TIDMROSE
RNS Number : 0650S
Rose Petroleum PLC
04 November 2019
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, REPUBLIC OF IRELAND, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA
OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR
CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE
TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES OF ROSE PETROLEUM PLC IN ANY JURISDICTION IN WHICH ANY
SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
4 November 2019
Rose Petroleum plc
("Rose" or the "Company")
Issue of equity and notice of general meeting
Rose Petroleum plc (AIM: ROSE), a Rocky Mountain-focused oil and
gas company, is pleased to announce that the Company has
conditionally raised GBP1.25 million, before expenses, through the
proposed issue of new ordinary shares of 0.1 p each in the Company
("Ordinary Shares") at a price of 1.1p per Ordinary Share ("Placing
Price") with warrants attached, to a range of new and existing
investors and with Turner Pope Investments acting as broker for the
Company (the "Placing"). Of the funds raised, approximately
GBP907,000 is conditional, inter alia, on the approval by
shareholders of resolutions to provide authority to the Directors
to issue and allot further new ordinary shares on a non-pre-emptive
basis at a general meeting to be convened by the Company, further
details of which are set out below.
Colin Harrington, Chief Executive of Rose said: "This successful
fundraising is an important step as we advance our strategy of
building a balanced asset portfolio in the U.S. Rocky Mountain
region. It enables us to enter the prolific Denver-Julesburg Basin
("DJ Basin") through helping fund the near-term development project
on the proposed McCoy lease acquisition announced today, and it
allows us to fund ongoing work at our newly restructured Paradox
Basin project.
"Since I joined the Rose Board earlier this year, we have taken
significant steps to reshape the Company and implement a new
strategic and operational focus. I am excited about the Company's
prospects, and this optimism is evidenced by the large
participation in the placing by Origin Creek Energy, a Company in
which Rick Grant, Rose's Chairman, and I are the shareholders.
"I would like to thank the Company's existing shareholders and
advisers for their support on this fundraise, and I extend a warm
welcome to our new shareholders. The Board looks forward to
delivering on the Paradox and McCoy projects and adding additional
projects to the portfolio in the short-term."
Background to the Placing
Over recent months the Company has bolstered its operational and
governance framework through a restructuring of the Board and
management team and the Company has a revised focus on upstream oil
and natural gas opportunities in the U.S. Rocky Mountain
region.
The Board's stated strategy for the Company is to build a
balanced portfolio of assets, exhibiting both free cash flow and
long-term development opportunities.
The Company's recently restructured project in the Paradox
Basin, Utah, U.S. ("Paradox project") and the Company's proposed
acquisition in the 317-acre McCoy lease located in the DJ Basin in
Weld County, Colorado, U.S. (the "McCoy project" or "Project"),
announced today, sit squarely within the new strategic vision.
The net proceeds from the Placing are primarily to be used to
develop the McCoy and Paradox projects.
McCoy Project
The McCoy project has multiple commercial benefits for the
Company:
-- A near-term, low risk development opportunity alongside
Captiva Energy Partners, LLC ("CEP"), a U.S. based industry partner
with a proven track record of successful horizontal development in
the immediate area;
-- An attractive entry cost when compared to similar
transactions, with consideration payable in Rose shares at a
premium to the Placing Price;
-- A robust, accretive project with strong well economics;
-- Near-term production programme proposed, with drilling anticipated within a year;
-- Optionality to acquire a larger working interest in the McCoy
project at Rose's sole discretion; and
-- Ongoing discussions to enlarge the Project and secure a
significant funding partner for the project's development.
Subject to finalising the acquisition of a working interest in
the McCoy project, the McCoy project will give Rose access to prime
acreage within the prolific DJ Basin horizontal play with
optionality to increase its working interest position
significantly. It also marks the beginning of a partner
relationship with CEP. This partnership will provide further deal
flow, access to proven competence and a wealth of experience in the
Rocky Mountain region. The deal fits well with the stated Rose
strategy of targeting low-risk, low-entry cost acquisitions which
can deliver near-term production to balance the asset portfolio
currently comprised of its longer-term Paradox Basin appraisal
asset.
The Company intends to use part of the net proceeds of the
Placing in order to part-finance the Company's initial capital
expenditure obligations on the McCoy project, which includes its
contribution to a proposed 12-well drilling programme in mid-2020,
the preparation of a Competent Person's Report and due diligence on
the acquisition, as well as to fund ongoing work on the Paradox
project and provide the Company with additional working
capital.
Further details of the McCoy project are set out in the
announcement made by Rose earlier today.
Paradox project
Funds from the Placing will also be used in the development of
the Company's Paradox project.
On 14 October 2019, the Company announced that it had negotiated
a new agreement with its joint-venture ("JV") partner on the
Paradox project, Rockies Standard Oil Corporation. The project
continues to offer substantial scale and value and is now, in the
Board's view, better positioned for development.
