Rockpool Acqui Regulatory News (ROC)

4 Dec 2006 07:02

Roc Oil Company Limited04 December 2006 4 December 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE CLOSING OF RENOUNCEABLE RIGHTS ISSUE - OVER 91% TAKE UP BY ELIGIBLE SHAREHOLDERS ROC is pleased to advise that following closing of acceptances for its 3 for 8Rights Issue on Wednesday 29 November 2006, acceptances were received for72,409,271 new shares. After adjusting for ineligible shareholders, thisrepresents a take up of over 91% of rights held by eligible shareholders and anoverall total take up of about 89% of the new shares on offer. The 8.8 million new shares representing the entitlements of ineligibleshareholders and rights which were not exercised, will be offered toinstitutions and other investors under a Bookbuild, with any surplus above the$2.70/£1.09 issue price being distributed pro rata to ineligible shareholdersand persons who did not take up their rights. The Bookbuild will be conducted bythe underwriter, UBS AG, today. The Rights Issue, which will raise gross proceeds of about $219 million, willenable ROC to reduce debt and will provide the Company with greater financialflexibility. ROC expects to issue the new shares on Friday, 8 December 2006 and, whereapplicable, holding statements will be despatched on Monday, 11 December 2006.Normal trading in these shares is expected to commence on ASX and AIM fromTuesday, 12 December 2006. CREST accounts in the UK are also expected to becredited on that date. As a result of the Rights Issue ROC's issued capital willincrease by approximately 81.2 million shares (37.6%) to 297.8 million shares. ROC also advises that pursuant to ASX Listing Rule 6.22, following completion ofthe Rights Issue the exercise price for all employee and executive optionscurrently on issue will be decreased by 22 cents with effect from Tuesday, 12December 2006. Commenting on the Rights Issue, ROC's CEO, John Doran, stated that: "An overall take up of over 91% by eligible shareholders - including stronginstitutional support in the UK - makes for a successful Rights Issue and it isfitting that this has been achieved towards the end of a year which has seen theCompany transform itself through successful exploration, development and assetacquisition." Michelle ManookGeneral Manager - Corporate Affairs For further information please contact: Dr John Doran on Tel: +61-2-8356-2000 Fax: +61-2-9380-2635 Email: jdoran@rocoil.com.au Or visit ROC's website: www.rocoil.com.au Dr Kevin Hird General Manager Business Development Tel: +44 (0)207 586 7935 Fax: +44 (0)207 722 3919 Email: khird@rocoil.com.au Nick Lambert Bell Pottinger Corporate & Financial Tel: +44 (0)207 861 3232 This information is provided by RNS The company news service from the London Stock Exchange