Proactive Article4 Feb 2022 17:19
Angus
Angus has announced that, further to its announcement of 3 February 2022 , it has successfully completed and closed the Placing. The Placing has raised, in aggregate, gross proceeds of £1,400,000 through the placing of 175,000,000 Ordinary Shares to certain institutional and other investors at a price of 0.8 pence per share.
The net proceeds of the Placing will be applied towards:
· Increased contingency for Saltfleetby budget (now 90% finalised);
· Geothermal Subsurface and potential site acquisition work; and
· Working capital and general costs.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 175,000,000 Placing Shares to trading on AIM. It is expected that admission will become effective and dealings in the Placing Shares commence on AIM at 8.00 a.m. on 10 February 2022 (or such later date as may be agreed between the Company and the Bookrunner, but no later than 28 February 2022).
The Placing Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 1,268,086,880 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company’s share capital pursuant to the Company’s Articles.
Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Company’s announcement made at 5.17pm on 3 February 2022, unless the context requires otherwise.
George Lucan, CEO, commented:
“Expressed interest in the Company and its principal gas asset remains strong with five bona fide participants engaged in due diligence in the Company’s data room. We expect a definitive result from our Formal Sales Process within a sensible period of time. It is critical that that the Company is able to negotiate from a position of strong liquidity, remaining fully compliant with the terms of its development loan facility, and able to face all contingencies during the run-up to First Gas.”
A slight surprise to the market seeing a raise at such a discount yesterday but credit is certainly due to George Lucan who has underwritten Angus and thus can, as he says, negotiate from a position of strength. With five bidders in the room one would normally expect a sale to be expedited at a decent price especially with an asset so easy to value. Whichever way it goes, those lucky people who bought in this raise should be quids in.
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