, led by APEC Energy Enterprise and its strategic partners, China Oilfield Services and JIC Capital Management, and that also seems to have made the market wary as it is unproven when it comes to operating in this part of the world. The farm-out will also need regulatory approval, and it has been suggested that may not be signed off until later in the year, assuming it is given the go-ahead. The deal will see APEC take a 50% working interest in Barryroe, and in return it will fund 50% of a three well programme (plus sidetracks) as well as paying for the 50% of costs attributable to Providence and its partner Lansdowne Oil (LOGP). Each vertical well is expected to cost around $20 million, with additional costs for any sidetracks. That funding will come in the form of a loan with interest charged at LIBOR plus 5%, and will be repaid from cashflow from production at Barryroe, assuming it reaches that stage. Once it has been repaid, Providence, via its subsidiary EXOLA, will then receive 40% of the cashflow from production. In addition, APEC will receive 59.2 million warrants at an exercise price of 12p, which constitutes around 10% of the company. So as we can see the terms are hardly exactly favourable for Providence, which is giving away a big chunk of the field pretty much just in return for being able to borrow money to finance its share of drilling costs! There is certainly no cash payment to reflect historical costs associated with Barryroe, as you tend to expect in this type of deal, and I would also have wanted to see some sort of cash payment or at the very least a free carry on these three wells. This suggests to me that there was very little interest from elsewhere, and that the company took this deal out of desperation. The upside of course is that should these drills prove up the field and ultimately eventually see it reaching production – albeit a number of years down the line – then the upside from the current market cap of £65 million would be substantial given the likely amount of reserves which would be booked, and daily production rate being achieved. The company does have other projects as well, although none of the scale of Barryroe, and that includes Spanish Point discovery which has 97 million barrels of contingent resources. Providence owns 58% of this, but operator Cairn Energy (CNE), with 38%, has shown little interest in further exploration and appraisal, and as a result the value of the asset has been fully impaired in the accounts. The Druid/Drombeg/Diablo prospects (28% to Providence) on the FEL2/14 licence also look interesting, with Total having taken an option to farm-in to 35% of licence, despite the 53/6-1 exploration well hitting a water bearing reservoir. The deal with Total saw Providence receive $21.6 million. The 53/6-1 well had also been funded via a farmout deal with Cairn Energy subsidiary Capricorn, whereby it got 30% share of the licence and as well as paying for the drill also paid $2.25 million to Providence. So at least some interest seems to be returning to exploration and appraisal around this part of the British Isles, but generally it is still early days in terms of actual development and with limited infrastructure in place, so I think it will be a good few years before we see any oil produced from this area, even assuming that appraisal drilling goes to plan. In terms of cash in the bank, the company is in a fairly healthy position – it had more than €36 million at the last set of interims up until the end of June 2017, with a further $5.4 million since paid from Total, so even allowing for what it has burnt through since then, it will have plenty for its day to day operations. There is even enough to cover its share of some drilling going forwards. But even if you do feel like forgiving the more recent poor performance of the company and think that it can make a success of any of its licences and ultimately either reach production or sell its share of the licence once fully appraised, then I wouldn’t be rushing to buy. We’ve now had the Barryroe farmout news which had been driving interest, and if there isn’t any major news in the shorter term, then I can see the share price drifting lower and certainly chances to get in cheaper than the current share price.
