Business
Conditional Placing
Conditional Placing.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n Regal Petroleum PLC\n24 January 2008\n\n\n\n REGAL PETROLEUM PLC\n ('Regal' or 'the Company')\n\n Conditional Placing of New Shares\n\nRegal Petroleum plc, the independent oil & gas exploration and production\ncompany, today announces that it has conditionally placed (the 'Placing') new\nordinary shares of 5p each in the capital of the Company (the 'Placing Shares')\nin order to raise approximately £84 million (before expenses). The Company also\nannounces the appointment, with immediate effect, of Strand Partners Limited as\nits new Nominated Adviser ('Nomad').\n\nHighlights\n\n• Subject to shareholder approval, Regal will issue 56,440,000 Placing\nShares at a price of £1.50 (the 'Placing Price'), raising (after deduction of\nexpenses) approximately £80 million.\n\n• The Placing Shares represent 39.5% of the existing issued share capital\nof the Company. On admission of the Placing Shares to trading on AIM, there will\nbe 199,468,824 ordinary shares of 5p each ('Ordinary Shares') in issue, valuing\nthe issued share capital of Regal at £299.2m at the Placing Price.\n\n• The net proceeds of the Placing will be used, primarily, to fund the\nexploitation and development of the Group's Ukrainian assets and provide\nadditional working capital to the Company.\n\n• The Placing Shares have been conditionally placed with institutional\ninvestors. Admission and dealings in the Placing Shares on AIM are expected to\ncommence on 22 February 2008, subject to shareholder approval at a general\nmeeting of the Company to take place on 19 February 2008.\n\n• Regal has been notified by the London Stock Exchange, that following an\ninvestigation it intends to refer a case regarding alleged breaches by Regal of\nthe AIM Rules to the AIM Disciplinary Committee. Further details of this matter\nappear in paragraph 4 of this announcement.\n\n• The Company is pleased to announce the appointment of Strand Partners\nLimited ('Strand Partners') as its new Nomad. Mirabaud Securities Limited\n('Mirabaud') will continue in its capacity as the Company's broker.\n\n• A circular, convening a general meeting for 19 February 2008 to seek\nshareholder approval for the Placing, will be posted to Shareholders as soon as\npossible.\n\n\n\nDavid J Greer OBE, Regal's Chairman and Chief Executive Officer, commented:\n\n'I am delighted with the re...