Victoria Oil & Gas PLC Result of General Meeting and Board Changes (0126V)
03 April 2019 - 10:30PM
UK Regulatory
TIDMVOG
RNS Number : 0126V
Victoria Oil & Gas PLC
03 April 2019
3 April 2019
Victoria Oil & Gas Plc
("VOG" or "the Company")
Result of General Meeting ("GM") and Board Changes
On 7 March 2019, Victoria Oil & Gas Plc (AIM: VOG) announced
that it had conditionally raised GBP13.57 million (gross), with new
and existing shareholders, comprising a Placing of 59,357,488 New
Ordinary Shares and a Subscription of 45,000,000 New Ordinary
Shares, with 270,000 Fee Shares proposed to be issued in connection
with the Fundraising. The issue of the New Ordinary Shares was
conditional upon, inter alia, the passing of the Resolution at the
General Meeting.
Full details of the Fundraising and a Notice of General Meeting
were set out in the Circular dated 11 March 2019.
General Meeting
The Company is pleased to announce that, at the General Meeting
held this morning, the Resolution that was proposed in the Notice
of General Meeting was duly passed.
Board Changes
Kevin Foo retired as Director and Executive Chairman at the
conclusion of the General Meeting. Roger Kennedy, formerly Senior
Non-Executive Director, has assumed the role of Executive
Chairman.
The Subscription is conditional, inter alia, on various board
changes including the appointment of two independent non-executive
directors ("INEDs"). The search for such INEDs has progressed and
the Company expects to announce their appointments prior to
Admission.
Completion of Subscription and Placing and Admission
Application has been made to the London Stock Exchange for
104,627,488 New Ordinary Shares to be admitted to trading on AIM
pursuant to the Fundraising. It is expected that Admission will
occur at 8.00 a.m. on or around 5 April 2019, following the
appointment of the two INEDs.
The Company's issued share capital, following Admission, will
comprise 255,073,945 Ordinary Shares with voting rights. This
figure 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,
securities of the Company under the FCA's Disclosure Guidance and
Transparency Rules. The New Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares in issue.
Roger Kennedy, Executive Chairman of VOG commented:
"The result of this morning's General Meeting is a fresh
beginning for Victoria Oil & Gas. The soon to be newly
constituted Board and management of the Company are dedicated and
excited to implement our strategy to optimize our operations in
Cameroon, generate shareholder value, and create a model for
cleaner and more cost-effective energy in Africa.
I would like to wish Kevin Foo success in his retirement and
thank him for his years of service to VOG."
Capitalised terms used in this announcement have the meanings
given to them in the Circular regarding, inter alia, the
Fundraising, unless the context provides otherwise.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kate Baldwin Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (Nominated & Financial Adviser)
Rory Murphy / Ritchie Balmer / Jack Botros Tel: +44 (0) 20 7409
3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408
4090
Jerry Keen (corporate broking)
GMP FirstEnergy (Joint Broker)
Jonathan Wright / Hugh Sanderson Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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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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