7 Dec 2015 07:00
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Result of Open Offer
Northern Petroleum (AIM: NOP) announces the results of the recent Open Offer undertaken at a price of 3 pence per share, on the basis of 2 Open Offer Shares for every 5 Existing Ordinary Shares.
The Open Offer closed for acceptances at 11:00 a.m. on 4 December 2015 and the Company is pleased to announce that is has received valid acceptances in respect of 13,179,691 Open Offer Shares from Qualifying Shareholders which includes applications for 4,030,113 Excess Shares under the Excess Application Facility. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. All eligible applications under the Excess Application Facility will be allocated their Open Offer Shares as applied for.
The Company has therefore raised aggregate gross proceeds of £395,390.73 through the Open Offer.
Director's holding
Pursuant to the Open Offer, the Directors of the Company have subscribed for Open Offer Shares and Excess Shares as detailed in the table below.
Director | Number of existing Ordinary Shares
| Percentage of ExistingOrdinary Shares | Number of Open Offer Shares applied for under Open Offer | Number of Excess sharesapplied for under the Open Offer | Number of Ordinary Shares held following Open Offer | Percentage of Ordinary Sharesheld following the Open Offer |
Jon Murphy | 425,200 | 0.45% | 170,080 | 829,920 | 1,425,220 | 0.96% |
Keith Bush | 120,000 | 0.13% | 48,000 | 282,000 | 450,000 | 0.30% |
Nick Morgan | 114,882 | 0.12% | 45,952 | 287,166 | 448,000 | 0.30% |
Iain Lanaghan | 50,000 | 0.05% | 20,000 | 147,000 | 217,000 | 0.15% |
AIM Admission
Application has been made for the 13,179,691 Open Offer Shares to be admitted to trading on AIM. It is expected that admission of the Open Offer Shares to AIM will become effective at 08:00 a.m. on 10 December 2015.
Following the issue of the Open Offer Shares, Northern will have 148,545,351 ordinary shares of 1p each in issue, which will also represent the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Further to the announcements on 12 November and 16 November, it is expected that the completion of the Rainbow Asset acquisition will occur later this week, at which point the Company will provide a full update on operations.
Capitalised terms used in this announcement shall have the meaning ascribed to them in the circular that was sent to shareholders on 16 November 2015 unless the context otherwise requires.
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Westhouse Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Alastair Stratton
Robert Finlay
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com