Further to its announcements on 6 June 2023 and 7 June 2023 relating to its financing, Jadestone Energy plc (the “Company” and together with its subsidiaries, “Jadestone” or the “Group”), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that the 94,081,826 new Ordinary Shares issued pursuant to the Placing and Subscription have today been admitted to trading on AIM. The Placing and Subscription together raised gross proceeds of US$52.6 million and net proceeds of US$50.0 million.
The Company is also pleased to confirm the commencement of its open offer of up to 14,887,039 new Ordinary Shares (the “Open Offer Shares”) at an offer price of £0.45 (the “Offer Price”) to raise additional gross proceeds for the Company of up to approximately US$8.3 million before expenses.
In connection with the Open Offer, the Company will today post to Shareholders an open offer circular (the “Open Offer Circular”), together with an application form for the Open Offer. The Open Offer Circular contains a letter from Dennis McShane, the Chair of Jadestone, explaining the Open Offer and the full terms and conditions of the Open Offer, as well as the expected timetable of principal events (which is also set out below). The Open Offer Circular will also be available on the Company’s website at www.jadestone-energy.com.
Qualifying Shareholders may apply for Open Offer Shares under the Open Offer at the Offer Price pro rata to their holdings of Ordinary Shares on the Record Date (being 6.00 p.m. on 7 June 2023) on the basis of:
1 Open Offer Share for every 30 Existing Ordinary Shares held
The Open Offer is aimed at those Qualifying Shareholders who were not given the opportunity to participate in the Placing or Subscription. Shareholders which have been allocated Placing Shares in the Placing have agreed pursuant to the Placing Terms and Conditions that they will not apply for any Open Offer Shares in the Open Offer in respect of any existing shareholdings and the Placing Shares and Subscription Shares will not qualify for the Open Offer, as the Record Date for the Open Offer was prior to the issue of the Placing Shares and Subscription Shares.
Any entitlements to Open Offer Shares not subscribed for by Qualifying Shareholders will be available to Qualifying Shareholders under the Excess Application Facility. The balance of any Open Offer Shares not subscribed for under the Excess Application Facility will not be available to the Placees under the Placing.
Subject to availability, the Excess Application Facility enables Qualifying Shareholders to apply for Excess Shares up to the maximum number of Open Offer Shares available less their Open Offer Entitlement.
Applicants can apply for less or more than their entitlements under the Open Offer, but the Company cannot guarantee that any application for Excess Shares under the Excess Application Facility will be satisfied, as this will depend, in part, on the extent to which other Qualifying Shareholders apply for less than or more than their own Open Offer Entitlements.
Qualifying Shareholders should note that the Open Offer is not a rights issue and therefore any Open Offer Shares which Qualifying Shareholders do not apply for will not be sold in the market for the benefit of Qualifying Shareholders. The Open Offer application form is not a document of title and cannot be traded or otherwise transferred.
