TIDMJOG
RNS Number : 2320U
Jersey Oil and Gas PLC
20 October 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF
SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of Jersey Oil and Gas Plc or other evaluation of any
securities of Jersey Oil and Gas Plc or any other entity and should
not be considered as a recommendation that any investor should
subscribe for or purchase any such securities.
Capitalised terms used in this Announcement shall have the
meanings given to such terms in the Company's announcement this
morning.
20 October 2017
Jersey Oil and Gas plc
("Jersey Oil and Gas", "JOG" or the "Company")
Update re Placing
Further to the announcement made earlier today, Jersey Oil and
Gas (AIM: JOG), an independent upstream oil and gas company focused
on the UK Continental Shelf ("UKCS") region of the North Sea, is
pleased to announce a conditional placing (the "Placing") of
10,000,000 new ordinary shares of 1p each in the capital of the
Company (the "Placing Shares") to raise GBP20 million (before
expenses) with new and existing shareholders at an Issue Price of
200 pence per Placing Share (the "Placing Price"). The Placing
Price represents a discount of approximately 21 per cent. to the
closing middle market price of 254 pence per Existing Ordinary
Share on 19 October 2017, the last business day before the
announcement of the Placing.
Certain of the Directors of the Company have participated in the
Placing, details of which are included in the table below:
Director Number of existing Number of Placing Total Ordinary Shares % of Enlarged Share
Ordinary Shares Shares Subscribed for held immediately Capital immediately
following the Placing following the
Placing*
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
Marcus Stanton 24,195 7,500 31,695 0.16%
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
Andrew Benitz 627,142 - 627,142 3.14%
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
Ronald Lansdell 884,663 15,337 900,000 4.51%
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
Scott Richardson Brown 16,391 5,000 21,391 0.11%
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
Frank Moxon 84,935 - 84,935 0.43%
----------------------- ---------------------- ---------------------- ---------------------- ---------------------
* Assuming Admission of the Placing Shares but not taking into
account any Ordinary Shares which may be issued pursuant to the
Offer
Andrew Benitz, CEO of Jersey Oil and Gas Plc, commented:
"I am delighted by the strong support we have received from a
list of very high quality institutional investors and am delighted
to provide the opportunity to our non-institutional shareholders to
participate on the same terms. As we enter our next stage of
growth, today's financing provides us with the ability to fund our
anticipated appraisal and exploration commitments in P.2170 and a
strong platform to deliver further shareholder value through the
acquisition of producing assets."
Total voting rights
Following the issue of the Placing Shares (but prior to the
Offer) and assuming the passing of the Resolutions at the General
Meeting, the Company will have 19,950,786 Ordinary Shares in
issue.
The Offer
The Board is pleased to offer existing Shareholders the
opportunity to participate alongside our new and existing
institutional shareholders. The offer for up to GBP4m of Offer
Shares will provide such an opportunity to individual shareholders
including the ability to subscribe in excess of their existing
percentage shareholding in the Company. Details of this Offer will
be set out in a Circular which, together with an Application Form,
will be sent to Shareholders shortly.
Notice of General Meeting
The Placing is conditional on, inter alia, the passing of the
Resolutions at the General Meeting, to be held at the offices of
Pinsent Masons LLP, 30 Crown Place, Earl Street, London, EC2A 4ES
at 12 noon on 9 November 2017, notice of which will be posted to
Shareholders. The Resolutions to be proposed at the General Meeting
are to provide the Company with the authority to issue and allot
the New Ordinary Shares.
A copy of a Circular, which includes notice of the General
Meeting, will be posted to shareholders on Tuesday 24 October 2017
and will be available from the Company's website
www.jerseyoilandgas.com.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this Announcement this inside information is now
considered to be within the public domain.
Related Party Transaction
Participation by certain Directors (as per the table above) in
the Placing is considered a related party transaction for the
purposes of Rule 13 of the AIM Rules for Companies. The Directors
(other than Marcus Stanton, Ronald Lansdell and Scott Richardson
Brown) consider, having consulted with Strand Hanson Limited, the
Company's nominated adviser, that the terms of the participation
for Marcus Stanton, Ronald Lansdell and Scott Richardson Brown in
the Placing are fair and reasonable in so far as its Shareholders
are concerned.
For further information please contact:
Jersey Oil and Andrew Benitz, C/o Camarco:
Gas plc CEO Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners Chris Hardie Tel: 020 7614 5900
plc Benjamin Cryer
BMO Capital Markets Thomas Rider Tel: 020 7236 1010
Limited Jennifer Wyllie
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
This information is provided by RNS
The company news service from the London Stock Exchange
END
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