Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in Appendix II of the Placing, Subscription and Retail Offer Announcement issued on 20 February 2025 at 7a.m., unless the context requires otherwise.
Borders & Southern (AIM: BOR), the London based independent oil and gas company with assets offshore of the Falkland Islands, is pleased to announce that the Retail Offer launched on 20 February 2025 has now closed. It received strong support from existing shareholders and was almost 3 times oversubscribed. The Retail Offer raised in aggregate £0.2 million through the issuance of 4,210,526 Retail Offer Shares at a price of 4.75 pence each.
Allocations were made to existing Shareholders, applying the principles of soft pre-emption. Existing Shareholders received 100 per cent. of their soft pre-emptive allowance, when their order matched or exceeded their soft pre-emptive allowance. Given the level of demand, where the order was greater than the soft pre-emptive allowance shareholders received approximately 23.37 per cent. of their additional demand1.
1 Soft Pre-emptive allowance Calculation: Existing shares X 5.5571% (Dilution from total new shares being issued) = Soft Pre-emptive allowance shares. Soft Pre-emptive allowance shares X 100% = Soft Pre-emptive allowance allocated shares. Additional demand allocation share calculation: (Total order shares – Soft pre-emptive allowance allocation shares) X approximately 23.37%.
Accordingly, conditional on the passing of the Resolutions at the General Meeting and admission of the Placing Shares, Subscription Shares and Retail Offer Shares the Company has conditionally raised total gross proceeds of approximately £2.2 million in aggregate by way of the Fundraising.
Harry Baker, Chief Executive Officer of Borders & Southern, commented:
“I would like to thank all investors for their support at this pivotal time for the Company. We are hoping that increased engagement with potential partners will result in the right deal or deals being announced in due course. These funds give us the time and firepower to complete the right transaction for shareholders.”
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the Retail Offer Shares, a total of 4,210,526 new Ordinary Shares, to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares, Subscription Shares and Retail Offer Shares will commence on AIM at 8.00 a.m. on or around 20 March 2025 (or such later date as may be agreed between the Company and the Joint Bookrunners, but no later than 31 March 2025) (“Admission”).
The Placing Shares, Subscription Shares and Retail Offer Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 877,630,245 with voting rights. This figure may be used by 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’s share capital pursuant to the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Update on Placing and Subscription
Further to the RNS announcement issued by the Company at 7.49am on 20 February 2025 (“Result of Placing and Subscription, PDMR Dealing”), the Company announces that 210,526 New Ordinary Shares which were due to be issued as part of the Placing to Will Hodson will now be issued via the Subscription, The total number of New Ordinary Shares to be issued under the Placing and Subscription, and funds raised for the Company thereof, remains unchanged and as previously announced.
For further information, please contact:
Borders & Southern Petroleum plc
Harry Baker, Chief Executive Tel: 020 7071 6984
