In order to support and preserve cash for the Company’s drilling operations the Company’s directors have agreed to subscribe for a total of 8,938,570 ordinary shares in the Company (“Consideration Shares”) in lieu of a combination of accumulated pay, deferred pay and expenses.
Accordingly, the Company is pleased to announce the following directors will be allotted shares at 3.2p per share, being a premium of 5.3% to the 5 day volume weighted average mid-market price at the close of business on 6 July 2020.
The subscription of Kuat Oraziman is subject to prior UK regulatory approval from the Panel on Takeovers and Mergers due to the current shareholding of the Oraziman family. Should such approval be granted, the shareholding of the Oraziman family will increase from 829,879,449 shares representing 44.1% of the Company’s issued share capital to 833,629,449 shares representing 44.0%. A further announcement will be made upon confirmation of such approvals.
Following the above transactions the board and connected parties will own 845,836,925 shares representing 44.7% of the Company’s issued share capital.
Shares in issue
Application will made to London Stock Exchange for 5,188,570 ordinary shares (being the Consideration Shares less those due to Kuat Oraziman) to be admitted to trading on AIM (“Admission”) and dealings in the new ordinary shares are expected to commence on or around 14 July 2020. The Consideration Shares will, when issued, rank pari passu in all respects, and carry the same rights as the existing Ordinary Shares. Following Admission the total number of ordinary shares in issue will be 1,887,849,455.
The Consideration Shares due to Kuat Oraziman will be allotted and admitted to trading on AIM following confirmation of the necessary approvals as noted above, at which point a further announcement will be made.
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