INFA.L Regulatory News (INFA)

5 Nov 2009 11:03



5 November 2009

For Immediate Release

Portland Gas plc

Issue of Equity

£2.5m Placing

Portland Gas Plc (AIM: PTG) ("the Company") is pleased to announce the placing of 2,500,000 new ordinary shares at 100p per share to raise £2.5 million before expenses. The shares were placed by Seymour Pierce Limited with existing institutional investors and the Company Directors. 

Following the placing, the Company will have 73,804,201 ordinary shares in issue. The Placing Shares will represent approximately 3.39 per cent. of the Company's Enlarged Share Capital.

Two members of the Company's Board are participating in the placing as follows:

* 19,500 ordinary shares are held on behalf of a minor daughter of Andrew and

13,174 ordinary shares are held by Andrew's wife

** These shares are held on behalf of Walter's minor daughter

 Walter's elder daughter is also taking 12,500 shares.

Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 12 November 2009. 

The net proceeds of the Placing receivable by the Company will be applied to fund essential  ongoing activity on the Portland and Islandmagee projects, redeem the debenture issued to Hydrock and the funding of G&A expenditure. 

For further information please contact:

Portland Gas plc

Andrew Hindle, Chief Executive Officer 020 8332 1200

Craig Gouws, Chief Financial Officer

PR - Watershed

Sara Hudston 01308 420785

Investor Relations - Buchanan Communications 

Ben Willey 020 7466 5000

Nominated Adviser and Broker - Seymour Pierce 

Jonathan Wright  020 7107 8000

Sarah Jacobs

Richard Redmayne

Notes to Editors:

Background on Portland Gas plc

Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, Northern Ireland. The two projects could between them provide over 10% of the total UK and Ireland peak daily demand in the latter part of the next decade. The Company is also developing new projects in mainland  Europe initially  focussing on Germany and Spain. The Company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential in Europe over the coming decades. In order that the "Portland Gas" name can remain with the Portland Project where it is very well established in Dorset, the Directors intend to seek approval at the next Annual General Meeting of the Company, scheduled for December 2009, to change the name of Portland Gas plc to "Infrastrata plc". The Portland Project company, Portland Gas Holdings Limited, would then be renamed to "Portland Gas Limited".

Further information is available on the Company's website www.portland-gas.com.