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18 Nov 2009 07:00
18th November 2009
STERLING ENERGY PLC
("Sterling" or the "Company")
Proposed Open Offer - Update
Further to the Placing undertaken in September 2009 that raised £62.5 million (gross) at 1.3 pence per Ordinary Share, the Board stated it was Sterling's intention to undertake an Open Offer to raise approximately £20.6 million at the September Placing Price of 1.3 pence per Ordinary Share, which will give Shareholders the opportunity to subscribe for two new Ordinary Shares for every nine existing Ordinary Shares held at the Record Date of 8 September 2009.
The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Sterling's advisers and the UKLA. Sterling intends to launch the Open Offer following the sale of its USA assets, announced on 20 October 2009. The sale is expected to complete in early December, and the Company expects to close the Open Offer prior to the year end.
For further information contact:
Sterling Energy Plc (+44 (0)20 7405 4133)
Alastair Beardsall - Executive Chairman
Jon Cooper - Finance Director
Evolution Securities (+44 (0)20 7071 4300)
Rob Collins
Capitalised terms above are defined in the circular for the September Placing.
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