Bowleven Regulatory News (BLVN)

28 Mar 2008 11:24

BowLeven Plc28 March 2008 28 March 2008 Bowleven plc NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTOTHE UNITED STATES, CANADA, AUSTRALIA OR JAPAN RESULT OF PLACING - GBP39.14 MILLION RAISED Bowleven plc ("Bowleven" or the "Company") announces that it has raised GBP39.14million before commissions and expenses by the placing by Merrill Lynch International ("Merrill Lynch") and Hoare Govett Limited ("Hoare Govett"), who are acting as joint bookrunners, of 11,970,874 new ordinary shares of 10 pence each in the capital of the Company (the "Placing Shares") with institutional investors at 327 pence per share (the "Placing"). The Placing represents in aggregate approximately 15.98 per cent. of the issued share capital of Bowleven prior to the Placing. The Placing Shares will, when issued, rank pari passu in all respects with the existing issued ordinary shares of Bowleven, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The Placing is conditional on, inter alia, admission of the Placing Shares to trading on the AIM market of the London Stock Exchange plc ("Admission") becoming effective. Application has been made to the London Stock Exchange plc for Admission. It is expected that settlement will occur, Admission will become effective, andthat dealings in the Placing Shares will commence, on 2 April 2008. Contacts Bowleven plc Kevin Hart, Chief Executive Officer 00 44 131 524 5656John Brown, Finance Director 00 44 131 524 5657Kerry Crawford, Head of Investor Relations 00 44 131 524 5664 Merrill Lynch International Andrew Osborne 00 44 207 996 2629Oliver Holbourn 00 44 207 995 3700 Hoare Govett Limited Andrew Foster 00 44 207 678 8000John MacGowan 00 44 207 678 1084 Brunswick Group LLP Patrick Handley 00 44 207 404 5959 Merrill Lynch, which is authorised and regulated by the Financial ServicesAuthority ("FSA"), is acting exclusively for the Company and no-one else inrelation to the Placing and will not be responsible to any person other than theCompany under the Financial Services and Markets Act 2000, as amended ("FSMA"),the rules of the FSA or otherwise for providing the protections afforded to itsclients or for any matter concerning the Placing or for providing advice inrelation to the Placing or in relation to the contents of this announcement orany other transaction, arrangement or matter referred to herein. Merrill Lynchcan be contacted at 2 King Edward Street, London, EC1A 1HQ. Hoare Govett, which is authorised and regulated by the Financial ServicesAuthority, is acting exclusively for the Company and no-one else in relation tothe Placing and will not be responsible to any person other than the Companyunder FSMA, the rules of the FSA or otherwise for providing the protectionsafforded to its clients or for any matter concerning the Placing or forproviding advice in relation to the Placing or in relation to the contents ofthis announcement or any other transaction, arrangement or matter referred toherein. Hoare Govett can be contacted at 250 Bishopsgate, London EC2M 4AA. Members of the public are not eligible to participate in the Placing. Thisannouncement is for information purposes only and does not constitute an offerto issue or sell, or the solicitation of an offer to subscribe for or acquire,any securities to any person in any jurisdiction, including without limitationin the United States (being the United States of America, its territories andpossessions, any State of the United States and the District of Columbia),Canada, Australia or Japan. The distribution of this announcement and the Placing and/or issue of thePlacing Shares in certain jurisdictions may be restricted by law. No action hasbeen taken by the Company, Merrill Lynch or Hoare Govett, or any of theirrespective Affiliates that would permit an offer of the Placing Shares orpossession or distribution of this announcement or any other offering orpublicity material relating to such Placing Shares in any jurisdiction whereaction for that purpose is required. Persons into whose possession thisannouncement comes are required by the Company, Merrill Lynch and Hoare Govettto inform themselves about and to observe any such restrictions. "Affiliates"shall for the purposes of this paragraph mean in relation to a person (the"first person") each of its holding companies, subsidiaries, branches,associated undertakings and affiliates (affiliates having the meaning given inRule 405 or in Rule 501(b) of the Securities Act (as hereinafter defined), asapplicable in the context used) (including, without limitation, joint venturepartners) from time to time (and subsidiaries of any such subsidiaries,branches, associated undertakings, affiliates and holding companies) (including,without limitation, joint venture partners) and each of their and the firstperson's respective officers, directors, supervisory board members, employees,representatives, controlling persons, shareholders and agents from time to time. This announcement is not an offer of securities for sale in the United States.Securities may not be offered or sold in the United States absent registrationunder the US Securities Act of 1933 (the "Securities Act") or an exemptiontherefrom. The Company has not registered and does not intend to register any ofits ordinary shares under the Securities Act. The Placing Shares will not beoffered or sold in the United States. The securities to which this announcement relates may be illiquid and/or subjectto restrictions on their resale. Prospective investors in the Placing Sharesshould conduct their own due diligence on the Placing Shares and the Company.Prospective investors who do not understand the contents of this announcementshould consult an authorised financial adviser. This information is provided by RNS The company news service from the London Stock Exchange