Last checked at 28 Sep 2016 08:00
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
FOR IMMEDIATE RELEASE 28 SEPTEMBER 2016
Capital Drilling Limited("Capital Drilling", the "Group" or "the Company")
PROPOSED SECONDARY PLACING
Capital Drilling (LSE: CAPD), a leading drilling solutions company focused on emerging and developing markets, announces that certain Directors and founding shareholders (the "Vendors") of the Company intend today to sell approximately 25,000,000 ordinary shares of US$0.0001 each in the Company (the "Placing Shares") at a price of 48p per Placing Share (the "Placing"). The Placing Shares represent approximately £12 million in value and 18.5 per cent. of the issued share capital of the Company.
The Vendors are undertaking the Placing in response to institutional demand for the Placing Shares and in order to increase the Company's free float and facilitate more liquidity in the trading of the Company's shares. The Vendors each propose to sell such number of Placing Shares as is pro rata to their existing shareholding in the Company.
Following completion of the Placing, the Vendors and, in particular the Directors, will continue to be substantial shareholders in the Company and will remain fully aligned with its success. None of the Vendors have any present intention to sell any further shares in the Company following completion of the Placing.
The completion of the Placing and number of Placing Shares to be sold is at the sole discretion of the Vendors. Completion of the Placing and the resulting Directors' shareholdings will be announced as soon as practicable.
For further information, please visit Capital Drilling's website www.capdrill.com or contact:
Capital Drilling +230 464 3250
Jamie Boyton, Chairman investor@capdrill.com
Mark Parsons, Chief Executive Officer
finnCap +44 (0)20 7220 0500
Christopher Raggett, Corporate Finance
Joanna Scott/Simon Johnson, Corporate Broking
Tamesis +44 (0)20 7389 5021
Richard Greenfield/Charlie Bendon
Buchanan +44 (0)20 7466 5000
Bobby Morse capitaldrilling@buchanan.uk.com
Gemma Mostyn-Owen
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
About Capital Drilling
Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 96 drilling rigs with established operations in Botswana, Chile, Egypt, Ethiopia, Kenya, Mali, Mauritania, Serbia and Tanzania. The Group's corporate headquarters is in Mauritius.