Business
Placing and Open Offer
Placing and Open Offer.
About this update from Afentra Plc
[{"type":"text","content":"\n RNS Number : 6373D Sterling Energy PLC 04 December 2009 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. PLEASE SEE THE IMPORTANT NOTICE BELOW\n\n4 December 2009\nSTERLING ENERGY PLC\n(\"Sterling\" or the \"Company\")\n\nFirm Placing and Open Offer of up to 1,637,296,583 New Ordinary Shares at 1.3 pence per New Ordinary Share, Proposed Consolidation, Approval of the Rule 9 Waiver, Adoption of amended Articles and Approval of New LTIP Schemes\n\nA Prospectus containing details of the Firm Placing and Open Offer, Proposed Consolidation, Approval of the Rule 9 Waiver, Adoption of amended Articles, Approval of New LTIP Schemes and Notice of Extraordinary General Meeting is expected to be posted to Shareholders shortly and will be available on the Company's website, www.sterlingenergyplc.com.\n\nSummary\n\n\nProposed Firm Placing and Open Offer to raise £20.4 million (net of expenses).\n\n\nThe Issue Price of 1.3 pence per New Ordinary Share represents a 70.6 per cent. discount to the closing middle market price of 4.43 pence per Existing Ordinary Share on 3 December 2009, the last business day before the announcement of the Capital Raising, and a 52.6 per cent. discount to the closing middle market price of 2.74 pence per Existing Ordinary Share on 13 August 2009, being the last practicable date prior to the announcement of the September Placing.\n\n\nThe Capital Raising is subject to approval by the Company's Shareholders at an Extraordinary General Meeting expected to be held on 22 December 2009.\n\n\nBoard also proposes to enter into a share consolidation following the completion of the Capital Raising, save for Admission, and prior to Admission on 23 December 2009, under which all of the then issued shares in the capital of the Company will be consolidated into Ordinary Shares on a 1 for 40 basis.\n\n\nThe proceeds of the Capital Raising, expected to be up to £20.4 million (US$33.5 million) net of expenses, may be used as follows:\n\n\nUS$28.5 million could be used to fund the Company's share of the testing of the exploration well and further appraisal work on ...