Business
Placing, Lifting of Suspension & Operations...
Placing, Lifting of Suspension & Operations....
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.\n\nAndalas Energy and Power Plc / Index: AIM / Epic: ADL / Sector: Oil & Gas\n\n23 May 2017\n\nAndalas Energy and Power Plc (‘Andalas’, or the ‘Company’)\n\nPlacing, Lifting of Suspension and Operations Update\n\nAndalas Energy and Power Plc, the AIM traded Indonesian focused energy company, is pleased to announce that it has conditionally raised £600,000 via a placing (‘the Placing’) of 600,000,000 ordinary shares of nil par value (the ‘Placing Shares’) at a price of 0.1 pence per share (‘the Placing Price’). Certain Directors are participating in the Placing by way of a subscription for a total of 168,000,000 Placing Shares. The Placing Price represents a premium of 29% to the mid-market price at the time of the suspension of trading in the Company’s ordinary shares on AIM. Following today’s announcement, the Company has requested a restoration of trading in the Company’s ordinary shares, which will recommence trading on AIM from 7.30 a.m. on 23 May 2017. \n\nAndalas CEO, David Whitby, said:\n\n“The Directors’ participation in this placing at a 29% premium to the last traded share price demonstrates the team’s conviction that real progress continues to be made towards establishing Andalas as a leader in the gas to power space in Indonesia. The opportunity in front of us remains more compelling than ever and I look forward to updating the market as we look to generate significant value both for our new and existing shareholders.â€\n\nDetails of the Placing and Total Voting Rights\n\nThe Placing is conditional only upon the lifting of the suspension in trading of the Company’s shares and admission of the Placing Shares to trading on AIM. The proceeds of the Placing will be used to provide additional working capital, as Andalas focuses on advancing its first Wellhead IPP project with Pertamina, Indonesia’s national energy company. In connection with the Placing, the Company has also issued 50,000,000 5 year warra...