Seascape Energy Regulatory News (SEA)

27 Jan 2009 07:00



Ramco Energy plc

("Ramco" or the "Company")

ISSUE OF EQUITY

On 14 May 2008 Ramco, the Aberdeen based energy investment company announced the appointment of Exploration Geosciences Limited as technical consultants to the Company. Under a reorganisation, effective 1 October 2008, that appointment was novated to a new company, which has since changed its name to Exploration Geosciences Limited. In this announcement the new company is referred to as "EGL". 

Ramco now announces that it has issued and allotted 330,768 new ordinary shares of 10p each to EGL, in settlement of a bonus entitlement earned in the year to 31 December 2008.

The bonus entitlement totalled £135,614.90 including VAT and will be settled, at the Company's option, through the issue of 330,768 new Ramco shares at yesterday's closing mid market price of 41p.

Application will be made for 330,768 new shares to be admitted to trading on AIM and dealings are expected to commence on AIM on 2 February 2009. Following admission of the new shares, the Company will have 46,440,047 ordinary voting shares in issue.

As announced at the time of his appointment, Ramco's Non-Executive Director Mark Groves Gidney was a director of the original Exploration Geosciences Limited and therefore had an interest in the consultancy contract until its novation on 1 October 2008.

For the avoidance of doubt no director of the Company has an interest in EGL.

27 January 2009

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