Business
IGas Announces £13.75m Fully
IGas Announces £13.75m Fully.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n RNS Number : 0324D Island Gas Resources PLC 25 November 2009 \n \n \n25 November 2009\n\n\nIsland Gas Resources plc (to be renamed \"IGas Energy plc\")\n\nIsland Gas Resources (\"IGas\" or \"the Company\") announces a £13.75 million fully underwritten placing to reinforce its position as the leading company dedicated to UK onshore gas production:\n\nHighlights:\n\n\n\nStrengthened financial position and funding in place for accelerated development programme\n\n\n£13.75 million underwritten Placing at 60p\n\n\nPeter Levine / Levine Capital Management increasing their stake from 3.7% to 12.5% and to fully underwrite the Placing\n\n\n\n\n\n\n\nAccretive acquisition of licence interests from Nexen boosting resources by 38% and giving operatorship of Point of Ayr\n\n\nincreased stake by 25% to 75% in Point of Ayr\n\n\nincreased stakes by 15% to 35% in Four Oaks, North Dees and Parkside licences\n\n\n\n\n\n\n\nAsset base in place to supply electricity to approximately 7% of all UK households for 15 years\n\n\nfirst full production site targeted for 2011\n\n\nfurther 20 to 50 sites targeted for production between 2011 and 2014\n\n\n\n\n\n\n\nBoard strengthened with appointment of John Hamilton as non executive Director\n\n\nAndrew Austin, Chief Executive Officer, said:\n\n\"The proposed fund-raising will help us accelerate the development of IGas by increasing our assets and bringing forward our production plans. Significantly this positions IGas to play an important role in ensuring the security of UK energy supply.\n\nI am delighted that Peter Levine has significantly increased his investment and I would like to welcome John Hamilton onto the Board. I look forward to working closely with John as Levine Capital Management's representative and developing IGas into the leading player in the sector.\" \n\nIGas has convened a General Meeting to seek approval from Shareholders for Resolutions to approve the Placing, which is being convened at 3.30 p.m. on 10 December 2009 at the offices of Morrison & Foerster (UK) LLP, CityPoint, One Ropemaker Street, London EC2Y 9AW. A circular, giving details of all of the proposals set out in this announcement, will shortly be available on the Company's ...