The agreement enables Rose to focus on a potentially highly
economic core acreage position of circa 12,920 acres which contains
21 high-priority drilling targets and estimated 2C contingent
recoverable resources, net to Rose, of 8.3 million barrels of oil
equivalent ("mmboe"). This acreage position alone represents an
estimated net present value to Rose of US$59m (at a 10% discount
rate) ("NVP10"), a significant premium to the Company's current
market capitalisation and demonstrative of the considerable
potential of the project.
The agreement also allows Rose to reduce the overall cost of
maintaining the project and, most importantly, gives the Company
immediate ownership of the maximum potential 12,920 lease acres,
with a corresponding nine year lease term on 5,240 of these acres
and a two year lease term on the balance.
The Company's revised strategy to focus on the most attractive
acreage is a logical step, informed by, amongst other things, the
acquisition and analysis of the 3D seismic data covering the
project area, the verification work undertaken by Schlumberger in
2018, and the positive feedback received from potential farm-in
partners on how Rose can best optimise the project.
Details of the Placing
In total, 113,636,364 Ordinary Shares are proposed to be issued
pursuant to the Placing (the "Placing Shares"), at a price of 1.1p
per Placing Share, as well as warrants over 60,090,909 new Ordinary
Shares as detailed further below. The Placing Shares have been
conditionally placed by Turner Pope Investments Limited ("TPI"), as
agent and joint broker of the Company, with certain existing
shareholders and new institutional and other investors pursuant to
a Placing Agreement.
The Company currently has limited authority to issue new
Ordinary Shares for cash on a non-pre-emptive basis. Accordingly,
the Placing is being conducted in two tranches as set out
below.
1. First placing shares
A total of GBP343,010.58, representing the issue of 31,182,780
Placing Shares at the Placing Price (the "First Placing Shares"),
has been raised within the Company's existing share allotment
authorities (the "First Placing"). Application will be made for the
First Placing Shares to be admitted to trading on AIM and it is
expected that their admission to AIM will take place on or around 8
November 2019 ("First Admission"). The issue of the First Placing
Shares is conditional only upon First Admission and the Placing
Agreement becoming unconditional in respect of the First Placing
Shares and not being terminated in accordance with its terms prior
to First Admission.
2. Second placing shares
The balance of the Placing, being GBP906,989.42 and representing
the issue of 82,453,584 Placing Shares at the Placing Price (the
"Second Placing"), is conditional upon, inter alia, the passing of
resolutions to be put to shareholders of the Company at a general
meeting of the Company to be held on 21 November 2019 (the "GM") to
provide authority to the Directors to issue and allot further new
ordinary shares on a non-pre-emptive basis, whereby such authority
will be utilised by the Directors to enable completion of the
Second Placing. A circular containing a notice of the GM will be
posted to shareholders shortly.
Conditional on the passing of the resolutions at the GM,
application will be made for the Second Placing Shares and the Fee
Shares (as defined below) to be admitted to trading on AIM and it
is expected that their admission to AIM will take place on or
around 22 November 2019 ("Second Admission").
In addition to the passing of the resolutions at the GM, the
Second Placing is conditional, inter alia, on Second Admission and
the Placing Agreement becoming unconditional in respect of the
Second Placing Shares and not being terminated in accordance with
its terms prior to Second Admission.
The Placing as a whole would, if the necessary resolutions are
approved at the GM, result in the issue of 113,636,364 Ordinary
Shares (excluding the Fee Shares), representing, in aggregate,
approximately 39.94 per cent. of the Company's issued ordinary
share capital as enlarged by the Placing. The First Placing is not
conditional on the Second Placing completing.
In addition to the Placing Shares, 1,325,757 Ordinary Shares are
being issued in respect of fees due to a professional adviser,
conditional on Second Admission ("Fee Shares"). Application will be
made for the Fee Shares to be admitted to trading on AIM at Second
Admission.
The Placing Shares and the Fee Shares will, when issued, be
credited as fully paid and will rank pari passu in all respects
with the existing ordinary shares of the Company, including the
right to receive all dividends or other distributions made, paid or
declared in respect of such shares after the date of issue of the
Placing Shares and Fee Shares.
Director subscriptions
Origin Creek Energy LLC ("OCE") has subscribed for 43,636,364
Placing Shares in the Second Placing, equivalent to GBP480,000 at
the Placing Price. The shareholders and directors of OCE are Rick
Grant, the Chairman of Rose, and Colin Harrington, the CEO of Rose.
Colin Harrington is indirectly the controlling shareholder of OCE.
Upon First Admission, OCE's interest in Ordinary Shares will remain
unchanged at 25,000,000 Ordinary Shares but will represent 12.37%
of the then issued share capital. Upon Second Admission, OCE will
have an interest in 68,636,364 Ordinary Shares, equivalent to
24.00% of the Company's then issued share capital. In accordance
with the terms of the Placing, OCE will also be issued with
24,318,182 Warrants on Second Admission.
Chris Eadie (Finance Director of Rose) has also subscribed for
909,091 Placing Shares in the Second Placing, equivalent to
GBP10,000 at the Placing Price. In accordance with the terms of the
Placing, Chris Eadie will also be issued with 454,545 Warrants on
Second Admission.
OCE's and Chris Eadie's aggregated participation in the Placing
is a related party transaction pursuant to rule 13 of the AIM Rules
for Companies. Accordingly, the directors of Rose (excluding Rick
Grant, Colin Harrington and Chris Eadie) consider, having consulted
with the Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants
In addition to the Placing Shares, the Company is proposing to
issue to subscribers in the Placing 56,818,182 warrants to
subscribe for a total of 56,818,182 new Ordinary Shares (the
"Warrants"), representing one Warrant for every two Placing Shares.
The Warrants will be exercisable at a price of 2p per Ordinary
Share, an 82% premium to the Placing Price, for a period of two
years from issue.
The Company is also proposing to issue TPI with 3,272,727
warrants to subscribe for 3,272,727 new Ordinary Shares ("Broker
Warrants") as part of TPI's fees for undertaking the Placing. The
Broker Warrants will be exercisable at a price of 1.32p per
Ordinary share, a 20% premium to the Placing price, for a period of
three years from issue.
The issue of the Warrants and Broker Warrants are conditional on
the passing of the resolutions to be put to shareholders of the
Company at the GM to provide authority to the Directors to issue
and allot further new ordinary shares on a non-pre-emptive basis.
The Warrants and the Broker Warrants will not be admitted to
trading on AIM or any other stock exchange.
Placing Agreement
Under the terms of a Placing Agreement between the Company and
TPI, TPI will receive commission from the Company conditional on
First Admission and Second Admission and the Company will give
customary warranties and undertakings to TPI in relation, inter
alia, to its business and the performance of its duties. In
addition, the Company has agreed to indemnify TPI in relation to
certain liabilities that they may incur in undertaking the Placing.
TPI has the right to terminate the Placing Agreement in certain
circumstances prior to First Admission and Second Admission, in
particular, in the event that there has been, inter alia, a
material breach of any of the warranties. The Placing is not being
underwritten.
Total voting rights
Following First Admission, the Company's total issued share
capital will consist of 202,096,720 Ordinary Shares, with one
voting right per share. The Company does not hold any shares in
treasury. Therefore, the total number of Ordinary Shares and voting
rights in the Company will be 202,096,720 from First Admission.
This figure 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 pursuant to the FCA's
Disclosure Guidance and Transparency Rules.
Following Second Admission, the Company's total issued share
capital will consist of 285,876,061 Ordinary Shares, with one
voting right per share. The Company does not hold any shares in
treasury. Therefore, the total number of Ordinary Shares and voting
rights in the Company will be 285,876,061 from Second Admission.
This figure 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 pursuant to the FCA's
Disclosure Guidance and Transparency Rules.
Notice of General Meeting
The Company will publish a Circular to convene the GM to propose
resolutions to enable completion of the Placing.
The general meeting will be held at 12 noon on 21 November 2019
at the offices of Allenby Capital Limited, 5 St. Helen's Place,
London EC3A 6AB. The circular containing the notice of general
meeting will be published and sent to shareholders tomorrow and
will be available shortly thereafter on the Company's website,
www.rosepetroleum.com.
MAR
The Market Abuse Regulation (MAR) became effective from 3 July
2016. Market soundings, as defined in MAR, were taken in respect of
the Placing with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement has been disclosed as soon as possible
in accordance with paragraph 7 of article 17 of MAR. Therefore,
those persons that received inside information in a market sounding
are no longer in possession of inside information relating to the
Company and its securities.
