Trinity Exploration & Production Result of GM (3347U)
11 July 2018 - 9:42PM
UK Regulatory
TIDMTRIN
RNS Number : 3347U
Trinity Exploration & Production
11 July 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 OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
11 July 2018
Trinity Exploration & Production plc
Result of General Meeting and Conditional Placing and Offer for
Subscription to Qualifying Participants
and Total Voting Rights
Trinity Exploration & Production plc (AIM: TRIN) (the
"Company"), the independent exploration and production company
focused on Trinidad, announced on 25 June 2018 (the "Announcement")
that it had conditionally raised gross proceeds of US$18 million
(GBP13.7 million) by: (i) the conditional firm placing of
56,370,645 new Ordinary Shares (the "Firm Placing Shares"), which
was oversubscribed, at an issue price of 15 pence (the "Issue
Price") per Firm Placing Share to certain existing and new
institutional investors (the "Firm Placing"); and (ii) the
conditional subscription for 35,113,689 new Ordinary Shares (the
"Subscription Shares") at the Issue Price per Subscription Share by
certain Directors, members of the Company's senior management team
and certain holders of Loan Notes (the "Subscription"). The Company
proposed to raise up to a further US$2.0 million (GBP1.5 million)
by the issue of up to a further 10,164,926 new Ordinary Shares (the
"Offer Shares") at the Issue Price per Offer Share pursuant to an
offer for subscription to all Qualifying Participants (the
"Offer").
The Announcement also confirmed that Cenkos, as agent of the
Company, had entered into arrangements with the Conditional Placees
pursuant to which the Conditional Placees had agreed to subscribe
at the Issue Price for the New Ordinary Shares not taken up by
Qualifying Participants under the Offer (the "Conditional Placing"
and, together with the Firm Placing, the Subscription and the
Offer, the "Fundraising"), subject to clawback in respect of valid
applications by Qualifying Participants under the Offer. The
Fundraising was subject to, inter alia, the approval by
Shareholders of the Resolutions set out in the Notice of
Extraordinary General Meeting.
The Company is pleased to announce that all the Resolutions
proposed at the Extraordinary General Meeting, held earlier today,
were duly passed.
The Company is pleased to confirm that the Offer was
significantly oversubscribed. In accordance with the terms of the
Offer, the Directors have exercised their discretion with regard to
the allocation of the Offer Shares such that each Applicant who
applied for Offer Shares will receive the full amount of Offer
Shares applied for up to an application value of GBP10,000.
Thereafter, applications have been scaled back proportionately
according to the value of the application in excess of GBP10,000
and the balance of Offer Shares available. Accordingly, no New
Ordinary Shares will be allotted to the Conditional Placees
pursuant to the Conditional Placing.
Admission and Total Voting Rights
Accordingly, pursuant to the Fundraising announced on 25 June
2018, the Company is issuing 101,649,260 New Ordinary Shares at the
Issue Price. Application has been made for admission of the New
Ordinary Shares to trading on AIM which is expected to become
effective, and dealings are expected to commence, at 8.00 a.m. on
12 July 2018. Following Admission, the Company's issued share
capital will consist of 384,049,246 Ordinary Shares with voting
rights. The Company does not hold any Ordinary Shares in
treasury.
Following Admission, the abovementioned figure of 384,049,246
Ordinary Shares 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 to their interest in, the
share capital of Trinity Exploration & Production plc under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Capitalised terms used but not defined in this notification
shall have the meanings given to such terms in the sections headed
'Definitions' and 'Glossary' in the Announcement.
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Beth McKiernan +44 (0)20 7397 8900
Derrick Lee +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Hugh Rich
Nick Lovering
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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