Result of General Meeting, Result of Open Offer, Directors’ Dealings and Total Voting Rights
All capitalised terms in this announcement have the same meanings as those given to them in the Circular posted by the Company on 15 August 2018, unless the context otherwise requires.
Result of General Meeting
The Directors of Solo Oil are pleased to announce that at the General Meeting held earlier today, all resolutions were passed.
Result of the Open Offer
Accordingly, the Company notes that the open offer to raise up to £1.2 million described in the announcement dated 15 August 2018 titled “Posting of Open Offer Circular” (the “Open Offer”) closed for acceptances at 11.00 a.m. on 12 September 2018 in accordance with its terms. The Company reports that it has received valid applications, including those received under the Excess Application Facility, in respect of a total of 52,439,328 new ordinary shares of 0.2 pence each in the Company (“New Ordinary Shares”), representing a percentage take up of 100 per cent. of the New Ordinary Shares available under the Open Offer. Qualifying Shareholders who have validly applied for Open Offer Shares pursuant to their Basic Entitlement will receive their application in full and those Qualifying Shareholders who have validly applied for Excess Shares will also receive their application in full.
The Company reports that the Directors have applied to participate in the Open Offer, and further details will be announced separately.
In accordance with the terms of the Open Offer, the board has, at its discretion, made available to certain new investors a total of 13,939,498 New Ordinary Shares under the Open Offer, representing a percentage take up of 26.6 per cent. of the New Ordinary Shares available under the Open Offer.
Total number of New Ordinary Shares to be issued and total gross proceeds
The aggregate total of New Ordinary Shares to be issued pursuant to the Open Offer is 52,439,328 New Ordinary Shares. The aggregate amount raised pursuant to the Open Offer is approximately £1,179,884.88.
Application for admission
Application has been made for the 52,439,328 New Ordinary Shares to be issued pursuant to the Open Offer to be admitted to trading on AIM (“Admission”). It is expected that Admission and dealings in those shares will commence at 8.00 a.m. on 18 September 2018.
Total Voting Rights
Immediately following Admission, there will be 631,704,129 Ordinary Shares of 0.2 pence each in the capital of Solo Oil in issue, with one voting right each. The number of ordinary shares with voting rights will therefore be 631,704,129. Accordingly, this number should 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 under the FCA’s Disclosure Guidance and Transparency Rules.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned