AIM-listed Lansdowne Oil & Gas has announced that it has placed:
- 40,000,000 new ordinary shares of 0.1 pence each (the "Firm Placing Shares"), conditional on admission of the Firm Placing Shares to trading on AIM (but not, for the avoidance of doubt, conditional upon the issue of the Conditional Placing Shares); and
- 160,000,000 new ordinary shares of 0.1 pence each (the "Conditional Placing Shares" and, together with the Firm Placing Shares, the "Placing Shares"), conditional on, inter alia, the passing of certain resolutions (the "Resolutions") at the forthcoming general meeting of the Company to be held at the offices of Tavira Financial Limited, 13th Floor, 88 Wood Street, London EC2V at 10 a.m., on 29 December 2023 (the "GM"),
in each case, at a placing price of 0.1 pence per Placing Share (the "Placing Price") (the "Placing"). Tavira Financial Limited (" "Tavira" or "TFL") acted as broker to the Placing.
The proceeds of the Placing will be used to meet the Company's expected working capital requirements through to the end of June 2024.
Company Update
As previously reported the Company is currently looking to defend its rights through arbitration under the Energy Charter Treaty in respect of the Barryroe Lease Undertaking Application.
On 18 September 2023 the Company announced it had received a letter from the Irish State Solicitors Office indicated that a representative of the DECC would be prepared to meet with the Company. The Company has responded seeking to set up such a meeting, but this has yet to be arranged.
Accordingly, the Company is continuing discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government for breach of terms under the Energy Charter Treaty. Proceeds from the Placing will enable the Company to progress these discussions and updates will be provided as appropriate. The balance of the proceeds will be applied to general working capital and ensure the Company can remain a going concern until the end of June 2024, by which point the Company expects to have made substantial progress in these endeavours.
As announced on 20 September 2023, the Company has been designated as an AIM Rule 15 Cash Shell with effect from that date. As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under Rule 14 of the AIM Rules (including seeking re-admission under the AIM Rules) within six months of 20 September 2023. In the event that the Company does not complete a reverse takeover under AIM Rule 14 by 20 March 2024 or seek re-admission to trading on AIM as an investing company (either being a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to Rule 40 of the AIM Rules. Thereafter, if a Re-admission Transaction has not been completed within a further six-month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.
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Source: Lansdowne Oil & Gas
