Business
Open Offer Update
Open Offer Update.
About this update from Afentra Plc
[{"type":"text","content":"\n RNS Number : 6679C Sterling Energy PLC 18 November 2009 \n \n\n18th November 2009\n\nSTERLING ENERGY PLC\n(\"Sterling\" or the \"Company\")\n\nProposed Open Offer - Update\n\n\nFurther to the Placing undertaken in September 2009 that raised £62.5 million (gross) at 1.3 pence per Ordinary Share, the Board stated it was Sterling's intention to undertake an Open Offer to raise approximately £20.6 million at the September Placing Price of 1.3 pence per Ordinary Share, which will give Shareholders the opportunity to subscribe for two new Ordinary Shares for every nine existing Ordinary Shares held at the Record Date of 8 September 2009. \n\nThe documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Sterling's advisers and the UKLA. Sterling intends to launch the Open Offer following the sale of its USA assets, announced on 20 October 2009. The sale is expected to complete in early December, and the Company expects to close the Open Offer prior to the year end. \n\nFor further information contact:\nSterling Energy Plc (+44 (0)20 7405 4133) \nAlastair Beardsall - Executive Chairman\nJon Cooper - Finance Director\nEvolution Securities (+44 (0)20 7071 4300)\nRob Collins \n\n\nCapitalised terms above are defined in the circular for the September Placing. \nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBCBDBXDBGGCR \n ","length":4165,"tagName":"div"}]