Business
Subscription, Suspension and
Subscription, Suspension and.
About this update from Tern Plc
[{"type":"text","content":"\n RNS Number : 0820A Chalkwell Investments PLC 26 January 2011 \n \n\n \n26 January 2011\n \nChalkwell Investments plc \n(\"Chalkwell\" or the \"Company\")\n \nSubscription, Board Changes, Change of Adviser, Suspension of Shares and Warrants, and Update on Discussions with Core Oil & Gas Inc. (\"Core\")\n \nSubscription\n \nChalkwell, the AIM-quoted investment company with a focus on the resource sector, is pleased to announce that it has raised £1m before expenses through a subscription by existing and new institutional and other investors for 2,222,223 new ordinary shares of 0.1p each (\"New Ordinary Shares\") at 45p per New Ordinary Share (\"Subscription\"). \n \nThe Subscription is conditional, inter alia, on admission of the New Ordinary Shares to trading on AIM, which is expected to become effective on 4 February 2011. The proceeds of the Subscription will be used to provide working capital for the Company over the next twelve months. Following the Subscription, the Company's issued share capital will be 4,675,080 ordinary shares of 0.1p each.\n \nBoard Changes\n \nFollowing the recent appointments of John Roddison as a Non-Executive Director on 29 November 2010, and Bruce Evers as Executive Chairman and Reinhold Heus as a Non-Executive Director on 02 December 2010, the board comprises five Directors being John Roddison, Bruce Evers, Reinhold Heus, Leo Knifton and Nigel Weller. \n \nGiven that Chalkwell is an investing company focused on the resources sector, and in view of the new appointments and the fact that Mr Evers and Mr Heus have extensive experience of the oil and gas sector, Mr Knifton and Mr Weller have tendered their resignations, with immediate effect. The remaining Directors would like to express their appreciation to Mr Knifton and Mr Weller for their contribution since their appointment in February last year and in particular their assistance with the restructuring of the Company during 2010.\n \nChange of Adviser\n \nChalkwell announces the appointment of Merchant Securities Limited as Nominated Adviser and Broker to the Company, with immediate effect. \n \nSuspension of Shares and Warrants\n \nPursuant to Rule 15 of the AIM Rules (the Company having been an investing company for twelve months), trading in t...