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, announced on 6 June 2023, 7 June 2023 and 9 June 2023 the details of an open offer (the “Open Offer”) to raise gross proceeds of up to approximately US$8.3 million through the issue of up to 14,887,039 Open Offer Shares at 45 pence per share. The Company also published a circular in connection with the Open Offer on 9 June 2023.
The Open Offer closed for acceptances at 11.00 am on 28 June 2023. The Company announces that it has received valid applications under the Open Offer (including under the Excess Application Facility) in respect of 73,557 shares from Qualifying Shareholders (the “Open Offer Shares”). This represents approximately 0.49% of the aggregate number of shares offered to Qualifying Shareholders pursuant to the Open Offer.
The Board notes that the Company’s share price was below the Open Offer price of 45 pence per share for the duration of the Open Offer, which is likely to explain the level of applications. Notwithstanding the level of applications received, the Board still believes that it was appropriate to give those shareholders who did not participate in the Placing or Subscription announced in early June 2023 the opportunity to participate in the Equity Fundraise at the same price.
The Open Offer will raise additional gross proceeds for the Company of US$33,100.65. Following completion of the Open Offer, the aggregate gross proceeds raised by the Company pursuant to the Equity Fundraise will be approximately US$52.63 million, with net proceeds of approximately US$50.03 million.
Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings will commence in the Open Offer Shares at 8.00 a.m. on 3 July 2023.
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement published by the Company on 6 June 2023.
Total voting rights
Following the admission of the Open Offer Shares, the Company’s total issued share capital will be 540,766,574 Ordinary Shares of £0.001 par value in issue, and no Ordinary Shares in treasury. Given the Company does not hold any ordinary shares in treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules.