TIDMCAB
RNS Number : 1290F
Cabot Energy PLC
10 July 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. With the publication of this announcement, this
information is now considered to be in the public domain.
10 July 2019
Cabot Energy Plc
("Cabot", the "Group" or the "Company")
Subscription to raise US$0.5 million
Cabot Energy Plc (AIM: CAB), the AIM quoted oil and gas company
focussed on creating predictable production growth in Canada, is
pleased to announce that it has entered into an agreement with High
Power Petroleum LLC ("H2P") to raise US$0.5 million gross
(GBP401,123), before expenses, by way of a subscription for
4,336,466 ordinary shares of 1 pence each ("Ordinary Shares") at
9.25 pence per ordinary share (the "Issue Price") (the
"Subscription Shares") (the "Subscription").
The Issue Price is equal to the mid-market closing price on 9
July 2019, being the last trading day prior to this announcement.
Following the completion of the Subscription, H2P will be
interested in 24,973,503 Ordinary Shares, representing
approximately 66.22 per cent of the Company's enlarged issued share
capital.
Use of proceeds
The net proceeds of the Subscription will be used for working
capital purposes and to fund the settlement of amounts owed to the
Group's creditors, predominantly trade creditors of Cabot Canada.
The Subscription generates sufficient funding for Cabot until the
end of August 2019.
In addition, as stated previously, the Company has engaged a
specialist financial advisory firm to source Canada asset-level
debt financing to ensure full funding to commence its work
programme through to the end of 2019. Discussions are progressing
and the Company reasonably expects to finalise an agreement in Q3
2019. While the Board remains confident that these financing
discussions will result in a successful outcome for the Group, no
new commitments have yet been secured.
Further to the Subscription, H2P has indicated that, pending the
conclusion and terms of the ongoing Canada asset-level debt finance
discussions, it will consider providing additional equity funding,
if needed, to support the Company's operational activities and work
programme through to the end of 2019, alongside other
shareholders.
Related Party Transaction
H2P is a substantial shareholder in the Company and therefore
the Subscription constitutes a related party transaction in
accordance with AIM Rule 13. James Dewar, Rachel Maguire and Paul
Lafferty who are independent Directors for these purposes, having
consulted with the Company's Nominated Adviser, consider the terms
of the Subscription by H2P, as a related party, to be fair and
reasonable insofar as all of Cabot's shareholders are
concerned.
James Dewar, Interim Non-Executive Chairman, commented: "We are
pleased to secure further funding at the prevailing market price
from our supportive majority shareholder, H2P. On behalf of the
Board, I would like to thank H2P for the continued support at this
crucial time as Cabot continues to advance discussions for
asset-level debt financing which will enable the Company to fund
its scheduled work programmes in Canada for the remainder of
2019."
Admission of the Subscription Shares and Total Voting Rights
Application will be made to the London Stock Exchange for the
4,336,466 Subscription Shares to be admitted to trading on AIM
("Admission"). These shares will rank pari passu with existing
Ordinary Shares in all respects. It is expected that Admission will
occur and that dealings in the Subscription Shares will commence at
8.00 a.m. on 16 July 2019.
Following the issue of the Subscription Shares, H2P will have an
interest in 24,973,503 Ordinary Shares, which represents 66.22 per
cent of the issued share capital of the Company as enlarged by the
issue of the Subscription Shares.
Following the issue of the Subscription Shares, the Company will
have 37,715,056 Ordinary Shares in issue and no shares are held in
treasury. Accordingly, this figure will be the total number of
voting rights in the Company and may be used by shareholders as the
denominator for the calculations by which they determine whether
they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
-Ends-
Enquiries:
Cabot Energy Plc +44 (0)20 7469 2900
Scott Aitken, CEO
Petro Mychalkiw, CFO
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
David Hignell, Richard Hail, Richard
Redmayne
Luther Pendragon +44 (0)20 7618 9100
Financial PR
Harry Chathli, Alexis Gore, Joe Quinlan
Note to Editors:
Cabot Energy Plc (AIM: CAB) is an oil and gas company focussed
on creating predictable production growth in Canada. Comprehensive
information on Cabot and its oil and gas operations, including
press releases, annual reports and interim reports are available
from Cabot's website: www.cabot-energy.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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