UK Oil & Gas Regulatory News (UKOG)

6 Jun 2007 16:38

Sarantel Group PLC06 June 2007 Sarantel Group PLC ("Sarantel" or the "Company") Placing The Board of Sarantel is pleased to announce that further to its announcementdated 18 May 2007, 21,300,000 new "A" ordinary shares ("Placing Shares") havebeen conditionally placed with its major shareholders at a price of 10p perPlacing Share raising approximately £2.1 million before expenses (the "Placing"). The Placing is conditional, inter alia, on shareholder approval at anextraordinary general meeting of the Company, to be convened. An explanatorycircular containing details of the extraordinary general meeting will be sent toshareholders as soon as possible. In particular, it will be necessary to obtain a waiver from the Panel onTakeovers and Mergers (the "Panel") from the obligation of the principalshareholders (who have conditionally agreed to subscribe under the Placing) tomake a mandatory cash offer for the Company under Rule 9 of the City Code onTakeovers and Mergers ("Rule 9") that would otherwise arise as a result of theirincreased interests in the Company's shares following the Placing. This willalso involve the approval by the Panel of the circular to shareholders, settingout details of the proposals and seeking the approval of the proposals(including the waiver of the application of Rule 9) by a vote of independentshareholders on a poll at the extraordinary general meeting. Further information on the background to and reasons for the Placing will be setout in the explanatory circular. Shareholders will be kept informed of thetiming of the despatch of the explanatory circular. The Board also announces that it expects to release its interim results for thesix months ended 30 March 2007 during the course of the week commencing 11 June. For further information please contact: Sarantel Group plc Tel: 01933 670 560Geoff Shingles, ChairmanDavid Wither, Chief Executive College Hill Tel: 020 7457 2020Carl Franklin / Ben Way Ambrian Partners Tel: 020 7776 6421Tim Goodman This information is provided by RNS The company news service from the London Stock Exchange