Business
Completion of the Acquisition and the Placing
Completion of the Acquisition and the Placing.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 6580C Igas Energy PLC 09 March 2011 \n \n\n \n9 March 2011\nIGas Energy plc\n(\"IGas\" or the \"Company\")\n \nCompletion of the Acquisition and the Placing\n \nThe Board of IGas is pleased to announce that further to the announcement made on 4 March 2011 the acquisition of the entire issued share capital of Nexen Exploration UK Limited (the \"Acquisition\") has today become unconditional (save for the condition relating to Admission (defined below)) and will complete tomorrow in accordance with its terms on Admission taking place.\n \n39,714,290 new ordinary shares of 50p each have been allotted to Nexen Petroleum U.K. Limited credited as fully paid (the \"Consideration Shares\") in consideration for the Acquisition. Application had previously been made to the London Stock Exchange plc for the Consideration Shares to be admitted to trading on AIM (\"Admission\") and dealings in the Consideration Shares will commence on 10 March 2011.\n \nThe Placing announced on 11th February 2011, raising gross proceeds of £20.625 million, has, as a consequence of the Acquisition becoming unconditional (save only as to Admission), also become unconditional save as to its own condition relating to Admission. Application had previously been made to the London Stock Exchange plc for the 27,500,000 new ordinary shares of 50p each (the \"Placing Shares\") to be admitted to trading on AIM and dealings in the Placing Shares will commence on 10 March 2011. \n \nThe Consideration Shares and the Placing Shares rank pari passu in all respects with the existing issued ordinary shares of IGas.\n \nFollowing completion of the Placing and the Acquisition, the Company's issued share capital will amount to 160,323,721 ordinary shares, which is the figure that may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.\n \nThe interests in the issued ordinary share capital of the Company of each of the Directors and their families within the meaning of the AIM Rules for Companies (all of which, unless otherwise stated) are beneficial and the interests they are expected to have following Admission are or will be...