San Leon Energy PLC Result of Tender Offer (6542T)
March 22 2019 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 6542T
San Leon Energy PLC
22 March 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
CERTAIN INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSE OF THE
MARKET ABUSE REGULATION EU (NO) 596/2014. UPON PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
San Leon Energy plc
("San Leon", the "Group" or the "Company")
Result of Tender Offer
San Leon today announces the result of the Tender Offer set out
in the shareholder circular published by the Company on 20 February
2019 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 20
March 2019.
The maximum number of Ordinary Shares authorised by shareholders
under the Tender Offer, being 50,475,000 Ordinary Shares, will be
acquired for a total cost of GBP23.2 million. This represents
approximately 9.97% of the issued ordinary share capital of the
Company, as at the date of this announcement.
The Tender Offer was oversubscribed, with a total of 81,177,508
Ordinary Shares validly tendered by Qualifying Shareholders.
Qualifying Shareholders who tendered Ordinary Shares equal to or
less than their Individual Basic Entitlement will have their tender
accepted in full. Qualifying Shareholders who validly tendered in
excess of their Individual Basic Entitlement will have their tender
accepted in respect of their Individual Basic Entitlement (being
approximately 9.97% of their shareholding) plus approximately
50.23% of the number of Ordinary Shares in excess of their
Individual Basic Entitlement that they validly tendered.
It is anticipated that the proceeds payable under the Tender
Offer to the Company's shareholders who hold their Ordinary Shares
in certificated form will be despatched no later than 29 March 2019
in the form of a cheque. Those shareholders who hold their Ordinary
Shares in uncertificated form will have their CREST accounts
credited no later than 29 March 2019.
As set out in the Circular, the Ordinary Shares will be
purchased by Cantor Fitzgerald Europe pursuant to the Tender Offer
and the Company will purchase such Ordinary Shares from Cantor
Fitzgerald Europe under the terms of the Repurchase Agreement
described in the Circular.
San Leon also announces that, pursuant to the exercise of
warrants, an application has been made for an additional 250,000
ordinary shares in the Company to be admitted to trading on AIM
("Admission"). Admission is expected to take place on 26 March
2019. Following the issue of the new Ordinary Shares, the Company
will have 506,097,127 ordinary shares in issue (at the time of the
Circular there were 505,847,127 Ordinary Shares in issue). No
ordinary shares are held in treasury.
The Company intends to cancel the Ordinary Shares purchased by
it under the Repurchase Agreement, reducing the number of Ordinary
Shares in issue from 506,097,127 Ordinary Shares to 455,622,127
Ordinary Shares (the "Cancellation"). Accordingly, following the
Cancellation, which is expected to take place on or before 1 April
2019, 455,622,127 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 interests in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser
and joint broker to the Company and manager and broker to the
Tender Offer)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to
the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
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END
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