9 Nov 2009 11:10
| For immediate release | 9 November 2009 |
Desire Petroleum plc
("Desire" or the "Company")
Results of General Meeting and Total Voting Rights
Desire Petroleum (AIM:DES), the oil and gas exploration company wholly focused on the North Basin of the Falkland Islands, is pleased to announce that all of the resolutions proposed at the General Meeting held today were duly passed.
Background
On 21 October 2009, Desire announced that it had conditionally placed with new institutional investors 60,000,000 new ordinary shares ("Placing Shares") of 1p each ("Ordinary Shares") at a price of 70 pence per share thereby raising gross proceeds of £42 million (the "Placing").
The Placing Shares will rank pari passu with the existing Ordinary Shares including the right to all dividends and other distributions declared, paid or made after their date of issue. Following the passing of the resolutions at the General Meeting, dealings in the Placing Shares are expected to commence on 10 November 2009.
Following the issue of the 60,000,000 Placing Shares the Company has 289,715,445 Ordinary Shares in issue.
For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital at the date of this notice consists of 289,715,445 ordinary shares of 1p each with one voting right per share. The above figure may 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 Disclosure and Transparency Rules.
Proposed Open Offer
In addition, in Desire's announcement of 21 October 2009, the Board stated that it was Desire's intention that Shareholders should have the opportunity to participate in the raising of further funds by the Company.
The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Desire's advisers and Desire intends to launch the Open Offer as soon as possible.
For further information please contact:
| Desire Petroleum plc | |
| Stephen Phipps, Chairman Ian Duncan, Chief Executive Officer | 020 7436 0423 |
| Seymour Pierce Limited Corporate Finance Jonathan Wright Christopher Wren Corporate Broking Richard Redmayne | 020 7107 8000 |
| Buchanan Communications | 020 7466 5000 |
| Ben Willey Ben Romney |
Seymour Pierce Limited, which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting as nominated adviser and broker exclusively for the Company in connection with the Placing. Its responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or any other person in respect of his decision to acquire ordinary shares in the Company in reliance on any part of this announcement. No representation or warranty, express or implied, is made by Seymour Pierce Limited as to any of the contents of this announcement for which the Directors and the Company are responsible (without limiting the statutory rights of any person to whom this announcement is issued). Seymour Pierce Limited has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Seymour Pierce Limited for the accuracy of information or opinions contained in this announcement or for the omission of any material information. Seymour Pierce Limited will not be offering advice and will not otherwise be responsible for providing customer protections to recipients of this announcement in respect of the Placing or any acquisition of shares in the Company.