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Solo Oil Plc (SOLO)

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Thursday 13 September, 2018

Solo Oil Plc

Result of General Meeting and Open Offer

RNS Number : 7425A
Solo Oil Plc
13 September 2018
 

FOR IMMEDIATE RELEASE                                                                       

   13 September 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

SOLO OIL PLC

("Solo" or the "Company")

 

Result of General Meeting, Result of Open Offer, Directors' Dealings and Total Voting Rights

 

All capitalised terms in this announcement have the same meanings as those given to them in the Circular posted by the Company on 15 August 2018, unless the context otherwise requires.

Result of General Meeting

The Directors of Solo Oil are pleased to announce that at the General Meeting held earlier today, all resolutions were passed.

Result of the Open Offer

Accordingly, the Company notes that the open offer to raise up to £1.2 million described in the announcement dated 15 August 2018 titled "Posting of Open Offer Circular" (the "Open Offer") closed for acceptances at 11.00 a.m. on 12 September 2018 in accordance with its terms. The Company reports that it has received valid applications, including those received under the Excess Application Facility, in respect of a total of 52,439,328 new ordinary shares of 0.2 pence each in the Company ("New Ordinary Shares"), representing a percentage take up of 100 per cent. of the New Ordinary Shares available under the Open Offer. Qualifying Shareholders who have validly applied for Open Offer Shares pursuant to their Basic Entitlement will receive their application in full and those Qualifying Shareholders who have validly applied for Excess Shares will also receive their application in full.

Directors' Dealings

The Company reports that the Directors have applied to participate in the Open Offer, and further details will be announced separately. 

New investors

In accordance with the terms of the Open Offer, the board has, at its discretion, made available to certain new investors a total of 13,939,498 New Ordinary Shares under the Open Offer, representing a percentage take up of 26.6 per cent. of the New Ordinary Shares available under the Open Offer.

 

 

Total number of New Ordinary Shares to be issued and total gross proceeds

The aggregate total of New Ordinary Shares to be issued pursuant to the Open Offer is 52,439,328 New Ordinary Shares. The aggregate amount raised pursuant to the Open Offer is approximately £1,179,884.88.

Application for admission

Application has been made for the 52,439,328 New Ordinary Shares to be issued pursuant to the Open Offer to be admitted to trading on AIM ("Admission"). It is expected that Admission and dealings in those shares will commence at 8.00 a.m. on 18 September 2018.

Total Voting Rights

Immediately following Admission, there will be 631,704,129 Ordinary Shares of 0.2 pence each in the capital of Solo Oil in issue, with one voting right each. The number of ordinary shares with voting rights will therefore be 631,704,129.  Accordingly, this number should 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:

Solo Oil plc

Dan Maling

+44 (0) 20 7440 0642

 

 

Beaumont Cornish Limited

Nominated Adviser

Roland Cornish/Rosalind Abrahams/Felicity Geidt

+44 (0) 20 7628 3396

 

Shore Capital

Broker

Jerry Keen

 

Buchanan (PR)

Ben Romney / Chris Judd / Henry Wilson

 

+44 (0) 20 7408 4090

 

 

 

+44 (0) 20 7466 5000

 

 


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 [email protected] or visit www.rns.com.
 
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