Open Offer Update

RNS Number : 6679C

Sterling Energy PLC

18 November 2009

 



18th November 2009

STERLING ENERGY PLC

("Sterling" or the "Company")

Proposed Open Offer - Update

Further to the Placing undertaken in September 2009 that raised £62.5 million (gross) at 1.3 pence per Ordinary Share, the Board stated it was Sterling's intention to undertake an Open Offer to raise approximately £20.6 million at the September Placing Price of 1.3 pence per Ordinary Share, which will give Shareholders the opportunity to subscribe for two new Ordinary Shares for every nine existing Ordinary Shares held at the Record Date of 8 September 2009.  

The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Sterling's advisers and the UKLA.  Sterling intends to launch the Open Offer following the sale of its USA assets, announced on 20 October 2009. The sale is expected to complete in early December, and the Company expects to close the Open Offer prior to the year end.  

For further information contact:

Sterling Energy Plc ([phone])    

Alastair Beardsall - Executive Chairman

Jon Cooper - Finance Director

Evolution Securities ([phone])

Rob Collins 

Capitalised terms above are defined in the circular for the September Placing.   

 

END

 

 

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