Business
Completion of Subscription
Completion of Subscription.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6596D Savannah Petroleum PLC 08 July 2016 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n8 July 2016\nSavannah Petroleum PLC\n(\"Savannah\", \"Savannah Petroleum\" or the \"Company\")\n \nCompletion of Subscription\n \nSavannah Petroleum, the Niger focused oil and gas company, is pleased to announce that, further to the Company's announcement yesterday regarding the successful completion of the proposed placing (the \"Placing\"), Andrew Knott and certain other members of the senior management team, entered into a subscription agreement today to subscribe for, in aggregate, 1,444,318 new ordinary shares of £0.001 each in the Company (\"Ordinary Shares\") (the \"Subscription Shares\") on the same terms governing the wider Placing (the \"Subscription\"). \n \nTogether, the Placing and the Subscription, have conditionally raised gross proceeds of approximately US$40.0 million.\n \nSimilar to the issue of the new Ordinary Shares issued pursuant to the second tranche of the Placing (the \"Second Placing Shares\"), the issue of the Subscription Shares is also subject to, inter alia, the receipt of shareholder approval and it is intended that they will be admitted to trading on AIM at the same time as the Second Placing Shares on 26 July 2016. A circular and notice of general meeting was posted yesterday to shareholders convening the required general meeting on 25 July 2016 to seek, inter alia, this approval.\n \nAssuming shareholder approval is granted for the issue of the Second Placing Shares and the Subscription Shares, Andrew Knott will be beneficially interested in a total of 24,204,565 Ordinary Shares, representing 8.81 per cent. of the Company's then enlarged ordinary share capital. Andrew Knott is also potentially interested in up to 17,035,204 share options over Ordinary Shares as previously announced on 30 July 2015. \n \n \n \n\n\n\n\nFor further information contact:\n \n\n\n\n\n\n\n\nSavannah Petroleum\n\n\n+44 (0) 20 3817 9844\n\n\n\n\nAndrew Knott, CEO\n...