TIDMEDR
RNS Number : 0038B
Egdon Resources PLC
04 June 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of Egdon Resources plc or other evaluation of any
securities of Egdon Resources plc or any other entity and should
not be considered as a recommendation that any investor should
subscribe for or purchase any such securities.
4 June 2019
EGDON RESOURCES PLC
("Egdon" or the "Company")
Results of Open Offer of 43,330,803 Open Offer Shares
Egdon Resources plc (AIM:EDR), announces the results of its
underwritten Open Offer of 43,330,803 Shares, which was announced
on 15 May 2019 and closed for acceptances, in accordance with its
terms, at 11.00 a.m. on 31 May 2019.
The Company announces that it has received valid acceptances and
excess applications from Qualifying Shareholders for a total of
31,200,612 Open Offer Shares, amounting to 72.01 per cent.,
pursuant to the terms of the Open Offer.
The valid acceptances included the irrevocable commitment to
take up (or procure the taking up) of Open Offer Shares from
Petrichor Holdings Coöperatief U.A., ("Petrichor") and Premier Oil
plc ("Premier") (respectively the "Petrichor Committed Shares" and
the "Premier Committed Shares" and together the "Excluded
Shares").
Pursuant to the Underwriting Agreement, Petrichor has agreed to
subscribe for the remaining 12,130,191 Open Offer Shares (the
"Underwritten Shares"), being the total number of Open Offer Shares
less the Excluded Shares and Open Offer Shares taken up by
Qualifying Shareholders, on a fully underwritten basis in exchange
for the payment of an underwriting commission of an amount equal to
4 per cent. of the total Issue Price of 23,801,611 Underwritten
Shares.
Details of the interest of Petrichor, following the Open Offer,
in the ordinary share capital of the Company are set out in the
table below:
As at date of the circular On Admission
Number of Open
Offer Shares taken
up by Petrichor
pursuant to the
Number of Existing % interest of Underwriting % interest in the
Ordinary Shares Existing Issued Agreement and Number of Ordinary Enlarged Issued
Name held Share Capital the Undertaking Shares held Share Capital
Petrichor 77,969,448 29.99 25,125,098 103,094,546 33.99
At the General Meeting held on 3 June 2019 Shareholders voted to
approve the waiver granted by the Panel on Takeovers and Mergers of
any requirement under Rule 9 of The City Code on Takeovers and
Mergers for Petrichor to make a general offer to shareholders of
the Company as a result of the issue of Ordinary Shares to
Petrichor pursuant to the Open Offer and Underwriting Agreement, as
more fully described in the Circular, sent to Shareholders on 15
May 2019.
The net proceeds from the Open Offer (being approximately
GBP1.982 million, after costs of approximately GBP0.185 million)
will be used in the Company's exploration and appraisal work
programme as follows:
-- progress the Gainsborough Trough Shale-Gas assets;
-- progress the Resolution Gas Discovery; and
-- for general working capital purposes.
Directors' Participations in the Open Offer
Following the admission of the Open Offer Shares to trading on
AIM ("Admission"), the holdings of the Directors in the enlarged
issued share capital of the Company will be as follows:
Role Number of Number of Holding following Percentage
Ordinary Open Offer Admission holding of
Shares currently Shares subscribed Enlarged
held for Share Capital
Non-Executive
Philip Stephens Chairman 112,889 18,814 131,703 0.04
-------------------- ------------------ ------------------- ------------------ ---------------
Mark Abbott Managing Director 8,089,387 1,303,230 9,392,617 3.10
-------------------- ------------------ ------------------- ------------------ ---------------
Martin Durham Technical Director - - - -
-------------------- ------------------ ------------------- ------------------ ---------------
Tim Davies Non-Executive - - - -
Director
-------------------- ------------------ ------------------- ------------------ ---------------
Non-Executive
Ken Ratcliff Director 169,743 27,989 197,732 0.07
-------------------- ------------------ ------------------- ------------------ ---------------
Non-Executive
Director and
Walter Roberts Company Secretary 974,129 97,375 1,071,504 0.35
-------------------- ------------------ ------------------- ------------------ ---------------
Admission to Trading on AIM and Total Voting Rights
Application has been made for the 43,330,803 Open Offer Shares,
which will rank pari passu with the Company's issued Ordinary
Shares, to be admitted to trading on AIM. It is expected that
Admission will become effective and that dealings in the Open Offer
Shares will commence at 8.00 a.m. on 6 June 2019.
