Business
Response to FOGL placing anno
Response to FOGL placing anno.
About this update from Fih Group Plc
[{"type":"text","content":"\n RNS Number : 5791S Falkland Islands Holdings PLC 20 May 2009 \n \n20 May 2009\n\n\nFalkland Islands Holdings plc\n\nFalkland Oil and Gas Limited - Placing announcement\n\nFalkland Islands Holdings Plc ('FIH') the international services Group, which owns essential services businesses focused on transport and logistics notes the announcement today by Falkland Oil and Gas Limited of the issue of 10,448,099 new ordinary shares. \n\nFollowing the issue the FIH shareholding in FOGL remains unchanged at 15,000,000 ordinary shares representing a 14.6% interest.\n\nThe text of today's announcement by FOGL is shown below : \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA, NEW ZEALAND OR THE REPUBLIC OF IRELAND (THE 'RESTRICTED JURISDICTION') OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION \n\nFor immediate release\n20 May 2009 \nFalkland Oil and Gas Limited\n('FOGL' or 'the Company')\nPlacing to raise £7.6 million \n\nFOGL, the oil and gas exploration company with licence areas to the south and east of the Falkland Islands, is pleased to announce that it has conditionally raised £7.6 million before expenses (£7.2 million net) through an issue of 10,448,099 new ordinary shares of 0.002 pence in the capital of the Company ('Ordinary Shares') with new and existing institutional investors and certain directors of the Company at a price of 73 pence per share (the 'Placing Price'). \n\nUse of proceeds\n\nThe net proceeds of the fundraising will be used to provide additional working capital to fund long-lead drilling equipment and general and administrative costs through 2010 and into 2011. The directors of FOGL (the 'Directors') expect to raise the additional capital required to fund the Company's share of the drilling programme through a further farmout and/or equity issue in due course. \n\nThe Placing\n\nOriel Securities Limited ('Oriel') has agreed to use its reasonable endeavours to procure subscribers for 10,371,923 new Ordinary Shares (the 'Placing Shares')(the 'P...