TIDMBOIL
RNS Number : 5974B
Baron Oil PLC
10 June 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
10 June 2019
Baron Oil Plc
("Baron" or "the Company")
Placing and Subscription
Baron Oil Plc (AIM: BOIL), the AIM-listed oil and gas
exploration and production company, is pleased to announce that it
has conditionally raised GBP440,000 by way of a placing of
550,000,000 new ordinary shares with new investors at an issue
price of 0.08 pence per new ordinary share (the "Placing") through
Turner Pope Investments (TPI) Limited as the Company's Placing
Agent. The Placing has used the full dis-application authority
available to the Company. The Placing is conditional on admission
of the new ordinary shares to trading on AIM ("Admission").
Following Admission, the enlarged issued share capital of the
Company will comprise 1,926,409,576 Ordinary Shares of 0.025 pence
each. Once issued, the new ordinary shares will rank pari passu
with the Company's existing ordinary shares. Application will be
made for the new ordinary shares to be admitted to trading on AIM
which is expected to become effective at 8:00 a.m. on 13 June
2019.
The Board is aware that the Placing is dilutive to existing
shareholders and considered whether any pre-emptive offering might
be possible but concluded that it was neither practicable nor cost
effective to do so. The issue price represents a discount of
approximately 40% percent to the closing mid-market price of 0.135p
per share on 7 June 2019, the last practicable date before
proceeding with the Placing, but a discount of 27% to the share
price on 6 June 2019, when the issue was priced. The new ordinary
shares will represent approximately 28% of the enlarged share
capital of the Company.
In addition to its working capital requirements, the proceeds of
the Placing will be used to continue to evaluate the existing
portfolio of oil and gas assets which includes the Colter South
discovery, the Purbeck Prospect and the new licences offered to
Baron in the Moray Firth. In parallel, the Company is also working
to progress further drilling activity in 2019 by bringing in a
partner to Peru Block XXI. South East Asia remains an area of
potential growth where Baron has an existing application in place
with SundaGas Pte. Ltd. The Company will continue to manage its
G&A costs so as to maximise the deployment of cash into its
project portfolio.
Directors' Subscriptions are as follows:
Director Position New Ordinary Shareholding % Shareholding
Share Subscribed Following Following
For Admission Admission
Malcolm Butler Executive Chairman 25,000,000 26,000,000 1.35
-------------------- ------------------ ------------- ---------------
Andrew Yeo Managing Director 56,250,000 56,250,000 2.92
-------------------- ------------------ ------------- ---------------
Related Party Transaction
As directors, Malcolm Butler and Andrew Yeo are related parties
to the Company, as defined in the AIM Rules for Companies and their
participations in the Placing are therefore related party
transactions for the purposes of AIM Rule 13.
Jonathan Ford, who is not participating in the Placing, is an
independent director for these purposes and considers, having
consulted with the Company's Nominated Adviser, that the terms and
conditions of the Directors' Subscriptions are fair and reasonable
insofar as the shareholders of the Company are concerned.
Warrants
The Company will as soon as practicable following Admission,
subject to obtaining the requisite shareholder authorities at the
Company's Annual General Meeting or at a subsequent general
meeting, allot 27,500,000 warrants to Turner Pope Investments (TPI)
Limited for services in connection with the Placing. These warrants
are exercisable at the Placing Price at any time, once issued, for
a period of three years.
Total Voting Rights
In conformity with the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority ("FCA"), with effect from
13 June 2019, the Company's issued share capital will consist of
1,926,409,576 Ordinary Shares of 0.0025p each with full voting
rights. The Company does not hold any Ordinary Shares in Treasury.
Therefore, the total number of Ordinary Shares in the Company with
full voting rights is 1,926,409,576.
The above figure of 1,926,409,576 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 Company under the FCA's Disclosure Guidance
and Transparency Rules.
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Lindsay Mair, Richard Hail, Richard Redmayne
Turner Pope Investments (TPI) Limited +44 (0)20 3621 4120
Placing Agent
Andy Thacker
PDMR Notification
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Malcolm Butler
----------------------------------------- ------------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------------
(b) Position/status Executive Chairman
----------------------------------------- ------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- ------------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ------------------------------------------
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
type of instrument 0.025 pence each in
the Company
----------------------------------------- ------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- ------------------------------------------
(c) Nature of the transaction Subscription for ordinary
shares
----------------------------------------- ------------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.08 pence 25,000,000
-----------
----------------------------------------- ------------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 0.08 pence 25,000,000
-----------
----------------------------------------- ------------------------------------------
(f) Date of transaction 6 June 2019
----------------------------------------- ------------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Andrew Yeo
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Managing Director
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Baron Oil Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ---------------------------------------
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
----------------------------------------------------------------------------------
(c) Description of the financial instrument, Ordinary shares of 0.025
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(d) Identification code GB00B01QGH57
----------------------------------------- ---------------------------------------
(e) Nature of the transaction Subscription for ordinary
shares
----------------------------------------- ---------------------------------------
(f) Price(s) and volume(s) Prices(s) Volume(s)
0.08 pence 56,250,000
-----------
----------------------------------------- ---------------------------------------
(g) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 0.08 pence 56,250,000
-----------
----------------------------------------- ---------------------------------------
(h) Date of transaction 6 June 2019
----------------------------------------- ---------------------------------------
(i) Place of transaction Outside a trading venue
----------------------------------------- ---------------------------------------
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
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of this information may apply. For further information, please
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END
IOEKMGGVDRRGLZM
(END) Dow Jones Newswires
June 10, 2019 02:00 ET (06:00 GMT)
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