Eland Exercises Options to raise £14m

Source: www.gulfoilandgas.com 3/26/2014, Location: Africa

Eland Oil & Gas PLC, an oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, is pleased to announce that it has exercised the remaining balance of options under both the Solstice Option Agreement and the Helios Option Agreement, raising a total of £14.0 million at 100 pence per share. The proceeds of the exercised options will be used by the Company for general working capital and corporate purposes.

Pursuant to the Solstice Option Agreement, Solstice International Investments Inc is required to subscribe for 7,000,000 ordinary shares in the Company ("Ordinary Shares") at a subscription price of 100 pence per option as per the terms of the Solstice Option Agreement (together the "New Ordinary Shares"). The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.

Pursuant to the Helios Option Agreement, Helios Natural Resources Limited is required to subscribe for 7,000,000 Non-Voting Right Ordinary Shares at a subscription price of 100 pence per option share as per the terms of Helios Option Agreement. The Non-Voting Shares rank pari passu in all respects with the existing Ordinary Shares save that they do not have the right to vote at any general meeting or annual general meeting of the Company. The Non-Voting Shares are convertible in to Ordinary Shares, on a one-for-one basis, subject to the restrictions contained in the articles of association. Under the articles of association Helios may not convert its holding of Non-Voting Shares into Ordinary Shares if doing so were to increase its holding in Ordinary Shares, when taken together with any of its affiliates or persons acting in concert, to equal or exceeding 30% of the current voting share capital in the Company.

It is expected that admission of the 7,000,000 New Ordinary Shares will take place during the month of April 2014 with the issue of the Non-Voting Shares expected to take place at the same time.

Following the admission of the New Ordinary Shares and the issue of Non-Voting Shares, the Company's issued share capital will consist of 145,263,214 Ordinary Shares and 10,000,000 Non-Voting Shares. Eland does not hold any Ordinary Shares in treasury.

The aforementioned figure of 145,263,214 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Eland under the Financial Conduct Authority's Disclosure and Transparency Rules.


Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...
Bermuda >>  8/11/2022 - The Board of Directors of Borr Drilling Limited has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of...

Canada >>  8/11/2022 - Frontera Energy Corporation has taken up and paid for 5,416,666 of its outstanding common shares (the "Shares") at a price of $12.00 per Share (the "P...
Norway >>  8/11/2022 - From 11 August 2022, the shares in Equinor will be traded ex dividend USD 0.40 (ordinary dividend of USD 0.20 and extraordinary dividend of USD 0.20)....

Norway >>  8/11/2022 - In reference to stock exchange announcement on 10 April 2022 concerning share options exercised, the Register of Business Enterprises has registered t...
United Kingdom >>  8/11/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.