Contacts:
Rose Petroleum plc Tel: +44 (0)20 7225 4599
Colin Harrington (CEO) Tel: +44 (0)20 7225 4599
Chris Eadie (CFO)
Allenby Capital Limited - AIM Nominated
Adviser Tel: +44 (0)20 3328 5656
Jeremy Porter / James Reeve / Liz Kirchner
Turner Pope Investments - Joint Broker Tel: +44 (0)20 3657 0050
Andy Thacker / Zoe Alexander
Cantor Fitzgerald Europe - Financial Tel: +44 (0)20 7894 7686
Adviser and Joint Broker
David Porter
Novum Securities Limited - Joint Broker Tel: +44 (0)20 7399 9427
Colin Rowbury
Media enquiries: Tel: +44 (0) 20 3633 1730
Allerton Communications peter.curtain@allertoncomms.co.uk
Peter Curtain
Information to Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the
"Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the Placing
Shares have been subject to a product approval process, which has
determined that the Placing Shares are: (i) compatible with an end
target market of retail investors and investors who meet the
criteria of professional clients and eligible counterparties, each
as defined in MiFID II; and (ii) eligible for distribution through
all distribution channels as are permitted by MiFID II (the "Target
Market Assessment"). Notwithstanding the Target Market Assessment,
investors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
Placing Shares offer no guaranteed income and no capital
protection; and an investment in Placing Shares is compatible only
with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Placing. Furthermore, it is noted that, notwithstanding the
Target Market Assessment, only investors who have met the criteria
of professional clients and eligible counterparties have been
procured. For the avoidance of doubt, the Target Market Assessment
does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of MiFID II; or (b) a
recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to
Placing Shares.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Rick Grant
------------------------------- ----------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status Chairman
------------------------------- ----------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- ----------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- ----------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-------------------------------------------------------------------
a) Description of
the Financial instrument, Ordinary shares of 0.1p each in
type of instrument Rose Petroleum plc
Identification GB00B013M672
code
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.1p 43,636,364
-----------
------------------------------- ----------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- ----------------------------------
e) Date of the transaction 4 November 2019
------------------------------- ----------------------------------
f) Place of the transaction Off market
------------------------------- ----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Colin Harrington
------------------------------- ---------------------------------------
2. Reason for the Notification
------------------------------------------------------------------------
a) Position/status CEO
------------------------------- ---------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- ---------------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
------------------------------------------------------------------------
a) Description of the
Financial instrument, Ordinary shares of 0.1p each in Rose
type of instrument Petroleum plc
Identification code GB00B013M672
------------------------------- ---------------------------------------
b) Nature of the transaction Purchase of shares
------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.1p 43,636,364
-----------
------------------------------- ---------------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- ---------------------------------------
e) Date of the transaction 4 November 2019
------------------------------- ---------------------------------------
f) Place of the transaction Off market
------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Chris Eadie
------------------------------- ----------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status CFO
------------------------------- ----------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- ----------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- ----------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-------------------------------------------------------------------
a) Description of
the Financial instrument, Ordinary shares of 0.1p each in
type of instrument Rose Petroleum plc
Identification GB00B013M672
code
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.1p 909,091
----------
------------------------------- ----------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- ----------------------------------
e) Date of the transaction 4 November 2019
------------------------------- ----------------------------------
f) Place of the transaction Off market
------------------------------- ----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Rick Grant
------------------------------- ---------------------------------
2. Reason for the Notification
------------------------------------------------------------------
a) Position/status Chairman
------------------------------- ---------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ---------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- ---------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- ---------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
------------------------------------------------------------------
a) Description of
the Financial instrument, Warrants over ordinary shares
type of instrument of 0.1p each in Rose Petroleum
plc
Identification Ordinary shares: GB00B013M672
code
------------------------------- ---------------------------------
b) Nature of the transaction Subscription
------------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2p 24,318,182
-----------
------------------------------- ---------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- ---------------------------------
e) Date of the transaction 4 November 2019
------------------------------- ---------------------------------
f) Place of the transaction Off market
------------------------------- ---------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Colin Harrington
------------------------------- -----------------------------------
2. Reason for the Notification
--------------------------------------------------------------------
a) Position/status CEO
------------------------------- -----------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- -----------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- -----------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
--------------------------------------------------------------------
a) Description of the
Financial instrument, Warrants over ordinary shares of
type of instrument 0.1p each in Rose Petroleum plc
Identification code Ordinary shares: GB00B013M672
------------------------------- -----------------------------------
b) Nature of the transaction Subscription
------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2p 24,318,182
-----------
------------------------------- -----------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- -----------------------------------
e) Date of the transaction 4 November 2019
------------------------------- -----------------------------------
f) Place of the transaction Off market
------------------------------- -----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Chris Eadie
------------------------------- ---------------------------------
2. Reason for the Notification
------------------------------------------------------------------
a) Position/status CFO
------------------------------- ---------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ---------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name Rose Petroleum plc
------------------------------- ---------------------------------
b) LEI 254900TAVH3MBZ1EMC29
------------------------------- ---------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
------------------------------------------------------------------
a) Description of
the Financial instrument, Warrants over ordinary shares
type of instrument of 0.1p each in Rose Petroleum
plc
Identification Ordinary Shares: GB00B013M672
code
------------------------------- ---------------------------------
b) Nature of the transaction Subscription
------------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2p 454,545
----------
------------------------------- ---------------------------------
d) Aggregated information: N/A
--Aggregated volume
--Price
------------------------------- ---------------------------------
e) Date of the transaction 4 November 2019
------------------------------- ---------------------------------
f) Place of the transaction Off market
------------------------------- ---------------------------------
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
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END
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