1 Mar 2012 07:00
Northern Petroleum Plc ("Northern" or "the Company" (AIM: NOP)) Additional Listing and Directors' Shareholdings
The Company announces that, following the exercise of warrants yesterday by a number of employees, including three directors, it has made an application for the admission of 1,847,500 ordinary shares of 5 pence each ("Shares") to trading on AIM. Each new Share will rank pari passu with existing Shares. Following the admission, the total number of Shares in issue will be 95,365,660.
It is expected that dealings in the 1,847,500 Shares will commence on 7 March 2012.
The Shares were issued pursuant to corporate authorities granted by shareholders in 2002, 2003 and 2009.
Following the exercise of warrants, the Company has also been informed of the sale of Shares yesterday by the three directors, also at a price of 68p per Share, to cover exercise costs and their personal tax liabilities.
In addition, Anthony Brewer, a non-executive Director of the Company, for personal reasons, yesterday sold 75,000 Shares at a price of 68p per Share and 6,391 Shares at a price of 73.15p per Share.
A summary of the changes in directors' beneficial shareholdings as a result of these various transactions is detailed below:
Name Prior Shares issued Shares New Percentage shareholding upon exercise sold shareholding of issued in Northern of warrants in Northern share capital Anthony Brewer 81,391 - (81,391) - 0.00% Chris Foss 107,565 200,000 (125,000) 182,565 0.19% Derek Musgrove 1,037,260 910,000 (540,000) 1,407,260 1.47% Jerry White 145,071 400,000 (232,000) 313,071 0.32%
The Company has also been advised that Chris Foss, Director of Finance, Legal & Corporate Affairs, yesterday transferred 28,852 Shares from his personal holdings to his SIPP at a price of 73.875p per Share, being the mid market price at start of business yesterday.
Following the various transactions the directors' total beneficial shareholdings are now 3,513,461 ordinary shares, which represents 3.68 per cent of the newly enlarged issued share capital of the Company.
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Derek Musgrove, Managing Director
Chris Foss, Director of Finance, Legal & Corporate Affairs
Graham Heard, Exploration & Technical Director
Cenkos Securities (NOMAD and Joint Broker)
Jon Fitzpatrick Tel: +44 (0) 20 7397 8900
Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939
Westhouse Securities (Joint Broker) Tel: +44 (0) 20 7601 6100
Richard Baty / Petre Norton - Corporate Finance
Sanjiv Pandya - Corporate Broking
FTI Consulting Tel: +44 (0) 20 7831 3113
Billy Clegg / Edward Westropp
Bishopsgate Communications Tel: +44 (0) 20 7562 3350
Nick Rome / Shabnam Bashir
Notes to Editors:
Northern is a full cycle oil and gas company currently holding over 50 licences in a number of low risk areas and is continuing with its strategy of adding and securing value for shareholders as it engages with projects at all stages of the E&P value chain.
Comprehensive information on Northern and its oil and gas operations, including all press releases, annual reports and interim reports are available from Northern's website at www.northpet.com.
XLON