RESULT OF OPEN OFFER AND PLACING

RNS Number : 8094V

Ncondezi Energy Limited

18 December 2013

 



News Release                                                                                                                                    18 December 2013

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA.

NCONDEZI ENERGY LIMITED

Result of Open Offer and Placing

On 2 December 2013, Ncondezi Energy ("Ncondezi" or the "Company") (AIM: NCCL) announced details of an Open Offer and Placing with existing and new investors of New Ordinary Shares at 5 pence per New Ordinary Share (the "Offer Price") to raise approximately £3 million, before expenses.

The Open Offer closed for acceptances at 11.00 a.m. on 17 December 2013 and the Company is pleased to announce that it has received valid acceptances in respect of 18,516,087 Offer Shares from Qualifying Participants.  This represents 30.58 per cent. of the Offer Shares offered.  In addition, the Company is pleased to confirm that the remaining 42,041,753 New Ordinary Shares not taken up by Qualifying Participants under the Open Offer (representing 69.42 per cent of the Offer Shares offered) have been placed at the Offer Price to new and existing investors.  The Company has therefore raised aggregate gross proceeds of approximately £3.03 million through the Open Offer and Placing.

Application will be made to AIM, a market operated by the London Stock Exchange plc, for the admission of 60,557,840 New Ordinary Shares, being the total number of New Ordinary Shares being issued by the Company under Open Offer and Placing.  Admission of the New Ordinary Shares to AIM is expected to become effective at 8.00 a.m. (London time) on 23 December 2013.

Following Admission the new total number of issued shares of the Company will be 181,673,523 Ordinary Shares. None of these Ordinary Shares will be held in Treasury. Therefore, the total number of voting rights in the Company will be 181,673,523. Following Admission, this figure of 181,673,523 may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The New Ordinary Shares, when issued and fully paid, will rank pari passu in all respects with the Existing Ordinary Shares and therefore rank equally for all dividends or other distributions declared, made or paid after the date of issue of the New Ordinary Shares.

Depositary Interests representing New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on 23 December 2013 and definitive share certificates for the New Ordinary Shares (in certificated form) are expected to be despatched to certificated shareholders by 31 December 2013.

All defined terms in this announcement shall have the meanings ascribed to them in the announcement of 2 December 2013.Unless otherwise stated, references to time contained in this announcement are to UK time. 

Enquiries:

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

Ncondezi Energy:	Hanno Pengilly / Alex Buck	[phone]
Liberum Capital: NOMAD, Joint Financial Adviser & Joint Broker	Simon Atkinson / Christopher Britton / Thomas Bective	[phone]
finnCap: Joint Financial Adviser & Joint Broker	Matthew Robinson / Elizabeth Johnson / Joanna Weaving	[phone]
Pelham Bell Pottinger:	Daniel Thöle / Weston Macklem	[phone]

 

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