Angus Energy Announces Equity Placing to Raise GBP2.2 million

Source: www.gulfoilandgas.com 2/15/2019, Location: Europe

Angus Energy has announced that the Company has placed, subject to admission to trading on AIM, 55,000,000 new Ordinary Shares in the Company with existing, new and institutional shareholders (the 'Placing Shares') at a price of 4 pence per share to raise gross proceeds of £2,200,000.

The Placing monies will be used by the Company to pay down £1,500,000 of the YA II PN Ltd and Riverfort Global Opportunities PCC Limited loan facility referred to in the Company's announcements of 14 February 2019 and 9 January 2019, for the work programmes at Balcombe and Brockham as detailed in recent announcements and for general working capital purposes.

George Lucan, Managing Director said:

'The Board has considered the capital structure of the Company as being, in the short term, most ideally composed of ordinary equity and we are delighted to have obtained the opportunity, within this very tight timetable, to refinance our facilities accordingly. We recognise that the placing price is significantly below historic share price levels and, whilst we did consider forms of pre-emptive issues to Shareholders which unfortunately haven't been possible within the timeframe, believe, having considered all factors, that this best positions the Company to exploit the value of our asset base as we proceed with our well-defined strategy. I look forward to updating shareholders on this and the progress of our forthcoming Board appointments shortly.'

Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective on or around 21 February 2019. The Placing Shares will rank pari passu with the existing ordinary shares.

Following the issue of the Placing Shares, the Company will have 458,944,208 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 458,944,208 Ordinary Shares 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 to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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