Gulfsands Petroleum PLC Result of Open Offer (7934L)
January 13 2016 - 11:03AM
UK Regulatory
TIDMGPX
RNS Number : 7934L
Gulfsands Petroleum PLC
13 January 2016
Gulfsands Petroleum Plc
Result of Open Offer
13 January 2016
Gulfsands Petroleum Plc ("Gulfsands" or the "Company"), the AIM
listed oil and gas exploration company (AIM:GPX) with activities in
Syria, Morocco, Tunisia and Colombia, announces the results of the
recent Open Offer undertaken at a price of 4.0 pence per Open Offer
Share, on the basis of 3.01 Open Offer Shares for every 1 Existing
Share held.
The Open Offer closed for acceptances at 11:00 a.m. on 12
January 2016 and the Company is pleased to announce that is has
received valid acceptances in respect of 151,760,157 Open Offer
Shares from Qualifying Shareholders. Pursuant to the Underwriting,
a further 203,077,139 Open Offer Shares have been subscribed for by
Waterford and Blake, a company owned and controlled by Mr.
Griffiths, such that a total of 354,837,296 Open Offer Shares have
been subscribed for under the Open Offer.
The Company has therefore raised aggregate gross proceeds of
GBP14,193,491.84 through the Open Offer.
Director's holding
Pursuant to the Open Offer, the Directors of the Company have
subscribed for Open Offer Shares as detailed in the table
below.
Director Number Percentage Number Number Percentage
of Existing of total of Open of Ordinary of Enlarged
Shares Existing Offer Shares Share
Shares Shares held Capital
applied following
for under Open
Open Offer
Offer
--------------------- ------------- ----------- ----------- ------------- -------------
Alastair
Beardsall 0 0.00% 0 0 0.00%
---------------------- ------------- ----------- ----------- ------------- -------------
Andrew West 140,144 0.12% 421,833 561,977 0.12%
---------------------- ------------- ----------- ----------- ------------- -------------
Andrew Morris 80,000 0.07% 240,800 320,800 0.07%
---------------------- ------------- ----------- ----------- ------------- -------------
Joe Darby 25,000 0.02% 75,250 100,250 0.02%
---------------------- ------------- ----------- ----------- ------------- -------------
John Bell 0 0.00% 0 0 0.00%
---------------------- ------------- ----------- ----------- ------------- -------------
James Ede-Golightly 20,000 0.02% 60,200 80,200 0.02%
---------------------- ------------- ----------- ----------- ------------- -------------
Total 265,144 0.22% 798,083 1,063,227 0.22%
---------------------- ------------- ----------- ----------- ------------- -------------
Concert Party holding
Pursuant to the Open Offer and the Underwriting, the Concert
Party have subscribed for Open Offer Shares as detailed in the
table below.
Shareholder Number Percentage Number Number Number Percentage
group of Existing of total of Open of Open of Ordinary of Enlarged
Shares Existing Offer Offer Shares Share
Shares Shares Shares held Capital
applied subscribed following
for under in the Open
Open Underwriting Offer
Offer
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
Waterford 33,100,513 28.08% 99,632,544 101,538,569 234,271,626 49.56%
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
Mr. Griffiths 11,780,717 9.99% 35,459,958 101,538,570 148,779,245 31.47%
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
Alastair
Beardsall 0 0.00% 0 0 0 0.00%
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
James Ede-Golightly 20,000 0.02% 60,200 0 80,200 0.02%
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
Total 44,901,230 38.09% 135,152,702 203,077,139 383,131,071 81.05%
--------------------- ------------- ----------- ------------ -------------- ------------- -------------
AIM Admission
Application has been made for 350,733,941 new Ordinary Shares to
be admitted to trading on AIM. It is expected that Admission of the
new Ordinary Shares on AIM will become effective at 8:00 a.m. on 14
January 2016. The Company also confirms that it has sold 4,103,355
Treasury Shares to Qualifying Shareholders under the terms of the
Open Offer.
Following the issue of the new Ordinary Shares and the sale of
the Treasury Shares, Gulfsands will have 472,723,441 Ordinary
Shares of 1.0 pence each in issue, which will also represent the
total number of voting rights in the Company. This figure should be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure and Transparency Rules.
Capitalised terms used in this announcement shall have the
meaning ascribed to them in the Prospectus that was posted to
Qualifying Shareholders on 16 December 2015 and the Supplementary
Prospectus that was posted to Qualifying Shareholders on 7 January
2016 unless the context otherwise requires.
Gulfsands Petroleum Plc
Alastair Beardsall, Chairman +44 (0)20 7024 2130
Cantor Fitzgerald Europe
Sarah Wharry
David Porter +44 (0)20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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