22 Jun 2009 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA, NEW ZEALAND OR THE REPUBLIC OF IRELAND (EACH, A "RESTRICTED JURISDICTION") OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
For immediate release 22 June 2009
Volga Gas plc
("Volga Gas" or "the Company")
Result of Bookbuilding - US$27 million (£16.6 million) conditionally raised
Volga Gas, the independent oil and gas exploration and production company with licence areas in the Volga region of European Russia, is pleased to announce that it has completed the Bookbuilding to raise US$27 million (£16.6 million) before expenses (approximately US$26.6 million/ £16.3 million net) through a conditional placing of 27,000,000 Placing Shares in the capital of the Company with certain existing investors including certain directors of the Company at a price of US$1.00 or 61.4 pence per share (the "Placing"). This Placing was comfortably oversubscribed. Oriel Securities and Renaissance Capital are acting as joint bookrunners in relation to the Placing.
The Placing Shares represent in aggregate approximately 33.3 per cent. of the issued share capital of Volga Gas prior to the Placing. The Placing Shares will, when issued, rank pari passu with the Existing Ordinary Shares and will rank in full for any dividends and other distributions declared, made or paid on or after Admission in respect of the ordinary share capital of the Company.
The Placing is conditional upon, inter alia, the valid passing of the Resolution at the General Meeting of the Company scheduled for 6 July 2009 and Admission becoming effective. The Placing is also conditional on the Placing Agreement becoming unconditional and not being terminated in accordance with its terms.
The Company will apply for admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("AIM") ("Admission"). It is expected that Admission will take place and that dealings will commence on AIM at 8.00 a.m. on 7 July 2009.
Capitalised terms used, but not defined, in this announcement have the same meanings as set out in the Company's announcement of 18 June 2009 with RNS Number 1027U regarding the Placing.
For further information please contact:
| Volga Gas plc | Financial Dynamics |
| Mikhail Ivanov, Chief Executive Officer | Billy Clegg |
| Tony Alves, Chief Financial Officer | Ed Westropp |
| Tel: +44 (0)20 8622 4451 | Alex Beagley |
| Tel: +44 (0)20 7831 3113 | |
| Oriel Securities Limited | Renaissance Capital |
| Nominated Adviser, Joint Broker and Joint Bookrunner | Joint Broker and Joint Bookrunner |
| Richard Crawley | Robert Hagon, Sales Trading |
| Matthew Coakes | Tel: +44 (0)20 7367 7713 |
| Tel: +44 (0)20 7710 7600 | Arie Kravtchin, Equity Capital Markets |
| Tel: +7 495 783 5691 |
All US$/ £ exchange rate references in this announcement assume an exchange rate of 61.4 pence/ per US$1.00.
Oriel Securities Limited ("Oriel"), which is authorised and regulated in the United Kingdom by the Financial Services Authority (the "FSA"), is acting as Nominated Adviser and broker to the Company for the purposes of the AIM Rules for Companies and the AIM Rules for Nominated Advisers in connection with the Placing and Admission and is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to customers of Oriel or for advising any other person on any transaction or arrangement referred to in this announcement.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, such securities by any person in any circumstances, and in any jurisdiction, in which such offer or solicitation is unlawful. Accordingly, copies of this announcement are not being and must not be mailed or otherwise distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction or to, or for the account or benefit of, any person from or residing in a Restricted Jurisdiction and any person receiving this announcement (including, without limitation, custodians, nominees and trustees) must not distribute or send it in or into or from any Restricted Jurisdiction.