International Oil and Gas Tech Ltd Potential issue of equity (7925N)
12 Settembre 2013 - 8:00AM
UK Regulatory
TIDMOGT
RNS Number : 7925N
International Oil and Gas Tech Ltd
12 September 2013
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL.
12 September 2013
International Oil and Gas Technology Limited
("IOGT" or the "Company")
Potential issue of equity
In the Interim Results announcement on 30 August 2013, the
Company announced an intention to propose an issue of up to 9.99
per cent of the Company's existing share capital.
The Company today announces that it currently intends that the
issue will be effected via a placing (the "Placing) to qualified
investors* through its corporate broker, Numis Securities Limited
("Numis"), of up to a further 728,500 participating redeemable
preference shares (the "Shares") at a minimum price per Share of
$3.50.
This price would represent a 56.1% discount to the unaudited net
asset value per Share of $7.98 as at 30 June 2013 and a 10.3%
discount to the mid market price per Share of $3.90 as at close of
business on 11 September 2013.
The Placing would be subject to Shareholder approval at a
general meeting which would be convened as soon as practicable.
The Placing is expected to close at 2.00pm (London time) on
Friday 13 September 2013 but may close later at the absolute
discretion of the Company and Numis.
Qualified investors are invited to apply for Shares in the
Placing by contacting Numis on the contact details below. The
decision to allot Shares to any qualified investor under the
Placing shall be at the absolute discretion of the Company and
Numis.
The Company will make a further announcement of the results of
the issue when it has completed.
* As defined in section 86(7) of the Financial Services and
Markets Act 2000 (as amended).
For further information:
Numis Securities Limited
Chris Gook, Sales
Tel: +44 20 7260 1378
Nathan Brown / Hugh Jonathan, Corporate Broking &
Finance
Tel: +44 20 7260 1426 / 1263
Notes to editors:
International Oil and Gas Technology Limited is an authorised
closed-ended investment company incorporated in Guernsey. IOGT
invests expansion capital into companies that provide services and
technology to the upstream oil and gas industry. These companies
have proprietary and proven technologies, services and/or processes
that can be deployed more rapidly or on a larger scale through the
introduction of growth capital. Such companies are likely to have
recurring annual revenues of between US$5 million and US$25
million, positive EBITDA and/or significant working capital, and
strong management teams.
IOGT was admitted to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange on 7 January
2008. Its stock market EPIC is OGT.L. Further information can be
found at www.international-ogt.com.
Numis, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting for the Company and
is acting for no-one else in connection with any placing by the
Company and will not be responsible to anyone other than the
Company for providing the protections afforded to its clients nor
for providing advice in relation to any placing by the Company or
any other matter referred to herein. To the fullest extent
permitted by law recipients agree that Numis shall not have any
liability (direct or indirect) for or in connection with this
announcement or any matters arising out of or in connection
herewith. Numis has not authorised the contents of, or any part of,
this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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