RNS out25 Mar 2021 15:32
RNS Number : 5289T
Predator Oil & Gas Holdings PLC
25 March 2021
FOR IMMEDIATE RELEASE
25 March 2021
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
LEI 213800L7QXFURBFLDS54
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Placing to raise £1.785 million - Update
Further to the Company's announcement of 12 March 2021, in which Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland announced that it had raised £1,785,000 (before expenses) in a Placing conducted by the Company's broker Novum Securities Ltd, the Company provides the following update:
The Company does not presently have sufficient headroom to enable the issue and admission of all of the 17,000,000 Placing Shares which are required to be issued pursuant to the Placing without the production of an FCA approved prospectus. The Company is therefore proposing to issue and admit 5,215,155 new ordinary shares (up to its existing headroom) (the "New Placing Shares") and for a director, Paul Griffiths, to transfer 11,784,845 existing shares held by him in order to settle the Placing in a timely manner.
When the Company has the ability to issue further shares the Company intends to issue Paul Griffiths 11,784,845 new Ordinary Shares and will take all necessary steps required in order to issue such shares and make the necessary listing and admission hearing applications. This will put Paul Griffiths back into the position that existed, in terms of his aggregate shareholding in the Company, had he not made the transfer of Ordinary Shares. For the avoidance of doubt the transfer of shares from Paul Griffiths involves no consideration being paid to Paul Griffiths.
The transfer of these ordinary shares is expected to be made on or around 6 April 2021.
Completion of the Placing is conditional on, inter alia:-
The New Placing Shares, being 5,215,155 Ordinary Shares of no par value, being admitted to listing on the Official List (standard listing segment) and to trading on the London Stock Exchange's main market for listed securities ("Admission") on or before 26 March 2021 (or such later date as may be agreed by the Company and Novum Securities).
Admission, Settlement and Dealings in the new Placing Shares
Applications will be made to the FCA and to the London Stock Exchange for Admission in respect of all the New Placing Shares proposed to be issued on completion of the Placing. It is expected that Admission will become effective, and that dealings in the Placing Shares are expected to commence, at 8.00 a.m. on 26 March 2021.
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