19/1/2018
08:56
chart trader2000: WHAT INFLUENCES A SHARE PRICE Share prices can be affected by a wide variety of issues but the two principal factors are the performance of the company that has issued the shares and the wider environment. Listed companies publish their financial results twice a year. They provide trading updates twice a year as well. These figures and statements give the investment community an insight into a company’s performance. Companies are also obliged to publicly notify any event that could influence their share price, such as a takeover bid or the launch of a new product.These are known as regulatory announcements and they must be made via a regulatory channel known as an approved RIS (Regulatory Information Service) before the information is published anywhere else. For more information on RNS the Exchange’s RIS please click here. Investors can also find out information on a company from external sources, such as the press, stockbroker reports and specialist magazines or websites. If a company is performing well, and is expected to continue to do well, its share price should benefit. Share prices tend to anticipate the future so they can rise if a company has good prospects and fall if the outlook is not promising. Share prices are also affected by the wider environment. If economic conditions are good and expected to continue that way, investors tend to feel confident. Companies are more likely to perform well and deliver strong profits when the economic climate is benign so they are more likely to pay rising dividends. Under such circumstances, demand for shares tends to rise and prices increase; If the economic climate is difficult however, investors may feel nervous. They may worry that a company’s profitability will suffer if economic conditions are difficult. Fears about future profits tend to reduce demand for shares so prices may fall. This means that, in tough times, robust companies can see their share price fall, even if they are doing well. Conversely, companies can benefit from a rising market and their share price may go up, even if the underlying business is lacklustre. Over the long-term however, markets tend to reward robust, well-managed companies and their share prices rise.
05/1/2018
10:18
chart trader2000: zwemnaar1989Today 09:03 No surprise that both Geron and GCUP withdrew their interest. TBH not sure there was much interest in the first place. I believe these are all tactics implemented by SLE to stay suspended. How many days over the last year has this stock actually traded?! With everything so contingent on Mid Western paying back loans and Eroton paying oil money, the uncertainty was never going to help the SLE share price. I'm not too bothered that it hasn't traded as my average is quite a bit higher than 25p! It saves me from checking the share price each day!
04/1/2018
15:21
chart trader2000: linksdean9 Feb '11 - 21:35 - 951 of 34731 0 0 0 lizzie 2 you gave a good share price recommendation a few days/weeks ago on a billion barrels of oil at $8 a barrel and as we know it is a lot more than that at present so your recommendation was conservative and you did say you would give a conservative rational approach, and it was very well executed and fair BUT we have to hit it first and if tarafaya comes in that it just works share price will be over broker price, if not,, it will retrace to the 20s maybe less,but as you truely said it is still there,what will be will be and san leon have many billions of barrels of oil and trillion feet of gas mostly prospective and at the share price as it is, it is cheap and a great investment..going back to your price on a billion barrels ie £6 something a share...500m barrels £3 something..just 250m barrels.£1.50p a share and this is at your low barrel price of $8 (what is the true price ?)..I have a large holding in san leon and next week I will be buying more and intend to hold these for 3/5/10 years as this company is a millionaire maker make no dowt a bowt it..but you have hold come the highs and lows it will be so..regards to all links
02/12/2017
17:09
chart trader2000: linksdean - 09 Feb 2011 - 21:35:24 - 951 of 34729 San Leon Energy - The New Positive Thread - SLE lizzie 2 you gave a good share price recommendation a few days/weeks ago on a billion barrels of oil at $8 a barrel and as we know it is a lot more than that at present so your recommendation was conservative and you did say you would give a conservative rational approach, and it was very well executed and fair BUT we have to hit it first and if tarafaya comes in that it just works share price will be over broker price, if not,, it will retrace to the 20s maybe less,but as you truely said it is still there,what will be will be and san leon have many billions of barrels of oil and trillion feet of gas mostly prospective and at the share price as it is, it is cheap and a great investment..going back to your price on a billion barrels ie £6 something a share...500m barrels £3 something..just 250m barrels.£1.50p a share and this is at your low barrel price of $8 (what is the true price ?)..I have a large holding in san leon and next week I will be buying more and intend to hold these for 3/5/10 years as this company is a millionaire maker make no dowt a bowt it..but you have hold come the highs and lows it will be so..regards to all links
