SEY.L Regulatory News (SEY)

22 Dec 2009 07:11



22 December 2009

STERLING ENERGY PLC

("Sterling" or the "Company")

Result of Open Offer

On 4 December 2009, Sterling announced a share issue to raise up to £20.4 million (net of expenses) through the issue of up to 1,637,296,583 New Ordinary Shares by way of a Firm Placing and Open Offer at a price of 1.3 pence per New Ordinary Share. The Firm Placing and Open Offer are conditional, amongst other things, upon the approval of Shareholders and Admission.

The Open Offer closed at 11.00 a.m. on 21 December 2009. Under the Open Offer, valid applications have been received from Qualifying Shareholders in respect of their Open Offer Entitlements for, in aggregate, 1,548,621,506 Open Offer Shares, representing approximately 97.70 per cent. of the 1,585,072,352 Open Offer Shares offered pursuant to the Open Offer. As a consequence, 36,450,846 Open Offer Shares were available pursuant to the Excess Application Facility. Valid applications pursuant to the Excess Application Facility have been received in respect of 68,841,162 Excess Shares, representing approximately 188.86 per cent. of the Excess Shares available. Accordingly, applications for Excess Shares under the Excess Application Facility have been scaled back and Excess Qualifying Shareholders will receive an approximate rate of 52.95 per cent. of their application under the Excess Application Facility.

A further 52,224,231 New Ordinary Shares will be issued pursuant to the Firm Placing.

A share consolidation is being proposed pursuant to which, following the completion of the Capital Raising, save for Admission, and prior to Admission on 23 December 2009, all of the then issued shares in the capital of the Company, including the New Ordinary Shares, will be consolidated into Ordinary Shares on a 1 for 40 basis. 

Shareholder approval to effect the Firm Placing, Open Offer and Consolidation will be sought at the Extraordinary General Meeting ("EGM") to be held at 11.00 a.m. today at the offices of Ashurst LLP at Broadwalk House, 5 Appold Street, London EC2A 2HA. 

Application has been made to the London Stock Exchange for the Ordinary Shares, following the Consolidation, to be admitted to trading on AIM, subject to Shareholder approval being given at today's EGM. It is expected that Admission will become effective on 23 December 2009 and that dealings for normal settlement in the Ordinary Shares will commence at 8.00 a.m. on 23 December 2009. Ordinary Shares in uncertificated form are expected to be credited to CREST accounts on 23 December 2009, and share certificates for the Ordinary Shares in certificated form are expected to be dispatched by 4 January 2010.

The issued share capital of Sterling upon Admission is expected to comprise of 219,300,085 Ordinary Shares of nominal value 40 pence each.

This announcement should be read in conjunction with the full text of the Prospectus published by the Company on 4 December 2009 (available on the Company's website at www.sterlingenergyuk.com). Definitions used in the Prospectus shall have the same meanings when used in this announcement unless the context otherwise requires.