Spinnaker Opportunities PLC Subscription and Appointment of Joint Broker (7176Z)
19 December 2017 - 6:00PM
UK Regulatory
TIDMSOP
RNS Number : 7176Z
Spinnaker Opportunities PLC
19 December 2017
19 December 2017
Spinnaker Opportunities Plc
("Spinnaker" or "the Company")
Subscription and Appointment of Joint Broker
Spinnaker Opportunities Plc (LON: SOP), the standard listed cash
shell established to make a material acquisition in the energy or
industrial sectors, is pleased to announce that it has raised
GBP170,000 by way of a placing and subscription. The company has
appointed SI Capital Ltd ("SI Capital") as Joint Broker to the
Company.
The subscribers comprise of a small number of SI Capital's
private investors who have agreed to subscribe a total of
GBP170,000 gross (GBP161,500 net) into the Company on terms similar
to the IPO conducted in May 2017.
The placing and subscription takes the form of the issue of
3,400,000 units at a price of 5 pence per unit. Each unit consists
of one ordinary share plus one half warrant. The warrants are
exercisable at a price of 7.5 pence per share and will be valid up
to 19 June 2020. A further 100,000 Broker Warrants exercisable at 5
pence up to 19 June 2020 will be issued to SI Capital.
The subscription price of 5p represents a premium of
approximately 48 per cent. to the closing price of the Company's
shares of 3.375p on 18 December 2017 and compares with the
Company's estimate of the current net asset value per share of
4.2p.
The Company believes that SI Capital's appointment will assist
in the promotion of the Company to investors. Additionally, the
placing and subscription price is at a premium both to the current
share price and to net asset value per share and will therefore
result in a modest increase in net asset value per share.
SI Capital have agreed to assist with the sourcing and
evaluation of suitable RTO opportunities and to assist with any
fundraising associated with an RTO transaction from their network
of high net worth and sophisticated investors.
Application for the admission to trading of the new ordinary
shares will be made and trading is expected to commence on 3rd
January 2018.
Commenting on the appointment, Andy Morrison, Chairman of
Spinnaker said:
"I am delighted to welcome our new investors whose commitment
validates the approach that we are taking to finding the right
opportunity to add value for all our shareholders. I am also very
pleased to welcome SI Capital as joint broker to work alongside SP
Angel Corporate Finance LLP, increasing our direct reach within the
retail investment community, and look forward to working with
them."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries
Spinnaker Opportunities Tel: +44 (0)7980 878
Andy Morrison, Chairman 561
Website: http://www.spinnakeropportunities.uk/
SP Angel (Financial Adviser and Joint Broker)
Tel: +44 (0)20 3470 0470
Lindsay Mair
Caroline Rowe
SI Capital (Joint Broker) Tel: +44 (0)1483
413 500
Nick Emerson
Blytheweigh (Financial PR) Tel: +44 (0)20
7138 3204
Nick Elwes
Simon Woods
About Spinnaker Opportunities
Spinnaker Opportunities (LON: SOP) is listed on the standard
list of the London Stock Exchange, led by a management team with
extensive expertise in the oil & gas/energy industries.
Spinnaker's strategy is to seek a single material acquisition with
a view to performing a Reverse Takeover to generate an attractive
capital return to its shareholders by achieving a valuation uplift
upon RTO and by selecting a target business that has significant
further value growth potential following acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUWVRRBOAUAUA
(END) Dow Jones Newswires
December 19, 2017 02:00 ET (07:00 GMT)
Spinnaker Opportunities (LSE:SOP)
Historical Stock Chart
From Apr 2024 to May 2024
Spinnaker Opportunities (LSE:SOP)
Historical Stock Chart
From May 2023 to May 2024