Issue of Shares and TVR

RNS Number : 2745M

Solo Oil Plc

06 May 2015

 

For Immediate Release                                                                                   6 May 2015

Solo Oil plc

('Solo' or 'the Company')

Issue of Shares and TVR

Further to the announcement on 29 April 2015, in relation to the transaction with Burj Petroleum Africa Limited ("Burj Africa"), the Company announces that it will be issuing to Burj Africa forthwith 39,750,000 new ordinary shares in the Company at an issue price of 0.51 pence per share ("the Consideration Shares").

Application will be made for the Consideration Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM on or around 12 May 2015 ("Admission").

As at the date of this announcement, the Company's issued share capital consists of 5,516,830,571 ordinary shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"),  and 265,324,634 deferred shares of 0.69p each.

Following Admission, the Company's issued share capital will consist of 5,556,580,571 Ordinary Shares with a nominal value of 0.01 pence each and 265,324,634 deferred shares of 0.69 pence each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 5,556,580,571.

The above figure of 5,556,580,571 Ordinary Shares may be used by shareholders in the Company 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 the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

For further information:

Solo Oil plc Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill Cassiopeia Services Investor Relations Stefania Barbaglio	[phone] [phone] [phone]

 

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