Business
Placing and Corporate Update
Placing and Corporate Update.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9241A Sarantel Group PLC 26 March 2013 \n \n\nFor immediate release\n26 March 2013\nSarantel Group plc\n(\"Sarantel\" or the \"Company\")\nPlacing and corporate update\nThe Board of Sarantel is pleased to announce that the Company has today conditionally placed 276,825,440 new A ordinary shares (the \"Ordinary Shares\") at a placing price of 0.1p per Ordinary Share (the \"Placing Price\") with existing institutional and other shareholders to raise £276,825 before expenses (the \"Placing\"). The proceeds of the Placing will be used to provide additional working capital for the Company. \nBackground to the Placing\nIn the Company's audited results for the year ended 30 September 2012, as announced on 14 January 2013, Sarantel advised shareholders that the Company was in exclusive discussions with a third party (the \"Buyer\") for the sale of its operating subsidiary, Sarantel Limited. The Company further advised that in the event that the proposed disposal of the operating subsidiary did not proceed as expected, the Company would need to raise additional funds from third parties before the end of March 2013. As announced on 5 February 2013, due to the acceleration of a follow-on order subsequently received from a major customer, the deadline to raise additional funds from third parties extended by a month to the end of April 2013.\nSince the AGM on 15 March 2013, the Company has had discussions with certain of its existing institutional and other shareholders who have indicated their strong interest in continuing to support the Company. \nThe Placing\nThe Company has therefore today conditionally placed 276,825,440 new Ordinary Shares at a placing price of 0.1p per Ordinary Share with existing institutional and other shareholders to raise £276,825 before expenses. The proceeds of the Placing will be used to provide additional working capital and the Company expects that the deadline to raise additional funds from third parties will now be extended to beyond the end of May 2013. The new Ordinary Shares are the maximum number of Ordinary Shares that the Company is permitted to issue in a placing for cash pursuant to its share authorities approved by Shareholders at the Annual General Meeting held on 15 March 2013.\nAs set out in the Company's audited results for the year ended 30 September 2012, the Directors...