TXO PLC Issue of Equity and Bonus Warrant Issue (2513D)
27 Enero 2015 - 6:00AM
UK Regulatory
TIDMTXO
RNS Number : 2513D
TXO PLC
27 January 2015
TXO PLC
("TXO" or the "Company")
Issue of Equity
Director's Interest
Bonus Warrant issue to Shareholders
TXO, the AIM-quoted energy resource and clean technology
investment company, announces Tim Baldwin, Chairman of TXO and
Michael Baker-Harber, Chairman of The Grand Bahama Group Limited
("GBG") through their self-invested pension plans have each agreed
to subscribe for GBP50,000 of equity in TXO at a price of 0.1
pence, resulting in the issue, in aggregate, of 100,000,000 new
ordinary shares of 0.1p each in TXO ("Ordinary Shares")("Placing
Shares").
Following the subscription, Tim Baldwin, Chairman of TXO, will
have a legal and beneficial interest in 81,750,135 Ordinary Shares
in TXO representing 7.69% of the issued share capital of the
Company and Michael Baker-Harber will be interested in 50,000,000
Ordinary Shares representing 4.71% of the issued share capital. In
addition, Michap Trading SA, of which Michael Baker-Harber is a
trustee without any beneficial interest, holds 18,922,658 shares in
TXO Plc, which represents a further 1.78% of the enlarged issued
share capital of the Company.
The issue of the Placing Shares is deemed to be a related party
transaction under the AIM Rules for Companies. The directors of
TXO, other than Tim Baldwin, have considered the terms of the
Placing and, having consulted with the Company's nominated adviser
Northland Capital Partners Limited, consider them to be fair and
reasonable insofar as shareholders in TXO are concerned.
The Board is conscious that shareholders have been diluted by
placings and the conversion of convertible loan stock, and it is
therefore minded to give shareholders an opportunity to acquire
further shares in the Company on the same basis as the current
subscription. The Board has decided to issue to all shareholders on
the Shareholder Register at 28(th) February 2015 a free warrant
pro-rata to their existing shareholdings on a 1:2 basis,
exercisable until the 31(st) March 2015 at 0.1 pence.
A letter will be sent to shareholders in due course giving
detailed information regarding the warrants.
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission"). Admission is expected to take
place on 3 February 2015. The Placing Shares will rank pari passu
in all respects with the existing Ordinary Shares of the
Company.
Following Admission, the Company's enlarged issued share capital
will comprise 1,062,638,777 Ordinary Shares with voting rights. The
Company does not hold any shares in Treasury. This figure of
1,062,638,777 Ordinary Shares may therefore 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.
Tim Baldwin, Chairman and CEO of TXO, commented:
"The subscription, along with the financing announced on 21(st)
January 2015, ensures that the working capital requirements of the
Company are met.
"The proposed warrant issue to shareholders is a thank you from
the Board for the support given and will hopefully allow them to
increase their participation in what we believe to be an exciting
opportunity as the investee companies begin to generate income and
to enhance value."
27 January 2015
For further information, please contact:
TXO PLC
Tim Baldwin, Chairman +44 (0) 207 518 4300
Northland Capital Partners Limited +44 (0) 207 382 1100
John Howes / Alice Lane
Sales and Broking
Edward Hutton / William Vandyk
Nominated Adviser
Lothbury Financial Services Limited
Michael Padley / Chris Roberts +44 (0) 203 440 7620
Editors' Note
TXO PLC, the AIM quoted oil and gas investment company, has four
main investments namely: The Grand Bahama Group Limited ("GBG")
which is establishing a waste oil collection facility and
Hydrocarbon Recovery Plant in the Bahamas at Freeport and also
produces oil from its leases in Western Kentucky, USA; Oil Recovery
Services Limited ("ORS"), which has proprietary technology for the
reprocessing of contaminated oils and the remediation of dirty
water; Oil Tech Royalties Inc ("OTR"), a joint venture company with
a licence to commercialise a proprietary acoustic flow reactor
valve; Athabasca Resources Limited ("Athabasca Resources") which
has signed an agreement to acquire a 50 per cent. farm-in interest
in certain Alberta Crown Leases covering 7,936 hectares in the
Athabasca oil sands in Alberta, Canada. TXO also has an interest in
Tasmania Oil and Gas Limited ("TOG") a joint venture company set-up
to exploit a gas and oil opportunity in Tasmania, Australia, which
is non-core.
TXO currently holds a 35.67 per cent. interest in GBG, a 25.1
per cent. interest in ORS, a 30 per cent. interest in OTR and an
18.8 per cent. interest in Athabasca Resources. It retains a 25 per
cent. interest in TOG.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBBGDBLSDBGUR
TXO Plc (LSE:TXO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
TXO Plc (LSE:TXO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024