8 Sep 2009 09:05
STERLING ENERGY PLC ("Sterling" or "the Company")
ADMISSION OF NEW EQUITY AND TOTAL VOTING RIGHTS
8 September 2009
The Company announced on 14 August 2009 a placing to raise £62.5 million (before expenses). The Company is pleased to announce that following the passing of resolutions at a General Meeting of shareholders held yesterday the new ordinary shares were admitted to trading on AIM at 8.00 a.m. today.
Following this admission Sterling now has 7,132,825,585 ordinary shares of 1p each in issue and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
Following the completion of the placing Sterling will make a $35 million debt repayment to its lenders and thus fulfil the conditions precedent for the amended bank waiver to become effective until 14 February 2011.
Alastair Beardsall, the newly appointed Chairman of Sterling said:
"We are very pleased the placing has been completed and that we can now complete on the amended bank waiver; together they strengthen the financial security of the Company and will allow us to focus on our many exciting projects, including the highly prospective Sangaw North block in Kurdistan. We thank all our staff, lenders, advisors and shareholders for their support during the last few difficult months; this opportunity to focus the Company on a future with funds to explore and grow is a direct result of their collaborative efforts."
For further information contact:
Sterling Energy Plc (+44 20 7405 4133)
Alastair Beardsall, Executive Chairman
Graeme Thomson, Chief Executive
Jon Cooper, Finance Director
Web site: www.sterlingenergyplc.com
Evolution Securities (+44 20 7071 4300)
Rob Collins
Chris Sim
Neil Elliot
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
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.