AIM Schedule One update - Longboat Energy Plc (2860K)
September 01 2021 - 3:00AM
UK Regulatory
TIDMLBE
RNS Number : 2860K
AIM
01 September 2021
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")
COMPANY NAME:
Longboat Energy plc
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
5th Floor
One New Change
London EC4M 9AF
United Kingdom
COUNTRY OF INCORPORATION:
England and Wales
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
www.longboatenergy.com
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE
TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
Longboat Energy was established in mid-2019 by the former Faroe
Petroleum management team to create a new mid cap independent
oil and gas company. The Company is currently an "investing
company" for the purposes of the AIM Rules for Companies. The
Company's ordinary shares were admitted to trading on AIM on
28 November 2019. The investment objective of Longboat Energy
is to create a full-cycle North Sea E&P company in order to
deliver value to investors.
Longboat has secured three bilateral transactions to acquire
a significant, near term, low risk exploration drilling programme
in the Norwegian Continental Shelf. These agreements will provide
Longboat Energy with a working interest in up to seven near
term exploration wells.
The farm-in agreements will constitute a reverse takeover for
the purpose of Rule 14 of the AIM Rules. Following completion
of the farm-in agreements and subsequent re-admission to AIM,
the Company will no longer be deemed to be an investing company.
DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS
AS TO TRANSFER OF THE SECURITIES (i.e. where known, number
and type of shares, nominal value and issue price to which
it seeks admission and the number and type to be held as treasury
shares):
Number of securities to be admitted: 56,666,666
Type and nominal value of securities: Ordinary shares of GBP0.10
nominal value
Shares to be held in treasury: None
1,953,334 shares are subject to lock-ins for 12 months from
the date of Re Admission, pursuant to AIM rule 7 of the AIM
Rules for Companies
CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
Capital raised on Admission: GBP35 million by way of a placing
and subscription for Ordinary shares of GBP0.10 was raised
before Re-Admission. The placing and subscription shares were
admitted to trading on 30 June at which point the funds were
raised. The fundraising proceeds will be used to complete the
farm-ins and fund future related capital activities but are
not conditional on the completion of the farm-ins.
The market capitalisation of the Company on Re-Admission is
expected to be equal to approximately GBP40 million.
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
18.82%
DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH
THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE
OR WILL BE ADMITTED OR TRADED:
None.
FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS
(underlining the first name by which each is known or including
any other name by which each is known):
Helge Ansgar Hammer - Chief Executive Officer
Jonathan ("Jon") Robert Cooper - Chief Financial Officer
Nicholas ("Nick") Andrew Ingrassia - Corporate Development
Director
Graham Duncan Stewart - Non-Executive Chairman
Brent Cheshire - Senior Independent Non-Executive Director
Jorunn Johanne Saetre - Independent Non-Executive Director
Katherine Louise Margiad Roe - Independent Non-Executive Director
FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED
AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER
ADMISSION (underlining the first name by which each is known
or including any other name by which each is known):
Before Admission After Admission
Blackrock Investment Management 13.8% 14.8%
----------------- ----------------
Fidelity International 10.0% 9.8%
----------------- ----------------
AXA Framlington Investment Managers 5.0% 9.2%
----------------- ----------------
SVM Asset Management 5.0% 7.4%
----------------- ----------------
Janus Henderson N/A 5.3%
----------------- ----------------
Smith & Williamson Investment
Management N/A 4.7%
----------------- ----------------
Chelverton Asset Management
Limited N/A 4.7%
----------------- ----------------
Canaccord Genuity Wealth Management 10.0% 4.1%
----------------- ----------------
Pentwater Capital Management 4.50% <3%
----------------- ----------------
Stonehage Fleming 3.50% <3%
----------------- ----------------
Helge Hammer(1) 3.00% <3%
----------------- ----------------
1. Helge Hammer shares held indirectly via Hammer Investering
AS
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
None.
(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION
DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:
i) 31 December
ii) 31 December 2020
iii) 30 September 2021, 30 June 2022, 30 September 2022
EXPECTED ADMISSION DATE:
2 September 2021
NAME AND ADDRESS OF NOMINATED ADVISER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
NAME AND ADDRESS OF BROKER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE
(POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
The admission document, which will contain full details about
the Company and Admission, will be available free of charge
at the registered office address of the Company during normal
business hours on any day (except Saturdays, Sundays and public
holidays) for a period of one month from the date of Admission.
The admission document will also be available for download
from the Company's website at www.longboatenergy.com .
THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO
APPLY
QCA Corporate Governance Code
DATE OF NOTIFICATION:
1 September 2021
NEW/ UPDATE:
Update
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END
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