Business
Close of Accelerated Bookbuild; result of Placing
Close of Accelerated Bookbuild; result of Placing.
About this update from Block Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2379Z Block Energy PLC 16 May 2019 \n\n16 May 2019\n \nBlock Energy PLC\n(\"Block Energy\" or \"the Company\")\n \nClose of Accelerated Bookbuild and result of Placing\n \nFurther to the announcement made yesterday, Block Energy plc (AIM: BLOE), the exploration and production company focused on the Republic of Georgia, is pleased to announce it has completed a placing of 109,090,000 new Ordinary Shares (\"Placing Shares\"), raising approximately £12 million (before expenses) with institutional investors at a Placing Price of 11 pence per share. Mirabaud Securities Limited (\"Mirabaud\") acted as sole bookrunner and broker in connection with the Placing. Mirabaud has been appointed as joint broker to the Company with immediate effect.\nThe Placing Price represents a discount of approximately 15.7 per cent. to the closing market price, of 13.05 pence per Existing Ordinary Share on 15 May 2019, the last business day before the announcement of the Placing.\nThe Placing Shares shall be issued and allotted by the Company in three tranches. The issue and allotment of the First Tranche Firm Placing Shares shall take place by no later than 4.00 p.m. on the day prior to First Admission. These shares have been allotted separately so as to meet eligibility criteria for Venture Capital Trust and Enterprise Investment Scheme relief. The Second Tranche Firm Placing is conditional, inter alia, upon First Admission (which is expected to become effective with dealings in all of the Firm Placing Shares to commence on 22 May 2019); and the Conditional Placing is conditional, inter alia, upon Second Admission (which is expected to become effective with dealings in the Conditional Placing Shares to commence on 5 June 2019).\nUpon First Admission, the Enlarged Share Capital is expected to be 318,951,218 Ordinary Shares. Upon Second Admission, the Enlarged Share Capital is expected to be 385,221,218 Ordinary Shares. On this basis, the Placing Shares will represent approximately 28.32 per cent. of the Company's Enlarged Share Capital.\nThe Conditional Placing is conditional upon, inter alia, approval by Shareholders at the General Meeting of the Placing Resolutions. The Placing Resolutions will provide the Company with the authority to allot and issue, the Placing Shares. It is expected that the Conditional Placing...