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11 Jul 2008 07:00
11 July 2008 For Immediate Release
PRESS RELEASE
£9m Placing
Portland Gas Plc (AIM: PTG) is pleased to announce the placing of 2,535,211 new ordinary shares at 355p per share to raise £9 million before expenses. The shares were placed by Seymour Pierce Limited with new and existing institutional investors.
Following the placing, the Company will have 70,384,727 ordinary shares in issue.
Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 16 July 2008.
The net proceeds of the Placing receivable by the Company will be applied to support the advanced work on its Portland gas storage project; to provide the funds to drill a confirmation borehole later this year at its Larne Lough project in Northern Ireland; and to provide funds to develop further storage opportunities.
Commenting on the placing, Andrew Hindle, CEO, said:
"The placing provides funding for Portland Gas to continue to develop our existing gas storage projects in the UK and to accelerate the development of exciting new storage opportunities."
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 Advisor and Broker - Seymour Pierce
Jonathan Wright 020 7107 8000
Sarah Jacobs
Richard Redmayne
Notes to Editors:
Background on Portland Gas
Portland Gas' business focuses on the development of gas storage projects and associated infrastructure in the United Kingdom and internationally. It currently has two projects in its portfolio, the first on Portland, Dorset, and the second at Larne Lough in Northern Ireland. Further information is available on the Company's website www.portland-gas.com. The company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential given the projected significant increase in demand for gas in Europe over the coming decades.
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