Bahamas Petroleum Company PLC Board and Management Participation in Fundraising (5135Y)
May 13 2021 - 2:01AM
UK Regulatory
TIDMBPC
RNS Number : 5135Y
Bahamas Petroleum Company PLC
13 May 2021
13 May 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Board and Management Participation in Fundraising
BPC, the Caribbean and Atlantic margin focused oil and gas
company, with production, appraisal, development and onshore and
offshore exploration assets across the region, is pleased to advise
of indicated participation of the Board and executive management in
the current Open Offer .
Highlight:
-- The Chairman, CEO designate, current CEO, all continuing and
retiring members of the Board and key members of the Company's
executive management have all confirmed intended participation in
the current Open Offer, representing an aggregate participation for
approximately 85 million shares
Eytan Uliel, BPC CEO Designate said:
"I am pleased to confirm that in addition to my own
contribution, all continuing and retiring directors, as well as key
members of the Company's executive management team, have indicated
a meaningful contribution to the current fundraising. I am grateful
for this vote of support in me as I assume the role as CEO, as well
as the strong confirmation it represents of the collective team's
commitment to the task at hand, and our firmly held belief that the
assets will deliver in the way we intend."
Confirmation of Intended Participation in Fundraising
On 23 April 2021, BPC, the Company announced an Open Offer to
all shareholders, on a 1:2.46 basis, of up to GBP6.9 million in
aggregate, at a price of 0.35 pence per share. Any shareholders who
take up all of their Open Offer Entitlement are able to apply for
an excess allocation under the Open Offer, and the Company intends
to place with institutional investors any Open Offer Shares not
subscribed for (collectively, the "Fundraising").
Mr. Eytan Uliel, who will assume the role as Chief Executive
Officer of the Company effective 27 May 2021, and who will become a
director of the Company on completion of customary due diligence
and on-boarding processes, currently holds approximately 59.1
million shares in the Company. Mr. Uliel's entitlement under the
Open Offer is thus for approximately 24 million Open Offer Shares.
Mr. Uliel has indicated that he intends to exercise his entitlement
to subscribe for 24 million shares in the Open Offer, as well as
subscribe for an additional 10 million shares in the
Fundraising.
Mr. Simon Potter, who will cease in the role as Chief Executive
Officer of the Company effective 27 May 2021, and who will become a
non-executive director of the Company thereafter, currently holds
approximately 81.2 million shares in the Company. Mr. Potter's
entitlement under the Open Offer is thus for approximately 33
million Open Offer Shares. Mr. Potter has indicated he intends to
exercise his entitlement to subscribe for 33 million shares in the
Open Offer.
The Company's continuing and retiring non-executive directors
have each indicated they intend to subscribe for shares in the Open
Offer, with Mr. Bill Schrader, the Company Chairman intending to
subscribe for his full entitlement as well as subscribing for an
additional 2 million shares in the Fundraising. Certain key members
of the Company's executive management group have also indicated
they intend to apply for shares in the Fundraising. The aggregate
indicated subscription of continuing and retiring non-executive
directors and Company executives amounts to approximately 18
million shares.
The above noted participations in the Fundraising will result in
a total aggregate subscription for approximately 85 million shares
(equivalent to GBP300,000) as part of the Fundraising by members of
the Company's board and management.
Regulatory Statement
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European (Withdrawal)
Act 2018.
Capitalised terms in this announcement are as defined in the
Circular posted on 24 April 2021 (unless otherwise defined).
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Eytan Uliel, Chief Executive Officer 647 882
designate
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney / Rob Patrick 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
- J oint Broker 408 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
Gneiss Energy - Financial Adviser Tel: +44 (0) 20
Jon Fitzpatrick / Paul Weidman / Doug 3983 9263
Rycroft
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo 4980
Liddy
Notes to Editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located onshore in Trinidad and
Tobago, and Suriname, and offshore in the waters of The Bahamas and
Uruguay. In Trinidad and Tobago, BPC has five (5) producing fields,
two (2) appraisal / development projects and a prospective
exploration portfolio in the South West Peninsula. In Suriname, BPC
has on onshore appraisal / development project. BPC's exploration
licence in each of Uruguay and The Bahamas are highly prospective,
and offer high-impact value exposure within the overall portfolio
value.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
ENDS
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