Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and Morocco focused oil and gas exploration, development and production company, is pleased to advise that it has been notified by Turner Pope Investments (TPI) Limited ("Turner Pope/TPI") that TPI intends to exercise its broker option in respect of 3,698,462 ordinary shares.
Background to the Broker Option
As announced on 11 February 2021, the Company conditionally raised a total of £1.5 million (before expenses) via a conditional placing (the 'Placing'). In tandem with this, Europa granted a broker option (the 'Broker Option') , which has now closed, to Turner Pope to provide the opportunity for interested shareholders to participate in the Placing. The details of the Placing were provided in the Company's announcement of 11 February 2021 and the terms defined in that announcement have been used in this release.
As previously disclosed, the Placing is taking place in two tranches. The first tranche comprises 38,461,538 new ordinary shares in the Company (the 'First Tranche') and is not conditional upon any shareholder approvals . The second tranche of the Placing, comprising 76,923,078 new ordinary shares in the Company (the 'Second Tranche'), is conditional upon the approval of shareholders at a general meeting of the Company (the 'General Meeting') . The Broker Option, comprising 3,698,462 new ordinary shares in the Company ('Broker Option Shares'), is also conditional upon the approval of shareholders at the General Meeting.
Posting of circular to shareholders
A circular to shareholders in relation to the Placing and the Broker Option and the convening of the General Meeting is today being posted to shareholders. The General Meeting will be held as a virtual closed meeting at 11:00 a.m. (UK time) on 4th March 2021.
Admission of Placing and Broker Option Shares
The new ordinary shares comprised in the First Tranche are expected to be admitted to trading on AIM on or around 18 February 2021. The issue of all of the Second Tranche, the Broker Option Shares and the fee shares due to Turner Pope for the first year of its retainer as the Company's joint broker (such fee shares totalling 2,692,308 new ordinary shares) , totalling 83,313,848 new ordinary shares is conditional upon, amongst other things, approval at the General Meeting. Following admission to trading on AIM, which is expected at 8.00 a.m on 8 March 2021 , the Company will have 566,466,985 Ordinary Shares in issue. Therefore, the Company hereby confirms that the total number of voting rights in the Company will, following Admission, be 566,466,985.
