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25 Nov 2008 12:09
Caspian Holdings Plc
("Caspian" or the "Company")
25 November 2008
Caspian Completes £50,000 Placement
Caspian Holdings is pleased to announce it has completed a placement of 6,250,000 ordinary shares to Masterman Superannuation Fund ("MSF"), a pension fund associated with Michael Masterman of 0.1p per share at 0.8p per share to raise £50,000. The proceeds from the placing will be used to finance the current working capital requirement of the Company.
Application will be made for the new ordinary shares to be admitted to AIM which is expected to occur on 1 December 2008.
Related Party Transaction
Masterman Superannuation Fund, a company related to Michael Masterman, a director of Caspian, and of which Michael Masterman is a beneficiary and trustee, will be issued 6,250,000 ordinary shares. The share issue to MSF is therefore classified as a related party transaction for the purposes of the AIM Rules. Accordingly the Directors (other than Michael Masterman), having consulted with Grant Thornton Corporate Finance (in its capacity as the Company's nominated adviser), confirm that they are satisfied that the terms of MSF's participation in the placement are fair and reasonable insofar as the shareholders of the Company are concerned.
Following this transaction, Michael Masterman will be interested in 32,070,000 ordinary shares in the Company representing an interest of 25.7% in the total voting rights of the Company. In addition, Michael Masterman is interested in 6,250,000 options over ordinary shares in the Company as follows:
Stock Options Held Option Exercise Price Expiry Date
5,000,000 £0.04 31 December 2010
1,250,000 £0.03 31 December 2010
Following this placing, the Company will have 124,648,685 Ordinary Shares of 0.1p in issue.
Enquiries:
Caspian Holdings Plc Grant Thornton Corporate Finance
Michael Masterman Fiona Owen
T: +44 (0) 7791 288381 T: +44 (0) 20 7383 5100
www.caspianoil.co.uk
Hoodless Brennan
Luke Cairns
T: +44 (0) 20 7538 1166
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