Business
Board Appts, Underwritten Open Offer and Loan
Board Appts, Underwritten Open Offer and Loan.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5552X Sound Oil PLC 14 January 2014 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION\n \n14 January 2014\n \nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n \nDirector Appointments, Underwritten Open Offer and Loan\n \nSound Oil, the European / Mediterranean focused upstream oil and gas company, announces the following Directorate and funding changes, aimed at positioning the Company to exploit the full potential of its Italian portfolio:\n \n· The intention to appoint Simon Davies and Gerry Orbell as Non Executive Directors, after completion of the open offer.\n \n· The initiation of an approximately £1.6 million discounted open offer, which is fully underwritten by Peel Hunt and Simon Davies.\n \n· The securing of an asset backed loan of up to £1.5 million from Simon Davies, on more favourable terms than the existing bridge loan facility, which has been cancelled undrawn without incurring significant fees.\n \nDirector Appointments\n \nThe Company announces its intention to appoint Simon Davies and Gerry Orbell to the Board as Non Executive Directors following the conclusion of the open offer. \n \nSimon Davies has 30 years experience as a financier in the City of London and was previously Executive Chairman of Threadneedle Asset Management. Simon currently owns 7 million shares in the Company (some 2.5% of the issued share capital) and brings key institutional relationships and expertise to evaluate alternative financing options. Gerry Orbell is a petroleum geologist with over 40 years of international experience, including with Premier Oil and Petrofina, and brings an intimate knowledge of Sound Oil's Italian assets. (Note 1)\n \nThe Sound Oil plc Board now has the right balance of technical and financial skills to drive the Company forward.\n \nOpen Offer\n \nSound Oil is also pleased to announce the initiation of a discounted open offer (\"the Open Offer\") to eligible shareholders to raise up to approximately £1.6 million (before expenses). The Open Offer structur...