Business
Initial admission - Standard List
Initial admission - Standard List.
About this update from Defi Development Corporation Uk Plc
[{"type":"text","content":"\n \nRNS Number : 4592G Mustang Energy PLC 29 July 2019 \n\nMonday 29 July, 2019\nMustang Energy PLC\nAdmission to Trading and First Day of Dealings\n \nMustang Energy PLC\n29 July 2019\n \nMustang Energy PLC\nAdmission to Trading and First Day of Dealings\nMustang Energy PLC (the \"Company\" or \"Mustang\"), a special purpose acquisition company formed to acquire oil and gas projects in developed jurisdictions, is pleased to announce that it has raised gross proceeds of £750,000 through the placing of 7,500,000 Ordinary Shares at a price of £0.10 per Ordinary Share, of which the board of directors of the Company (the \"Board\") has invested an aggregate of £155,000.\nApplication has been made for the entire issued share capital of 8,400,000 Ordinary Shares, by way of a Standard Listing, to be admitted to trading on the Main Market of the London Stock Exchange. Dealings in the Ordinary Shares are expected to commence at 8.00 a.m. on 29 July 2019 under the ticker \"MUST\" (ISIN: GB00BJ9MHH56).\nINVESTMENT HIGHLIGHTS \n\n\n\n· Initial focus will be acquiring projects which will be capable of generating positive cash-flow within 12 months of acquisition;\n\n\n\n\n· Acquiring working interests in low-risk, proven oil and gas properties;\n\n\n\n\n· Onshore projects preferred;\n\n\n\n\n· No intention to operate projects to maintain low overheads and strong bottom line;\n\n\n\n\n· Focus on bypassed pay and redevelopment projects with exploration upside; \n\n\n\n\n· Utilising management's extensive industry network to provide deal-flow for new opportunities; and\n\n\n\n\n· In the initial growth phase, no exploration projects will be considered.\n\n\n\nNo remuneration shall be payable to the Board or management team until completion of the Company's first acquisition. Following admission of the Ordinary Shares to trading on the Main Market, the Directors will own approximately 29.2% of the Company, ensuring significant alignment with all shareholders. It is intended that any costs are kept to an absolute minimum and main business activities will be kept in-house.\nCommenting on today's dealing debut, Dean Gallegos, Managing Director of the Company, said: \"We are encouraged with the suppo...