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Madagascar Oil Ltd Announces Result of Placing and Open Offer

Tuesday, 12 Feb 2013 02:00am EST 

Madagascar Oil Ltd announced the result of the Placing and Open Offer. The Open Offer closed at 12.00 p.m. on February 8, 2013. Valid applications were received in respect of 172,298,663 Open Offer Shares from Qualifying Shareholders, representing approximately 62.6% of the total Open Offer Shares. Of 172,298,663 Open Offer Shares validly applied for, 160,609,340 Open Offer Shares were taken up by certain Shareholders pursuant to their Irrevocable Undertakings. Accordingly, the balance of 102,939,109 Open Offer Shares were placed with certain Shareholders (at the subscription price of 18 pence (approximately USD 0.285) in accordance with the terms of the Irrevocable Undertakings or, in respect of the Break Fee Shares and the Fee Shares, issued to meet pre-existing contractual arrangements. In total, the Company has therefore raised the full anticipated amount of approximately £ 49.5 million (approximately USD 78.4 million) (gross) via the issuance of, in aggregate, 275,237,772 New Common Shares. In addition, the Company has issued a further 100,000 new Common Shares pursuant to the vesting of existing restricted shares into Common Shares for nil consideration, pursuant to the Company's equity incentive plan. Application has been made to the London Stock Exchange for the admission of, in aggregate, 275,337,772 new Common Shares to trading on AIM that is expected to will become effective and that dealings in the New Shares will commence at 8.00 a.m. today (February 12, 2013). 

Latest Developments for Madagascar Oil Ltd

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-0.125 -1.61%
19 Dec 2014