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1 Mar 2010 16:07
For immediate release: 01 March 2010
Northern Petroleum Plc ("Northern" or "the Company") Additional Listing & Director's Shareholding
The Company announces that on 26 February Richard Latham, its Chairman, exercised 280,000 warrants to acquire ordinary shares of 5 pence each ("ordinary shares") at 11.25 per ordinary share and 120,000 warrants to acquire ordinary shares at 15.625 pence. The Company has made an application pursuant to the authority granted on 22 July 2009 for the admission of 400,000 ordinary shares to trading on AIM. Each new ordinary share will rank pari passu with existing ordinary shares. Following the admission, the total number of ordinary shares in issue will be 79,897,995.
It is expected that dealings in the 400,000 new ordinary shares will commence on 8 March 2010.
Following this warrant exercise, Mr Latham sold 25,000 ordinary shares on 26 February at a price of 133p, and today sold 15,000 ordinary shares at a price of 131.5p and 160,000 ordinary shares at a price of 129.5p, to cover the cost of exercise, including the associated income tax liability. These sales represent the final sales by Richard Latham in relation to this warrant exercise.
Following these transactions, Mr Latham's total beneficial shareholding has increased by 200,000 to 962,477 ordinary shares, which represents 1.20 per cent of the enlarged issued share capital of the Company.
The directors' total beneficial shareholdings are now 2,791,635 ordinary shares, which represents 3.49 per cent of the enlarged issued share capital of the Company.
---ENDS---
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900
Richard Latham, Chairman
Jefferies International Tel: +44 (0) 20 7029 8000
Schuyler Evans / Chris Snoxall
Astaire Securities Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs
Notes to Editors:
Further information on Northern is available at www.northpet.com.
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