I was wondering why the price took off this morning and now we know: http://www.investegate.co.uk/Article.aspx?id=200906021334132112T
The Board indicated in the Company's preliminary accounts released on 19 May 2009 that the Company would undertake a small capital raising to be utilised on the continuing studies, approvals and other work necessary for the Ombrina Mare development and for general corporate purposes.
So £4.25m being raised. 9.9% interest, convertible at 40p. so that is roughly 10m shares (39m shares currently issued) PLUS an additional warrant for each share exercisable at 45p.
humph. wouldn't have minded being asked to participate on thise terms :(
AGM is some time this month - anyone know when? Edit - just had a reply from the company - it will be on 30th June.
Background on Ombrina Mare http://www.medoilgas.com/operations/italy/ombrina-mare/
db
