Coro Energy PLC Previously Intended Open Offer (7635Z)
22 May 2019 - 2:44AM
UK Regulatory
TIDMCORO
RNS Number : 7635Z
Coro Energy PLC
21 May 2019
21 May 2019
Coro Energy plc
("Coro Energy" or the "Company")
Previously Intended Open Offer
Coro Energy, the Southeast Asian focused oil and gas company,
previously announced on 16 February 2018 that it intended,
following completion of a placing of and subscription for new
ordinary shares to raise approximately GBP14 million at a price of
4.38 pence per ordinary share (the "Placing and Subscription"), to
offer qualifying shareholders with the opportunity to subscribe for
new ordinary shares at the same 4.38 pence per ordinary share price
as was available to investors under the Placing and Subscription in
an intended open offer of up to GBP2 million in 2018 (the
"Previously Intended Open Offer").
The Previously Intended Open Offer was not required by the
Company to fund operations but was instead intended to provide
qualifying shareholders with the opportunity to subscribe for
additional ordinary shares at the same price as was available to
investors under the Placing and Subscription.
The Company's ordinary shares have, since completion of the
Placing and Subscription, traded below the price at which the
Previously Intended Open Offer was to be launched and the Directors
do not therefore believe that it would be a productive use of
Company funds to proceed with an open offer at a premium to the
prevailing share price at the current time. As a result, the
Company no longer intends to proceed with the Previously Intended
Open Offer.
For further information please contact:
Coro Energy plc Tel: 44 (0)20 3965 7917
James Menzies, Chief Executive Officer
Andrew Dennan, Chief Financial Officer
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
David Jones
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Mirabaud Securities Ltd (Joint Broker) Tel: 44 (0)20 3167 7221
Peter Krens
Ed Haig-Thomas
Turner Pope Investments (TPI) Ltd Tel: 44 (0)20 3621 4120
(Joint Broker) info@turnerpope.com
Ben Turner
James Pope
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END
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