Business
?1.4 million Placing
?1.4 million Placing.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 5246J Union Jack Oil PLC 13 June 2014 \n \n\nUnion Jack Oil plc\n(\"Union Jack\" or \"the Company\")\n£1.4 million Placing\n \nThe Directors of Union Jack Oil plc (UJO: AIM), are pleased to announce that the Company has raised £1.4 million (before expenses) through a placing (the \"Placing\") of 560,284,640 new ordinary shares of 0.025p (the \"Placing Shares\") at a price of 0.25p (the \"Placing Price\") per Placing Share.\n \nThe net proceeds from the Placing will provide the Company with working capital and the ability to be active in bidding for certain interests on the 14th Onshore UK Licensing Round. In addition, it will provide the Company with the funds to examine other conventional and unconventional asset opportunities.\n \nDavid Bramhill, Executive Chairman, commented:\n\"We are delighted with the result of the significantly oversubscribed Placing and I would like to thank Shore Capital, SP Angel and Northland Capital for the substantial investor demand they generated.\"\n \nAdmission\nThe Placing Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on 19 June 2014. Following admission of the Placing Shares, the enlarged issued share capital will amount to 1,680,853,929 ordinary shares of 0.025p each.\n \nThe Company does not hold any shares in treasury and the above figure may therefore be used by shareholders as the denominator for the calculation to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.\n \nHoldings on Completion of the Placing\nThe Directors' interests in the Company's issued share capital following completion of the Placing are set out below.\n \n\n\n\n\n \n\n\nPrior to the Placing\n\n\nPlacing Shares\n\n\nFollowing the Placing\n\n\n\n\n \n\n\nNumber\n\n\nPercentage of Issued Share Capital\n\n\n\n\nDavid Bramhill1\nExecutive Chairman\n\n\n44,664,580\n\n\n4,000,000\n\n\n48,664,580\n\n\n2.90\n\n\n\n\nJoe O'Farrell2\nExecutive Director\n\n\n105,664,180\n\n\n2,000,000\n\n\n107,664,180\n\n\n6.41\n\n\n\n\nMartin Durham3\nNon-Executi...