Following the issue of the Open Offer Shares, the Company will
have 303,315,625 Ordinary Shares in issue. No Ordinary Shares are
held in treasury. The figure of 303,315,625 Ordinary Shares may be
used by the Company's shareholders 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
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Capitalised terms used but not otherwise defined in this
announcement bear the meanings ascribed to them in the circular of
the Company dated 15 May 2019.
Mark Abbott, Managing Director of Egdon, commented:
"We are pleased to have received such a positive response from
our existing shareholders to the Open Offer and are encouraged by
the participation of Premier and grateful for the continued support
of Petrichor as a long-term major shareholder. Having raised gross
proceeds of GBP2.17 million from the Open Offer, Egdon is now
capitalised to deliver on our strategy with a near-term focus on
the Company's exploration and appraisal work programme in the
Gainsborough Trough, the Resolution Gas Discovery and in
progressing the planning appeal for the Wressle Development later
in 2019."
Contact Information:
Egdon Resources plc +44 (0) 1256 702
Mark Abbott, Managing Director 292
VSA Capital Limited -Financial Adviser & Joint Broker
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking) +44 (0) 20 3005 5000
Cantor Fitzgerald Europe Limited - Nominated Adviser
and Joint Broker
David Porter/Rick Thompson (Corporate Finance)
Caspar Shand Kydd (Sales) +44 (0) 20 7894 7000
Buchanan - PR
Ben Romney/Chris Judd +44 (0) 20 7466 5000
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company focused on onshore exploration
and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 licences in the UK and has an active
programme of exploration, appraisal and development within its
portfolio of oil and gas assets. Egdon is an approved operator in
the UK.
Egdon was formed in 1997 and listed on AIM in December 2004.
Qualified Person Review
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, this release has been reviewed by Mark Abbott,
Managing Director of Egdon, who is a geoscientist with over 30
years' experience and is a member of the Petroleum Exploration
Society of Great Britain and a Fellow of the Geological Society. Mr
Abbott has consented to the inclusion of the technical information
in this release in the form and context in which it appears.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Philip Stephens
--------------------------------------------- --------------------------------------------
2. Reason for the notification
-------------------------------------------------------------------------------------------
(a) Position/status Non-executive chairman
--------------------------------------------- --------------------------------------------
(b) Initial notification/Amendment Initial notification
--------------------------------------------- --------------------------------------------
3. Details of the issuer
-------------------------------------------------------------------------------------------
(a) Name Egdon Resources plc
--------------------------------------------- --------------------------------------------
(b) LEI 213800WWGH4S9GYSPL77
--------------------------------------------- --------------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transaction have been conducted
-------------------------------------------------------------------------------------------
(a) Description of the Egdon Resources plc Ordinary Shares of 1p
Financial Instrument each
--------------------------------------------- --------------------------------------------
(b) Identification code ISIN: GB00B28YML29
of the Financial
Instrument
--------------------------------------------- --------------------------------------------
(c) Nature of the transaction Open Offer
--------------------------------------------- --------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
--------------------------------------------- -------------------- ----------------------
5p 18,814
--------------------------------------------------- -------------------- ----------------------
(e) Aggregated information n/a
* Aggregated Volume
* Price
--------------------------------------------- --------------------------------------------
(f) Date of the transaction 31/05/2019
--------------------------------------------- --------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
--------------------------------------------- --------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Mark Abbott
--------------------------------------------- --------------------------------------------
2. Reason for the notification
-------------------------------------------------------------------------------------------
(a) Position/status Managing Director
--------------------------------------------- --------------------------------------------
(b) Initial notification/Amendment Initial notification
--------------------------------------------- --------------------------------------------
3. Details of the issuer
-------------------------------------------------------------------------------------------
(a) Name Egdon Resources plc
--------------------------------------------- --------------------------------------------
(b) LEI 213800WWGH4S9GYSPL77
--------------------------------------------- --------------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transaction have been conducted
-------------------------------------------------------------------------------------------
