Business
Previously Intended Open Offer
Previously Intended Open Offer.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7635Z Coro Energy PLC 21 May 2019 \n\n 21 May 2019\n \nCoro Energy plc\n(\"Coro Energy\" or the \"Company\")\n \nPreviously Intended Open Offer\n \nCoro Energy, the Southeast Asian focused oil and gas company, previously announced on 16 February 2018 that it intended, following completion of a placing of and subscription for new ordinary shares to raise approximately £14 million at a price of 4.38 pence per ordinary share (the \"Placing and Subscription\"), to offer qualifying shareholders with the opportunity to subscribe for new ordinary shares at the same 4.38 pence per ordinary share price as was available to investors under the Placing and Subscription in an intended open offer of up to £2 million in 2018 (the \"Previously Intended Open Offer\"). \n \nThe Previously Intended Open Offer was not required by the Company to fund operations but was instead intended to provide qualifying shareholders with the opportunity to subscribe for additional ordinary shares at the same price as was available to investors under the Placing and Subscription. \n \nThe Company's ordinary shares have, since completion of the Placing and Subscription, traded below the price at which the Previously Intended Open Offer was to be launched and the Directors do not therefore believe that it would be a productive use of Company funds to proceed with an open offer at a premium to the prevailing share price at the current time. As a result, the Company no longer intends to proceed with the Previously Intended Open Offer.\n \n \n \nFor further information please contact:\n \n\n\n\nCoro Energy plc\nJames Menzies, Chief Executive Officer\nAndrew Dennan, Chief Financial Officer\n \n \n\n\nTel: 44 (0)20 3965 7917\n \n \n \n\n\n\n\nCenkos Securities plc (Nominated Adviser)\nBen Jeynes\nDavid Jones\n \n \n\n\nTel: 44 (0)20 7397 8900\n\n\n\n\nVigo Communications Ltd (IR/PR Advisor)\nPatrick d'Ancona\nChris McMahon\n \n\n\nTel: 44 (0)20 7390 0230\n\n\n\n\nMirabaud Securities Ltd (Joint Broker)\nPeter Krens\nEd Haig-Thomas\n \n \n\n\nTel: 44 (0)20 3167 7221\n\n\n\n\nTurner Pope Investments (TPI) Ltd (Joint Broker)\nBen Turner\nJames Pope\n\n\nTel: 44 (0)20 3621 4120\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n \n\nThis information is pr...