Dana Petroleum PLC - Result of Placing and Open ...
Dana Petroleum PLC
15 December 1999
RESULT OF PLACING AND OPEN OFFER
On 19 November 1999, Dana Petroleum plc (the 'Company') announced a placing
(the 'Placing') and open offer (the 'Open Offer') of 49,665,846 new Ordinary
Shares at 16p per new ordinary share (the 'Issue Price') to raise
approximately £7.9m before expenses. At the same time the Company announced
the issue of US$12.5 million unsecured loan notes convertible into new
Ordinary Shares in Dana (the 'Convertible Loan Note').
Result of Open Offer
The Open Offer expired at 3.00pm on 13 December 1999, at which time valid
applications had been received for 9,200,067 new ordinary shares.
The balance of 40,465,779 new ordinary shares not taken up by qualifying
shareholders under the Open Offer, including 9,878,916 new Ordinary Shares
which certain shareholders had irrevocably undertaken not to take up under the
Open Offer, have been conditionally placed at the Issue Price by Investec
Henderson Crosthwaite Corporate Finance, a division of Investec Bank (UK)
Limited, as agent for the Company, with institutional and other investors.
Accordingly, valid acceptances were received in respect of 23.1 per cent. of
the new Ordinary Shares which were placed subject to clawback.
The Placing and the Open Offer remain conditional, inter alia, upon the
approval of shareholders (which is to be sought at the extraordinary general
meeting of the Company to be held on 16 December 1999), the issue of the
Convertible Loan Note and on admission of the new ordinary shares to the
Official List of the London Stock Exchange.
Tom Cross Dana Petroleum PLC 01224 652 400
Jagjit Mundi Investec Henderson Crosthwaite 0207 597 5970
Managing Director Corporate Finance
Richard Redmayne HSBC Investment Banking 0207 336 9000
Director, Equity Capital Markets
Charles Wyatt Millham Communications 0207 256 5756