(a) Description of the Egdon Resources plc Ordinary Shares of 1p
Financial Instrument each
--------------------------------------------- --------------------------------------------
(b) Identification code ISIN: GB00B28YML29
of the Financial
Instrument
--------------------------------------------- --------------------------------------------
(c) Nature of the transaction Open Offer
--------------------------------------------- --------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
--------------------------------------------- -------------------- ----------------------
5p 1,303,230
--------------------------------------------------- -------------------- ----------------------
(e) Aggregated information n/a
* Aggregated Volume
* Price
--------------------------------------------- --------------------------------------------
(f) Date of the transaction 31/05/2019
--------------------------------------------- --------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
--------------------------------------------- --------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Ken Ratcliff
--------------------------------------------- --------------------------------------------
2. Reason for the notification
-------------------------------------------------------------------------------------------
(a) Position/status Non-executive director
--------------------------------------------- --------------------------------------------
(b) Initial notification/Amendment Initial notification
--------------------------------------------- --------------------------------------------
3. Details of the issuer
-------------------------------------------------------------------------------------------
(a) Name Egdon Resources plc
--------------------------------------------- --------------------------------------------
(b) LEI 213800WWGH4S9GYSPL77
--------------------------------------------- --------------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transaction have been conducted
-------------------------------------------------------------------------------------------
(a) Description of the Egdon Resources plc Ordinary Shares of 1p
Financial Instrument each
--------------------------------------------- --------------------------------------------
(b) Identification code ISIN: GB00B28YML29
of the Financial
Instrument
--------------------------------------------- --------------------------------------------
(c) Nature of the transaction Open Offer
--------------------------------------------- --------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
--------------------------------------------- -------------------- ----------------------
5p 27,989
--------------------------------------------------- -------------------- ----------------------
(e) Aggregated information n/a
* Aggregated Volume
* Price
--------------------------------------------- --------------------------------------------
(f) Date of the transaction 31/05/2019
--------------------------------------------- --------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
--------------------------------------------- --------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Walter Roberts
--------------------------------------------- -----------------------------------------------
2. Reason for the notification
----------------------------------------------------------------------------------------------
(a) Position/status Non-executive director and company secretary
--------------------------------------------- -----------------------------------------------
(b) Initial notification/Amendment Initial notification
--------------------------------------------- -----------------------------------------------
3. Details of the issuer
----------------------------------------------------------------------------------------------
(a) Name Egdon Resources plc
--------------------------------------------- -----------------------------------------------
(b) LEI 213800WWGH4S9GYSPL77
--------------------------------------------- -----------------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transaction have been conducted
----------------------------------------------------------------------------------------------
(a) Description of the Egdon Resources plc Ordinary Shares of 1p
Financial Instrument each
--------------------------------------------- -----------------------------------------------
(b) Identification code ISIN: GB00B28YML29
of the Financial
Instrument
--------------------------------------------- -----------------------------------------------
(c) Nature of the transaction Open Offer
--------------------------------------------- -----------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
--------------------------------------------- --------------------- ------------------------
5p 97,375
--------------------------------------------------- --------------------- ------------------------
(e) Aggregated information n/a
* Aggregated Volume
* Price
--------------------------------------------- -----------------------------------------------
(f) Date of the transaction 31/05/2019
--------------------------------------------- -----------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
--------------------------------------------- -----------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCZMGGVLFVGLZM
(END) Dow Jones Newswires
June 04, 2019 02:00 ET (06:00 GMT)
Egdon Resources (LSE:EDR)
Historical Stock Chart
From Apr 2024 to May 2024
Egdon Resources (LSE:EDR)
Historical Stock Chart
From May 2023 to May 2024