0.1p equivalent open offer ahead12 Feb 2019 20:16
plus theres more... 'On completion of the Fundraising, it is the Company's intention to then seek further equity and/or debt funding, on terms yet to be agreed, which, subject to the level of funding raised, will allow the Company to settle the remainder of the overdue Canadian trade creditors and fund the Group's corporate expenses and may be sufficient to commence a Canadian production development programme or fund Italy offshore exploration seismic acquisition costs.
Given the near-term requirement for a further equity fundraise following the Proposals, the Directors are seeking shareholder authority to disapply pre-emption rights of approximately 20 per cent of the Company's Enlarged Issued Share Capital (assuming full take-up of the Open Offer), which is in excess of the level recommended by National Association of Pension Funds, in order that the Board can provide certainty to investors in respect of the Group's proposed funding requirements at the end of Q1 2019 and to avoid the management time and costs involved in seeking further shareholder approval again before the Company's next annual general meeting.'