Victoria Oil & Gas: Fundamentals & Valuation Summary

Nabeel although the new shares issued to institutions are to be at 78p, when they list on the market they will be the current price at the time of listing and the same as the other shares. You can't make any differential between the two lots of shares.

If the share price is 97.5p, then the two combined sets of shares equals circa 98.3m x 97.5p = mkt cap of £95.84m. You don't work out the market capitalisation of the new shares based at 78p issue price. They will rank 'pari passu' with the existing ordinary shares and are expected to commence trading on 29/12/05.