Name Change and Placing

RNS Number : 7479U

UK Oil & Gas Investments PLC

05 December 2013

 

For immediate release - 07.00

5 December 2013

Sarantel Group Plc

("Sarantel" or the "Company")

Name Change

Placing

The Board is pleased to announce that the Company's name has been changed to UK Oil & Gas Investments Plc and that the Company has today conditionally placed new "A" Ordinary Shares at a price of 0.3p per new "A" Ordinary Share to raise £200,000 (before expenses).

David Lenigas, the Company's Chairman, commented:

"UK Oil & Gas Investments Plc will become the new name of Sarantel to reflect the direction in which the Board wishes to pursue investment opportunities under the Company's new investing policy. The Company will be seeking investments specifically in the domestic conventional oil and gas sector here in the UK."

"Your new Board has successfully reorganised Sarantel and looks forward to rebuilding the Company in its new form".

Dealings under the new name will commence at 8.00 am on Thursday 5 December 2013. The TIDM (ticker symbol) has been changed to UKOG for the Company's "A" Ordinary Shares and to UKOZ for the Company's "B" Ordinary Shares. 

The ISINs in respect of both the "A" Ordinary Shares and the "B" Ordinary Shares remain unchanged.

Information required by AIM Rule 26 is available on the Company's new website at www.ukogplc.com with effect from today.

The Board has today conditionally placed 66,666,666 new "A" Ordinary Shares at a placing price of 0.3p ("Placing Shares"), with one new warrant for every Placing Share ("Warrants"). The 66,666,666 Warrants can be exercised at any time on before 31 December 2014 at an exercise price of 0.35p per new "A" Ordinary Share.

Application to trading on AIM will be made to the London Stock Exchange in respect of the 66,666,666 new "A" Ordinary Shares, with admission expected to take place on or around 11 December 2013. The new "A" Ordinary Shares will, on issue, rank pari passu in all respects with the existing "A" Ordinary Shares.

The Company therefore has 677,415,233 Ordinary Shares (comprising 677,396,843 New "A" Ordinary Shares and 18,390 New "B" Ordinary Shares) in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation 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.

Enquiries:

Sarantel Group PLC
David Lenigas / Donald Strang	Tel: [phone]
Beaumont Cornish (Nominated Adviser)
Roland Cornish / Michael Cornish / Emily Staples	Tel: [phone]
XCAP Securities PLC (Corporate Broker)	Tel: [phone]
David Lawman
Square1 Consulting	Tel: [phone]
David Bick

ENDS

 

END

 

 

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