12 Jun 2009 12:07
12 June 2009
Regal Petroleum plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES
Result of Placing - GBP63.4 million (approx $104.7m) raised
Regal Petroleum plc ("Regal" or the "Company") announces that it has raised GBP63.4 million (approx $104.7m) before commissions and expenses by the conditional placing completed today of 104m new ordinary shares of 5 pence each in the capital of the Company (the "Placing Shares") with institutional investors at 61 pence per share (the "Placing"). Merrill Lynch International ("Merrill Lynch") is acting as sole bookrunner in relation to the Placing.
The Placing represents in aggregate approximately 49.1 per cent. of the issued share capital of Regal prior to the Placing. The Placing Shares will, when issued, rank pari passu in all respects with the existing issued ordinary shares of Regal, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Placing is conditional upon, inter alia, the valid passing of the Resolutions (without amendment) at the General Meeting scheduled for 30 June 2009 and Admission becoming effective. The Placing is also conditional on the Placing Agreement becoming unconditional and not being terminated in accordance with its terms. It is anticipated that the settlement date will be 1 July 2009.
The Company will apply for admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("Admission"). It is expected that Admission will take place and that trading will commence on 1 July 2009.
Capitalised terms used, but not defined in this announcement have the same meanings as set out in the Company's announcement of earlier today.
Contacts
Regal Petroleum plc +44 20 7408 9500
David J Greer, CEO
Robert Wilde, FD
Merrill Lynch International +44 20 7628 1000
Andrew Osborne
Craig Kennedy
Strand Partners +44 20 7409 3494
Simon Raggett
Rory Murphy
Citigate Dewe Rogerson +44 20 7638 9571
Martin Jackson
George Cazenove
Emma Woollaston
General
Merrill Lynch International, which is authorised and regulated in the United Kingdom by the FSA, is acting for the Company and for no-one else in connection with the Placing, and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Merrill Lynch International or for providing advice to any other person in relation to the Placing or any other matter referred to herein.
Members of the public are not eligible to participate in the Placing. This announcement is for information purposes only and does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or acquire, any securities to any person in any jurisdiction, including without limitation in the United Kingdom, the United States, Canada, Australia, the Republic of South Africa or Japan. This announcement has been issued by, and is the sole responsibility of, the Company.
The distribution of this announcement and the Placing and/or issue of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or Merrill Lynch, or any of their respective Affiliates that would permit an offer of the Placing Shares or possession or distribution of this announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and Merrill Lynch to inform themselves about and to observe any such restrictions.
This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933 (the "Securities Act") or an exemption therefrom. The Company has not registered and does not intend to register any of its Ordinary Shares under the Securities Act.
The securities to which this announcement relates may be illiquid and/or subject to restrictions on their resale. Prospective investors in the Placing Shares should conduct their own due diligence on the Placing Shares and the Company. Prospective investors who do not understand the contents of this announcement should consult an authorised financial adviser.