24/11/2017
15:20
chart trader2000: linksdean9 Feb '11 - 21:35 - 951 of 34644 0 0 lizzie 2 you gave a good share price recommendation a few days/weeks ago on a billion barrels of oil at $8 a barrel and as we know it is a lot more than that at present so your recommendation was conservative and you did say you would give a conservative rational approach, and it was very well executed and fair BUT we have to hit it first and if tarafaya comes in that it just works share price will be over broker price, if not,, it will retrace to the 20s maybe less,but as you truely said it is still there,what will be will be and san leon have many billions of barrels of oil and trillion feet of gas mostly prospective and at the share price as it is, it is cheap and a great investment..going back to your price on a billion barrels ie £6 something a share...500m barrels £3 something..just 250m barrels.£1.50p a share and this is at your low barrel price of $8 (what is the true price ?)..I have a large holding in san leon and next week I will be buying more and intend to hold these for 3/5/10 years as this company is a millionaire maker make no dowt a bowt it..but you have hold come the highs and lows it will be so..regards to all links linksdean9 Feb '11 - 21:57 - 952 of 34644 0 0 only have to look at aul at 80 odd p to see where we will be later in the year without morocco so no worries... unless we hit no gas!.links euclid59 Feb '11 - 22:00 - 953 of 34644 0 0 don't forget the huge Irih assets we also hold here linksdean9 Feb '11 - 22:41 - 954 of 34644 0 0 I know euclid5 it only gets better and who knows irag may raise its lovely head,all in its own turn eh! we are lucky to have got in at the lower levels, but in the future these prices people will have wished they bought in or more.regards links
09/7/2017
13:39
o1lman: San Leon fractured at oilfield Gavin Daly July 9 2017, 12:01am,  The Sunday Times San Leon cast its net wide in the early years as a plc, scooping up licences in places such as Poland Sixteen kilometres south of Port Harcourt, in the mangrove swamps of the Niger Delta, lies an area with the inauspicious name of OML 18. The OML stands for oil mining licence, and OML 18, which spans more than 1,000 sq km, is considered one of the best oil and gas areas in all of Nigeria. OML 18 has produced more than 1bn barrels of oil since 1970, and is estimated to hold another 500m barrels of oil and 4.6 trillion cubic feet of gas. Experts estimate there are hundreds of millions more barrels of oil under the mucky soil, in reserves that are not fully verified. In 2015, OML 18 caught the eye of Oisín Fanning, the ebullient chief executive of San Leon Energy, an Irish-registered exploration group listed on the Alternative Investment Market (AIM) in London. Eroton, a consortium led by a Nigerian company, had paid $1.1bn (€965m) to buy 45% of OML 18 from oil giants Shell, Total and Agip — and there was an opportunity to get a slice of the action. Through a complex $200m deal that occupied San Leon for eight months of 2016, the company gained a 9.72% economic interest in OML 18. It was a “transformational transaction”, said Fanning, pledging to pay handsome and quick dividends to San Leon’s shareholders. Chief among those is Toscafund, a £2bn (€2.3bn) British asset manager headed by Martin “the Rottweiler” Hughes, nicknamed for his sometimes aggressive approach to deal-making. After supporting the OML 18 deal and continuing to snap up shares in San Leon this year, Toscafund owns 59.5% of the company, prompting speculation on bulletin boards that Hughes scented a big payday. Less than a year on, extracting money from Nigeria has proved more difficult than extracting oil and gas. Shares in San Leon have been suspended from AIM for the past week after it missed a deadline to file its 2016 accounts, and a quick resolution seems unlikely. On Friday, San Leon said the delay was caused by the complexity of incorporating results from Eroton and its partners, involving “several jurisdictions”. Even when the results are compiled, audits and “technical review matters” must be completed before the figures are published and San Leon shares can trade again. At the same time, the company is fielding a buyout offer from China Great United Petroleum that values it at 67p-76p a