REG - Borders & Southern - Re: Open Offer Circular

Borders and Southern PetroleumAnnouncement

10/03/2022 07:01

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RNS Number : 2668E  Borders & Southern Petroleum plc  10 March 2022

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE
UNITED STATES (OR TO ANY U.S. PERSON), CANADA, JAPAN, AUSTRALIA,
THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN
THE UK PURSUANT TO SECTION 3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018,
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

10 March 2022

 
Borders & Southern Petroleum plc

("Borders & Southern" or the "Company")

 

 

Open Offer to raise up to approximately US$1.2 million (£0.9 million)

 

Borders & Southern (AIM: BOR), a London-based independent oil and gas
exploration company, is pleased to announce that, further to the Company's
announcement on 4 March 2022 regarding a fundraising to raise up to US$1.8
million, the Company will tomorrow be posting a Circular to Qualifying
Shareholders regarding the Open Offer of up to 69,156,914 Open Offer Shares in
the Company at the Issue Price of 1.3 pence per Open Offer Share to raise up
to approximately US$1.2 million (£0.9 million) before expenses.

 

Pursuant to the Open Offer, Qualifying Shareholders will be given the
opportunity to subscribe for:

 

1 Open Offer Share for every 7 Existing Ordinary Shares

 

held by each Qualifying Shareholder on the Record Date.

 

Any Open Offer Shares not subscribed for by Qualifying Shareholders will be
available to Qualifying Shareholders under the Excess Application
Facility and as such, Qualifying Shareholders seeking to limit their dilution
from the Subscription can also request additional Open Offer Shares under the
Excess Application Facility. The Open Offer is not being underwritten.

 

The Open Offer is conditional, inter alia, upon the passing of the
Resolutions by Shareholders at the General Meeting of the Company to be held
on 6 April 2022.

 

Posting of Circular

Further details regarding the Open Offer are available in the Circular, which
is expected to be posted tomorrow to Qualifying Shareholders, along with the
Application Form (where applicable).   The Circular will also be made
available on the Company's
website: https://www.bordersandsouthern.com/investor-relations/
(https://www.bordersandsouthern.com/investor-relations/)

 

Notice of General Meeting

A notice convening a General Meeting of the Company will be set out at the end
of the Circular.  The General Meeting is being convened for 11.00 a.m. on 6
April 2022 at the offices of Wedlake Bell LLP at 71 Queen Victoria Street,
London EC4V 4AY.

 

Capitalised terms used in this announcement have the meanings given to them in
the Circular, unless the context provides otherwise.

 

For further information please visit www.bordersandsouthern.com
(http://www.bordersandsouthern.com/) or contact:

 

 Borders & Southern Petroleum plc

 Howard Obee, Chief Executive

 Tel: 020 7661 9348

 Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker)

 Ritchie Balmer / James Bellman

 Tel: 020 7409 3494

 Auctus Advisors LLP (Joint Broker)

 Jonathan Wright

 Tel: 07711 627449

 Tavistock (Financial PR)

 Simon Hudson / Nick Elwes

 Tel: 020 7920 3150

 

 

Expected timetable of principal events:

                                                                                  2022
 Record date of Open Offer                                                        6.30 p.m. on 9 March

 Ex-entitlement date for Open Offer                                               8.00 a.m. on 10 March

 Posting of Circular, Form of Proxy and Application Form                          11 March

 Open Offer Entitlements and Excess CREST Open Offer Entitlements credited to     14 March
 stock accounts of Qualifying CREST Shareholders in CREST

 Latest recommended time and date for requesting withdrawal of Open Offer         4.30 p.m. on 29 March
 entitlements from CREST

 Latest time and date for depositing Open Offer entitlements into CREST           3.00 p.m. on 30 March

 Latest time and date for splitting application forms                             3.00 p.m. on 31 March

 (to satisfy bona fide market claims only)

 Latest time and date for receipt of Open Offer application forms and payment     11.00 a.m. on 4 April
 in full under the Open Offer and settlement of relevant CREST instructions (as
 appropriate)

 Latest time and date for receipt of Forms of Proxy and CREST voting              11.00 a.m. on 4 April
 instructions

 Announcement of results of Open Offer                                            5 April

 General Meeting                                                                  11.00 a.m. on 6 April

 Announcement of results of General Meeting                                       following General Meeting on 6 April

 Admission of the New Ordinary Shares                                             8.00 a.m. on 7 April

 New Ordinary Shares credited to CREST Members' accounts in respect of the Open   7 April
 Offer Shares
 Dispatch of definitive share certificates in certified form (where required)     by 21 April

 

Notes to Editors:

 

Borders & Southern Petroleum plc is an oil & gas exploration company
listed on AIM, a market operated by the London Stock Exchange (AIM: BOR). The
Company operates and has a 100% interest in three Production Licences in the
South Falkland Basin covering an area of nearly 10,000 square kilometres. The
Company has acquired 2,517 square kilometres of 3D seismic data and has
drilled two exploration wells, making a significant gas condensate discovery
with its first well.

 

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