Regal Petroleum PLC
09 May 2007
Immediate Release 9 May 2007
REGAL PETROLEUM PLC
('Regal' or the 'Company')
Proposed Amendments to Subscription and Services Agreement
dated 8 August 2006
The Company is pleased to announce that it has entered into a conditional agreement
(the 'Deed of Amendment') with Alberry Limited ('Alberry') and Regal Petroleum
Corporation Limited ('RPC'), to amend certain provisions of the Subscription and
Services Agreement dated 8 August 2006.
The Deed of Amendment, is subject, inter alia, to shareholder approval and the
Company will shortly be posting a circular and notice of Extraordinary General
Meeting ('EGM') to shareholders. A detailed summary of the terms of the Deed of
Amendment will appear in the circular, copies of which shall be obtainable from
the Company's website: www.regalpetroleum.co.uk
The proposed amendments to be made to the Subscription and Services Agreement,
include bringing forward the date on which the validity of the licences in
relation to the Mekhediviska/Golotvschinska ('MEX-GOL') and Svyrydivske ('SV')
fields in Ukraine are to be assessed and therefore also the date on which Regal
would purchase the 1,800 ordinary shares in the capital of RPC ('RPC Shares')
held by Alberry (which equates to 15 per cent. of the issued share capital of
RPC). It is also proposed that the terms of the lock up restrictions which would
apply to Alberry as a shareholder of the Company will be altered to reflect the
changed situation.
In the event that the licences are proven to be valid on the relevant date in
accordance with the terms of the Subscription and Services Agreement, Regal will
be obliged to purchase and Alberry will be obliged to sell the RPC Shares for a
consideration of US$50,901,300, which may be satisfied in whole or in part in
cash or by the allotment and issue of shares in the capital of the Regal, at
Regal's absolute discretion. Should the licences be proven to be invalid on the
relevant date, Regal will be obliged to purchase and Alberry will be obliged to
sell the RPC Shares for a consideration of £50,000, payable in cash.
None of the Company, its directors, officers and employees has or has had any
interest in the shares in the capital of Alberry.
For further information, please contact:
Regal Tel: 020 7408 9500
Neil Ritson, CEO
Frank Scolaro, Chairman
This information is provided by RNS
The company news service from the London Stock Exchange