share, or a maximum of £339m. Despite the promise of OML 18, the shares are frozen at 34.4p, way below the potential offer and just a third of a £1 share price target set last year by share price Angel, a London investment bank that San Leon’s broker. On shareholder bulletin boards, San Leon investors swing between deep despair and wild optimism. A common question emerges: what is going on at San Leon? A well-known figure in Irish business circles, Fanning was chief executive of MMI Stockbrokers, which collapsed in 1999. He then founded and floated Smart Telecom before leaving in 2006 amid discord with Brendan Murtagh, the Kingspan co-founder, who bought Smart for €1 after it lost out on a 3G licence. In the following years, Fanning faced court actions with IBRC over personal and business debts but bounced back by joining forces with San Leon in 2007 and taking it public on AIM in 2008. Founded by geologist Philip Thompson, a 25-year veteran of the oil and gas sector, San Leon had exploration assets in Holland, US and Morocco. Fanning’s oil and gas credentials, according to the San Leon website, include being “closely involved with the restructuring of Dana Petroleum plc in the early 1990s” and being “a major supporter of Tullow Oil plc in its early growth phase”. San Leon cast its net wide in the early years as a plc, scooping up licences in Italy, Poland and Albania. There was an oil venture in Texas and project work in Iraq. In 2010, the company bought Island Oil & Gas in a £13.6m all-share merger, and gained a 4.5% net profit interest in the Barryroe oilfield off Cork. It brought in a big partner, Talisman, in Poland, and bought Realm Energy, a Canadian group, sealing its position as a big shale gas player. OML 18, which is 45% owned by Eroton and 55% by the Nigerian National Petroleum Corporation (NNPC), represented a big change of focus, scale and risk. share price Angel notes Nigeria has experienced “pipeline vandalism, kidnappings and militant takeovers of oil facilities in the Niger Delta”. Incidents of oil theft and sabotage have recently risen. Fanning appears to have been undeterred by the local risks, or the complexity of the deal. Toscafund initially put up a loan for San Leon to buy into a Mauritian company involved in OML 18, and San Leon then sold more than 378m shares at 45p each to repay Toscafund. Fanning told shareholders San Leon would have three revenue streams from OML 18: the repayment of the loan to the OML 18 company, with 17% interest; dividends from the oil company; plus a deal to provide oilfield services at OML 18. By late last year, OML 18 was producing about 61,000 barrels of oil a day, and everything seemed rosy. Brandon Hill Capital, a London broker, said the Nigerian deal could generate $530m of cash flow for San Leon by 2020, with the company pledging to give 50% of that to shareholders. In research titled Game Changer, share price Angel noted that an “unrisked̶1; valuation of all San Leon’s interests was $9.5bn, the equivalent of more than £14 a share. In the real world, San Leon shares were trading around 50p last December when the firm said it had a buyout bid from a Chinese group, Geron Energy Investment, at 80p a share. In a statement at the time, Toscafund said it had asked the San Leon board to engage with the potential bidder “to reach an amicable and speedy resolution”. As the months ticked by, however, San Leon kept radio silence on the bid but flagged issues with cash flow from Nigeria. Eroton is itself waiting for overdue payments from the NNPC, which it needs to complete its 2016 accounts and make payments to its shareholders and San Leon. By April, San Leon was owed $58m of principal and interest payments, but had received just $5m. Fanning has brushed off concerns, saying the NNPC has started paying cash calls to oil groups since the start of the year and San Leon has protections in place to ensure it is paid. “Any issues . . . are being addressed and overcome,” he said in April. Nonetheless, Toscafund has taken matters into its own hands, appointing a London investment bank, Hannam & Partners, for a “strategic review” of its options in relation to San Leon. The cash squeeze has brought other issues into focus in recent weeks, forcing San Leon to reschedule the payment of €23m it owes an exploration group, Avobone, following a court action. If it misses payments, Avobone can enforce a court order it has secured over San Leon. San Leon is also evaluating its non-Nigerian assets “with a view to monetisation and/or cost reduction”. China Great United, meanwhile, is doing final due diligence and expects to be in a position to make a formal offer within 45 days, it said on June 30. San Leon said it would announce any developments, even as its shares remain suspended. Hughes told The Sunday Times that OML 18 was “widely regarded as one of the best onshore sites in Nigeria”, and said Eroton was working on an updated report on reserves there. “The resources update will provide shareholders of San Leon with a key valuation metric in order to judge the suitable value to put on the San Leon equity,” he said. “Toscafund is comfortable that the board of San Leon will only recommend an offer that is in the interests of all shareholders.” On the bulletin boards, small shareholders wait and wonder. “When SLE [San Leon Energy] relists, as it surely soon will, then we can focus again on the real and exciting endgame now unfolding,” wrote one hopeful poster last Friday. Times
