(Alliance News) - Predator Oil & Gas Holdings PLC on Thursday said it "does not presently have sufficient headroom" to issue and admit 17.0 million new shares it sold in a placing this month.
The Jersey-based exploration company said it will issue and admit 5.2 million shares, and director Paul Griffiths will transfer 11.8 million of his shares to settle the placing. When the company has the ability to issue further shares, it will issue 11.8 million back to Griffiths.
Predator announced on March 12 that it raised GBP1.8 million in the sale, with shares priced at 10.50 pence each.
Shares closed down 2.5% to 11.5 pence in London on Thursday.
By Ivan Edwards; ivanedwards@alliancenews.com
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Predator Oil (PRD)