TIDMTRAP
RNS Number : 1517W
Trap Oil Group plc
14 August 2015
14 August 2015
Trap Oil Group Plc
("Trapoil" or the "Company")
Result of General Meeting and Change of Name to Jersey Oil and
Gas Plc
Trapoil (AIM: TRAP) is pleased to announce that the resolutions
proposed at the General Meeting held earlier today were all duly
passed.
The General Meeting was held to approve, inter alia:
-- the Capital Reorganisation;
-- the amendment of the Company's Articles of Association;
-- an increase in the Directors' share capital authorities;
-- the change in the Company's name to 'Jersey Oil and Gas plc';
-- the allotment of the New Ordinary Shares, including the
Consideration Shares and the Placing Shares relating to the
subscriptions for 3,711,228 New Ordinary Shares to raise
approximately GBP0.82 million before expenses; and
-- related matters, as set out in the notice of General Meeting dated 28 July 2015.
The Acquisition and the Placing remain conditional on
Admission.
With effect from Admission, Andrew Benitz will be appointed as
the Company's Chief Executive Officer and Ronald Lansdell as its
Chief Operating Officer. The new team will pursue a refined
business strategy focused on maintaining, developing and exploiting
a portfolio of North Sea assets with a greater focus on producing
assets in order to seek to unlock the inherent value in the Group's
existing tax losses and will seek to assess and acquire potential
further North Sea oil and/or gas producing assets, some of which
have already been identified and are currently undergoing due
diligence and/or subject to ongoing commercial negotiations.
Andrew Benitz, CEO of Jersey Oil and Gas, said:
"The new team welcomes the support received from shareholders
and looks forward to driving forward the enlarged group's refined
production led strategy with vigour and discipline. There is
considerable value potential within the existing asset portfolio
and tax loss pool, which will assist us in negotiating the
potential acquisition of producing assets in the North Sea going
forwards."
The Company also announces that, with effect from Admission, its
new website address will be www.jerseyoilandgas.com. Completion of
the Acquisition is due to take place on 17 August 2015.
**Ends**
Notes:
Capital Reorganisation
As referred to above, a resolution to approve the Capital
Reorganisation was passed today to facilitate implementation of the
proposals. Pursuant to this resolution, every 100 Existing Ordinary
Shares in issue will be consolidated and subdivided into 1 New
Ordinary Share of 1p and 1 Deferred Share of 99p with effect from
5.00 p.m. today. Application has been made to the London Stock
Exchange for the New Ordinary Shares (resulting from the Capital
Reorganisation), the Consideration Shares, the Placing Shares and
the Fee Shares to be admitted to trading on AIM.
Admission to trading in the New Ordinary Shares (resulting from
the Capital Reorganisation), the Consideration Shares, the Placing
Shares and the Fee Shares is expected to become effective and
dealings commence at 8.00 a.m. on Monday 17 August 2015, under the
Company's new name of Jersey Oil and Gas plc. From this time, the
Company's new London Stock Exchange TIDM will be JOG and its ISIN
will be GB00BYN5YK77. On Admission, the Company will have in issue
8,342,012 ordinary shares.
The Company does not currently hold any ordinary shares in
treasury. Accordingly, the above figure of 8,342,012 may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Company Presentation
A copy of the full presentation made to Shareholders attending
today's General Meeting is available to download from the Company's
website.
Additional information on the Directorate Appointments
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Jason Andrew Benitz (known as Andrew Benitz) (aged 39)
Current Directorships/Partnerships Past Directorships/Partnerships
(last 5 years)
Jersey Oil and Gas E&P Longreach Oil and Gas
Limited Limited
Titan Properties SL Sahara Mines Limited
Jersey Oil and Gas Limited
With effect from Admission, Mr Benitz will be interested in
604,415 New Ordinary Shares, representing approximately 7.25 per
cent. of the Company's Enlarged Share Capital.
Ronald John Lansdell (aged 64)
Current Directorships/Partnerships Past Directorships/Partnerships
(last 5 years)
Jersey Oil and Gas E&P Longreach Oil and Gas
Limited Limited
With effect from Admission, Mr Lansdell will be interested in
763,524 New Ordinary Shares, representing approximately 9.15 per
cent. of the Company's Enlarged Share Capital.
There is no further information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Unless the context otherwise requires, defined terms used in
this announcement shall have the meanings given to them in the
Circular to shareholders of the Company dated 28 July 2015.
Enquiries:
Trap Oil Group Scott Richardson Brown, Tel: 020 3705 9200
plc Finance Director
Strand Hanson James Harris Tel: 020 7409 3494
Limited Matthew Chandler
James Spinney
WH Ireland Paul Shackleton Tel: 020 7220 1666
Limited
FirstEnergy Hugh Sanderson Tel: 020 7448 0200
Capital LLP David van Erp
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Mann
The Directors and Proposed Directors of Trapoil accept
responsibility, individually and collectively, for the information
contained in this announcement and for compliance with the AIM
Rules for Companies. To the best of the knowledge and belief of the
Directors and Proposed Directors, who have taken all reasonable
care to ensure that such is the case, the information contained in
this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
This announcement does not constitute, or form part of, an offer
or an invitation to purchase any securities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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