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LONDON (Alliance News) - Teathers Financial PLC Monday said it invested GBP50,000 cash in San Leon Energy PLC's placing and share capital reorganisation by buying 62,500 shares at 80 pence each.
San Leon last week proposed a conditional placing and share capital reorganisation which would significantly enlarge the share capital of the company to raise GBP29 million. The placing of 36.3 million new shares at a price of 80.0 pence per share, equivalent to 0.8 pence per existing share before the share capital reorganisation, will increase the share capital of the company by just under 2.4 times its existing size.
San Leon said it wanted to conduct the placing to allow it to retain the Barryroe asset offshore Ireland rather than monetising it to fund operations, develop the Rawicz and Siekierki fields, enable commitment wells to be drilled onshore Morocco and in Albania and to fund any potential acquisitions that would enhance the value of the company.
Teathers Financial shares were down 1.0% at 3.59 pence Monday morning. San Leon Energy shares were up 1.4% at 1.14p.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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