Business
Issue of Equity
Issue of Equity.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n RNS Number : 1006B Igas Energy PLC 11 February 2011 \n \n\n11 February 2011\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN\n \nIGas Energy plc (\"IGas\" or the \"Company\") announces the successful placing of 27,500,000 new ordinary shares at a placing price of 75 pence per share\n \nIGas announces the completion of the placing announced earlier today (the \"Placing\"). A total of 27,500,000 new ordinary shares (the \"Placing Shares\") have been placed at a price of 75 pence per Placing Share (the \"Placing Price\"). Based on the Placing Price, the gross proceeds of the Placing will be £20.625 million. The Placing Shares being issued represent an increase of approximately 29.5 per cent. in IGas's existing issued share capital prior to the acquisition of Nexen Exploration UK Limited (\"Nexen Exploration UK\").\n \nThe Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 50 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.\n \nThe Company will apply for admission of the Placing Shares to trading on the AIM market operated by the London Stock Exchange (\"Admission\"). It is expected that Admission will take place and that trading will commence at 8am on 7 March 2011.\n \nThe Placing is conditional upon, among other things, passing of a resolution at a General Meeting of the Company, convened for 4 March 2011, Admission becoming effective and the proposed acquisition of Nexen Exploration UK becoming unconditional in all respects. The Placing is also conditional on the Placing Agreement between the Company and the RBS Hoare Govett Limited becoming unconditional and not being terminated and shareholder approval of the Placing and the proposed acquisition of Nexen Exploration UK. It is anticipated that the settlement date will be 7 March 2011, subject to a non-statutory clearance in respect of the change of control of Nexen Exploration UK having been received from DECC prior to that date.\n \nRBS Hoare Govett is acting as sole bookrunner (the \"Bookrunn...