Challenger Energy Group PLC - Isle of Man-based oil explorer with assets in the Caribbean and Atlantic Margin - Changes plan for a GBP2.0 million open offer of shares to a broker option via Arden Partners PLC. A share placing raised GBP5.0 million, more than the GBP4.0 million initially planned, and the open offer was intended to allow shareholders to participate at the same price of 0.10 pence. However, as Challenger Energy had already raised GBP6.9 million in a open offer back in April of last year, the new open offer would have required the issue of a prospectus. To avoid this time and expense, the company has commissioned its broker, Arden, to offer shares to existing shareholders who want to participate. The fundraise is part of a financial restructuring that will reduce debt and to fund a work programme in Trinidad and Tobago and Suriname.
Current stock price: 0.10p, down 6.9% on Tuesday
12-month change: down 99% from 19.07p
By Tom Waite; thomaslwaite@alliancenews.com
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Challenger Energy (CEG)