Sound Energy PLC Placing, Cost Reduction Update and TVR (5403C)
18 Junio 2019 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 5403C
Sound Energy PLC
18 June 2019
18 June 2019
Sound Energy plc
("Sound Energy" or the "Company")
Placing, Cost Reduction Update and Total Voting Rights
Sound Energy, the Moroccan focused upstream gas company,
announces the conditional placing of new ordinary shares to raise
US$3.0 million before costs (the "Placing"). The net proceeds of
the Placing of approximately US$2.7 million will strengthen the
Company's cash position whilst the Company continues to explore the
marketing of its Eastern Morocco portfolio which is expected to
conclude prior to the end of 2019.
The Company also announces that, in light of the previously
announced decision by the Board to pause operations until after the
results of the current marketing process, the recently initiated
structural cost reduction programme announced by the Company on 21
May 2019 has been extended to include a reduction in the base
salaries of all of the Executive Directors amounting in aggregate
to a reduction of 29% in these ongoing base salary costs in the six
month period from 1 August 2019.
Pursuant to the Placing Sound Energy has issued, conditional on
admission, 23,830,328 new ordinary shares of 1p each (the "Placing
Shares") at a placing price of 10p per Placing Share. The Placing
Shares will, when issued, rank pari passu in all respects with the
existing ordinary shares. Application will be made for the Placing
Shares to be admitted to trading on AIM and admission is expected
to take place on or around 24 June 2019.
Following the issue of the Placing Shares, the Company's issued
share capital will consist of 1,079,570,324 ordinary shares. Each
share has one voting right and no shares are held in treasury;
these figures may be used by shareholders in the Company as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy questions@soundenergyplc.com
James Parsons, Chief Executive Officer
JJ Traynor, Chief Financial Officer
Cenkos Securities - Nominated Adviser Tel: +44 (0)20 7397 8900
David Jones
Ben Jeynes
Tel: +44 (0)20 7653 4000
RBC - Joint Broker
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: +44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
Nick Stamp
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The Placing does not constitute a public offer of securities in
accordance with the provisions of Section 85 of the Financial
Services and Markets Act 2000 and accordingly a prospectus will not
be issued in the United Kingdom.
This announcement does not constitute an offer of securities in
the United Kingdom or in any other jurisdiction, including the
United States of America.
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
contact rns@lseg.com or visit www.rns.com.
END
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