Last checked at 26 Jul 2012 07:00
26 July 2012
Sound Oil plc
("Sound Oil" or "the Company")
Change of broker and open offer details
Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, is pleased to announce a change in broker and details of the forthcoming open offer.
Change of broker
The Company is pleased to announce the appointment of Westhouse Securities Limited as its corporate broker with immediate effect.
Open offer details
Further to the announcement on 16 July 2012 of a deferred open offer to existing shareholders, Sound Oil is pleased to confirm further details of the offer.
At the end of the settlement period from the recent Astin Capital Management private placement (a maximum of seven months plus a 40 day extraordinary settlement period, if required), shareholders will be offered the chance to participate in an open offer up to a maximum of £1.0 million. This open offer will be priced at the VWAP (volume weighted average price) for the entire period of the placement, including the extraordinary settlement period if there is one.
This offer will be open to shareholders on the share register at the end of the pricing period. The entitlement will be pro-rated to investor's shareholdings at that point, excluding any shares held by the funds managed by Astin Capital Management, who will not be able to participate in the open offer. Additional shares will only be offered to any of the funds managed by Astin Capital Management should the open offer not be fully subscribed by other shareholders.
For further information please contact:
Sound Oil Gerry Orbell, Chairman & Chief Executive James Parsons, Chief Financial Officer
| j.parsons@soundoil.co.uk
|
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones
| Tel: +44 (0)20 7131 4000 |
Westhouse Securities - Broker Dermot McKechnie Jonathan Haines
| Tel: +44 (0)20 7601 6100 |
Buchanan Tim Thompson Ben Romney Helen Chan
| Tel: +44 (0)20 7466 5000
|