Result of GM

RNS Number : 3347U

Trinity Exploration & Production

11 July 2018

 

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 OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

11 July 2018

Trinity Exploration & Production plc

Result of General Meeting and Conditional Placing and Offer for Subscription to Qualifying Participants

and Total Voting Rights

Trinity Exploration & Production plc (AIM: TRIN) (the "Company"), the independent exploration and production company focused on Trinidad, announced on 25 June 2018 (the "Announcement") that it had conditionally raised gross proceeds of US$18 million (£13.7 million) by: (i) the conditional firm placing of 56,370,645 new Ordinary Shares (the "Firm Placing Shares"), which was oversubscribed, at an issue price of 15 pence (the "Issue Price") per Firm Placing Share to certain existing and new institutional investors (the "Firm Placing"); and (ii) the conditional subscription for 35,113,689 new Ordinary Shares (the "Subscription Shares") at the Issue Price per Subscription Share by certain Directors, members of the Company's senior management team and certain holders of Loan Notes (the "Subscription"). The Company proposed to raise up to a further US$2.0 million (£1.5 million) by the issue of up to a further 10,164,926 new Ordinary Shares (the "Offer Shares") at the Issue Price per Offer Share pursuant to an offer for subscription to all Qualifying Participants (the "Offer"). 

The Announcement also confirmed that Cenkos, as agent of the Company, had entered into arrangements with the Conditional Placees pursuant to which the Conditional Placees had agreed to subscribe at the Issue Price for the New Ordinary Shares not taken up by Qualifying Participants under the Offer (the "Conditional Placing" and, together with the Firm Placing, the Subscription and the Offer, the "Fundraising"), subject to clawback in respect of valid applications by Qualifying Participants under the Offer. The Fundraising was subject to, inter alia, the approval by Shareholders of the Resolutions set out in the Notice of Extraordinary General Meeting.

The Company is pleased to announce that all the Resolutions proposed at the Extraordinary General Meeting, held earlier today, were duly passed.

The Company is pleased to confirm that the Offer was significantly oversubscribed. In accordance with the terms of the Offer, the Directors have exercised their discretion with regard to the allocation of the Offer Shares such that each Applicant who applied for Offer Shares will receive the full amount of Offer Shares applied for up to an application value of £10,000. Thereafter, applications have been scaled back proportionately according to the value of the application in excess of £10,000 and the balance of Offer Shares available. Accordingly, no New Ordinary Shares will be allotted to the Conditional Placees pursuant to the Conditional Placing.

Admission and Total Voting Rights

Accordingly, pursuant to the Fundraising announced on 25 June 2018, the Company is issuing 101,649,260 New Ordinary Shares at the Issue Price. Application has been made for admission of the New Ordinary Shares to trading on AIM which is expected to become effective, and dealings are expected to commence, at 8.00 a.m. on 12 July 2018. Following Admission, the Company's issued share capital will consist of 384,049,246 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury.

Following Admission, the abovementioned figure of 384,049,246 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of Trinity Exploration & Production plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Capitalised terms used but not defined in this notification shall have the meanings given to such terms in the sections headed 'Definitions' and 'Glossary' in the Announcement.

Enquiries

For further information please visit www.trinityexploration.com or contact:

Trinity Exploration & Production plc	[phone]
Bruce Dingwall CBE, Executive Chairman Jeremy Bridglalsingh, Chief Financial Officer Tracy Mackenzie, Corporate Development Manager
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser)	[phone]
Mark Brady Miriam Greenwood Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking) Neil McDonald Beth McKiernan Derrick Lee	[phone] [phone]
Whitman Howard Limited (Equity Adviser)	[phone]
Hugh Rich
Nick Lovering
Walbrook PR Limited	[phone]
Nick Rome	[e-mail]

 

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