logo-loader
RNS
viewCoro Energy PLC

Coro Energy PLC - Previously Intended Open Offer

RNS Number : 7635Z
Coro Energy PLC
21 May 2019
 

 21 May 2019

 

Coro Energy plc

("Coro Energy" or the "Company")

 

Previously Intended Open Offer

 

Coro Energy, the Southeast Asian focused oil and gas company, previously announced on 16 February 2018 that it intended, following completion of a placing of and subscription for new ordinary shares to raise approximately £14 million at a price of 4.38 pence per ordinary share (the "Placing and Subscription"), to offer qualifying shareholders with the opportunity to subscribe for new ordinary shares at the same 4.38 pence per ordinary share price as was available to investors under the Placing and Subscription in an intended open offer of up to £2 million in 2018 (the "Previously Intended Open Offer").

 

The Previously Intended Open Offer was not required by the Company to fund operations but was instead intended to provide qualifying shareholders with the opportunity to subscribe for additional ordinary shares at the same price as was available to investors under the Placing and Subscription.

 

The Company's ordinary shares have, since completion of the Placing and Subscription, traded below the price at which the Previously Intended Open Offer was to be launched and the Directors do not therefore believe that it would be a productive use of Company funds to proceed with an open offer at a premium to the prevailing share price at the current time. As a result, the Company no longer intends to proceed with the Previously Intended Open Offer.

 

 

 

For further information please contact:

 

Coro Energy plc

James Menzies, Chief Executive Officer

Andrew Dennan, Chief Financial Officer

 

 

Tel: 44 (0)20 3965 7917

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

David Jones

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (IR/PR Advisor)

Patrick d'Ancona

Chris McMahon

 

Tel: 44 (0)20 7390 0230

Mirabaud Securities Ltd (Joint Broker)

Peter Krens

Ed Haig-Thomas

 

 

Tel: 44 (0)20 3167 7221

Turner Pope Investments (TPI) Ltd (Joint Broker)

Ben Turner

James Pope

Tel: 44 (0)20 3621 4120

[email protected]



 


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 [email protected] or visit www.rns.com.
 
END
 
 
IOEBLGDUGSDBGCB

Quick facts: Coro Energy PLC

Price: 0.46

Market: AIM
Market Cap: £3.65 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE