TIDMRBD
RNS Number : 3023G
Reabold Resources PLC
28 February 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN REABOLD RESOURCES PLC OR ANY OTHER
ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT
OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN
CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF REABOLD
RESOURCES PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (596/2014/EU). IN ADDITION, MARKET
SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF
THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS
PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND
SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE
INFORMATION.
For immediate release
28 February 2018
Reabold Resources plc
("Reabold" or the "Company")
Result of the placing ("Placing")
Further to the announcement made at 11.30 a.m. today (the
"Placing Announcement") the Board of Reabold (AIM: RBD), the AIM
traded investment company investing in the Exploration &
Production sector, announce that, the bookbuild has been successful
and is now closed.
Due to demand received during the bookbuild, the Board of
Reabold has decided to increase the placing from 1,222,000,000, new
ordinary shares of 0.1p each in the capital of the Company
("Ordinary Shares") to 1,305,083,333 new Ordinary Shares (the "New
Placing Shares"), an increase of 7%.The New Placing Shares have
been successfully placed by the Joint Brokers with new and existing
shareholders of the Company at a price of 0.6 pence per New Placing
Share (the "Issue Price"). to raise approximately GBP7.83 million
(before expenses).
Stephen Williams, Co-CEO of Reabold, commented:
"We are delighted by the result of today's placing which is at a
20% premium to the capital per share at which we raised money in
2017. The institutionally led placing was well supported by
existing shareholders and we are delighted to welcome new
high-quality institutions welcomed to the Reabold share
register."
Sachin Oza, Co-CEO of Reabold, commented:
"Today's placing allows Reabold to accelerate the execution of
its strategy of funding high quality oil & gas projects. We are
confident that Reabold's funding of near term drilling activity,
enhanced by subsequent involvement of additional industry
participants, will create substantial value for Reabold
shareholders. We look forward to deploying the proceeds from the
Placing to generate a unique portfolio of increased near term
activity, high impact and value creative projects."
The Placing and settlement
The Issue Price represents a premium of approximately 4 per
cent. to the closing middle market price of 0.575 pence per
existing Ordinary Share on 27 February 2018, the last business day
before the announcement of the Placing.
The New Placing Shares will, when issued, represent 85% of the
existing Ordinary Shares prior to the issue of the New Placing
Shares and 46% of the enlarged issued share capital following the
Placing and will be fully paid and will rank pari passu in all
respects with the existing Ordinary Shares, including the right to
receive all dividends and other distributions declared, made or
paid after the date of issue.
Application will be made for the Placing Shares to be admitted
to trading on the AIM market of the London Stock Exchange plc
("AIM").
Settlement for the Placing Shares and admission of the Placing
Shares to trading on AIM ("Admission") is expected to take place on
8.00 a.m. on 20 March 2018. The Placing is conditional, among other
things, upon Resolutions 1 and 2 being duly passed at the General
Meeting, Admission becoming effective and the Placing Agreement not
being terminated in accordance with its terms.
The general meeting ("General Meeting"), is to be held at the
offices of Hill Dickinson LLP, 105 Jermyn Street, London SW1Y 6EE
at 11.00 am on 19 March 2018, notice of which will be posted to
shareholders of the Company. The Resolutions to be proposed at the
General Meeting are to provide the Company with the authority to
issue and allot the Placing Shares and to create headroom for the
Company to issue further 284,549,923 ordinary shares. Whilst the
Directors have no current plans to utilise such additional headroom
it will allow them to react quickly and cost effectively to any
future opportunities that may arise. If such authority were to be
granted it would represent 10% of the enlarged issued share capital
of the Company following the Placing.
A copy of a Circular, which includes notice of the General
Meeting, will be posted to the shareholders of the Company and will
be available from the Company's website: www.reabold.com
Total voting rights
Following the issue of the Placing Shares and assuming the
passing of the Resolutions at the General Meeting, the Company will
have 2,845,499,229 Ordinary Shares in issue.
Enquiries:
020 7440
Reabold Resources plc 640
Sachin Oza, Co-Chief Executive
Stephen Williams, Co-Chief Executive
Arden Partners plc (Joint Broker 020 7614
and bookrunner) 5900
Paul Shackleton / Daniel Gee-Summons
- Corporate Finance
Fraser Marshall - Corporate Broking
Whitman Howard Limited (Joint 020 7659
Broker) 1234
Nick Lovering
Grant Barker
Beaumont Cornish Limited (Nominated 020 7628
Advisers) 3396
Roland Cornish
Felicity Geidt
Notes to Editors
Reabold is an investor in upstream oil & gas projects with
an aim to create value from each project by investing in
undervalued, low-risk, near-term upstream oil & gas projects
and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made
through its investments into larger projects in order to grow the
Company. Reabold aims to gain exposure to assets with limited
downside and high potential upside, capitalising on the value
created between the entry stage and exit point of its projects. The
Company invests in projects that have limited correlation to the
oil price.
Reabold has a highly-experienced management team, who possess
the necessary background, knowledge and contacts to carry out the
Company's strategy. Management believes the current distress in the
oil & gas industry presents an opportune time to deploy capital
in undervalued assets with huge potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEPGUUGPUPRGMR
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