UK Oil & Gas Investments PLC Loan Conversion (0361P)
23 May 2018 - 8:05PM
UK Regulatory
TIDMUKOG
RNS Number : 0361P
UK Oil & Gas Investments PLC
23 May 2018
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Loan Conversion
UK Oil & Gas Investments PLC (London AIM: UKOG), announces
that, in relation to the GBP10 million financing announced on 15
November 2017 ("Loan"), it has received a notice of exercise from
Cuart Investments PCC Ltd and YA II PN Ltd ("Investors") to convert
part of the Loan, with an aggregate par value of GBP250,000, into
equity ("Conversion Notice").
The Company has, therefore, today allotted 19,658,725 new
ordinary shares to the Investors ("Investor Shares"). The Investor
Shares will rank pari passu in all respects with the existing
ordinary shares.
Application will be made for these New Ordinary Shares to be
admitted to trading on AIM and it is anticipated that trading in
such shares will commence on or around 31 May 2018. After today's
conversion, the Par Value outstanding on the Loan is GBP4
million.
Following Admission, the Company's enlarged issued share capital
will comprise 3,873,826,872 ordinary shares. The Company does not
hold any shares in treasury. This figure of 3,873,826,872 ordinary
shares may be used by shareholders in the Company 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 FCA's
Disclosure and Transparency Rules.
Loan Terms
The terms of the Loan, as stated by the Company on 15 November
2017, includes a provision that for as long as any portion of the
Loan is outstanding, neither the Investors nor any of their
affiliates;
i. shall hold any net short position with respect to the equity
of UKOG and
ii. can trade more than 15 % of the number of UKOG shares that
have traded in a trading day.
The Loan is convertible in tranches of not less than GBP250,000,
with a limit of GBP3 million per quarter, starting from the 15
November 2017, unless otherwise agreed by the Company.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce /James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 0207 397 8919
Public Relations
Brian Alexander / David Bick Tel: 01483 243450
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
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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