06/7/2017
13:22
chart trader2000: 6. SHARE CAPITAL REORGANISATION The Company's share capital now comprises 2,535,589,975 Existing Ordinary Shares each with a nominal value of EUR0.05. The Existing Ordinary Shares have for some time been trading on AIM at a price below their nominal value of EUR0.05 per share. The issue and allotment of new shares by an Irish incorporated company at a price below their nominal value is prohibited by Irish company law and accordingly the ability of the Company to raise funds by way of the issue of further equity has been restricted. In addition, as a consequence of having a very large number of Existing Ordinary Shares, with a very low share price, small movements in the share price can result in large percentage movements and therefore considerable volatility. The Share Capital Reorganisation will reduce the number of shares in issue and result in a commensurately higher share price that will be at a level that the Directors believe is more appropriate for a company of the Company's size and should be more attractive to a greater number of potential investors. Assuming no further Existing Ordinary Shares are issued between the date of this document and the Record Time, the Company's issued ordinary share capital will consist of 61,809,052 New Ordinary Shares after the Share Capital Reorganisation and completion of the Placing and the issue of the Adviser Shares. Impact of the Share Capital Reorganisation It is proposed that the Share Capital Reorganisation will consist of the following steps: (a) each Existing Ordinary Share in issue will be sub-divided into one Intermediate Ordinary Share of EUR0.0001 each and 499 Deferred Shares of EUR0.0001 each; (b) every one hundred Intermediate Ordinary Shares in issue will then be consolidated into one New Ordinary Share of EUR0.01 each; (c) each authorised but un-issued Existing Ordinary Share will be sub-divided into five (5) New Ordinary Shares; (d) no shareholder may hold a fraction of a share and accordingly fractional entitlements arising out of the consolidation under sub-paragraph (b) above will be aggregated into New Ordinary Shares and will be sold in the market after the Share Capital Reorganisation has become effective; and (e) amendment of the Company's Articles to set out the rights and restrictions attaching to the Deferred Shares. Following the Share Capital Reorganisation, although each holder of New Ordinary Shares will hold fewer New Ordinary Shares than their holding of Existing Ordinary Shares prior to the Share Capital Reorganisation, each Shareholder's proportionate interest in the ordinary share capital of the Company will, save for minor adjustments as a result of the fractional entitlement provisions set out below, and save for the dilution attributable to the Placing and the issue of the Adviser Shares remain unchanged. It is only the number of ordinary shares in issue and the effective nominal value of such ordinary shares which will have changed as a result of the Share Capital Reorganisation and, other than this, each New Ordinary Share will carry the same rights and entitlements as set out in the Company's Articles of Association that currently attach to the Existing Ordinary Shares. The New Ordinary Shares will rank equally with one another. As further detailed below, the Deferred Shares will have no valuable economic rights. Additionally, the Share Capital Reorganisation will not have any impact on the Company's net assets as no material change in the total aggregate nominal value of the Company's issued share capital will occur. Following the Share Capital Reorganisation and Admission and assuming no further shares in the Company are issued after the date of this document, the Company's issued share capital will consist of 61,809,052 New Ordinary Shares and 1,265,259,397,525 Deferred Shares. Application will be made to AIM for the New Ordinary Shares to be admitted to trading. The last day of trading on AIM for the Existing Ordinary Shares is expected to be 15 July 2015, with trading in the New Ordinary Shares expected to commence at 8.00 a.m. on 16 July 2015.
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