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Teathers Financial (TEA)

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Wednesday 01 April, 2015

Teathers Financial

Update on Investment

RNS Number : 2055J
Teathers Financial PLC
01 April 2015
 

1 April 2015

Teathers Financial Plc

("Teathers" or the "Company")

Update on investment in Kentucky Oil and Gas plc 

 

On the 23 September 2014 the Company announced that it had entered into a non-binding heads of agreement to subscribe for 3,333,333 new ordinary shares in the capital of Kentucky Oil and Gas plc ("KOG"), at a price of 4.5p per share, which would amount to approximately 4 per cent. of the enlarged share capital of KOG. As detailed in the circular sent to shareholders and dated 12 November 2014 ("Circular"), on 2 October 2014 the Company lent £100,000 to KOG by way of a convertible loan note ("Loan Note"). The Loan Note matures on 2 April 2015 and the Company has agreed with KOG that it will convert the Loan Note into 2,222,222 new ordinary shares in the capital of KOG at a price of 4.5 pence per share (representing approximately 2.69 per cent. of the enlarged issued share capital of KOG).  The Directors have also decided not to invest any further funds into KOG as originally considered and detailed in the Circular.

 

Jason Drummond, Chairman commented: "As shareholders Teathers are able to directly benefit in any progress made by KOG.  KOG has informed us that it is progressing with its exploration programme and we therefore look forward to reporting further updates on our investment in KOG in due course."

 

Background information on KOG

 

KOG is involved in early stage oil and gas exploration in the state of Kentucky, United States. For the year ended 31 March 2014 KOG made an unaudited loss of £120,539 (unaudited loss of £80,742 for the year ended 31 March 2013) and as at 31 March 2014 had unaudited net liabilities of £111,789 (unaudited net liabilities of £11,250 as at 31 March 2013).

 

 

 

For further information please contact:

Teathers Financial Plc

Jason Drummond, Executive Chairman                                                            Tel: 0207 148 3008

 

Beaumont Cornish Limited (Nominated Adviser & Joint Broker)

Roland Cornish and Emily Staples                                                                    Tel: 0207 628 3396

 

Peterhouse Corporate Finance (Joint Broker)

Lucy Williams                                                                                                       Tel: 020 7469 0936

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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