7th Dec 2015 08:40
LONDON (Alliance News) - Oil and gas company Northern Petroleum PLC on Monday said it has raised GBP395,391 from its open offer of shares, significantly less than expected.
The company said it had received valid acceptances for 13.2 million shares it issued under the open offer at 3.0 pence per share. It had been seeking to raise GBP1.2 million, with 40.0 million shares made available under the open offer.
Shares in the company were up 13% to 3.1175 pence on Monday morning.
Under the open offer, a series of company directors subscribed for shares, split between the open offer shares and the 4.0 million excess shares the company also was issue.
The largest acquisition of shares was made by Jon Murphy, the company's chairman, who subscribed for a total of 1.0 million shares, taking his total holding to 1.4 million shares, or just under 1.0% of the company's issued share capital.
Chief Executive Keith Bush applied for 330,000 shares in total, taking his shareholding to 450,000 shares, while Finance Director Nick Morgan applied for 333,118 shares, taking his holding up to 448,000.
Senior Non-Executive Director Iain Lanaghan applied for 167,000 shares, taking his holding up to 217,000.
The funds raised from the open offer, and a separate placing the company conducted, will be used to back the acquisition of the Rainbow assets in northwest Alberta, Canada.
By Sam Unsted; [email protected]; @SamUAtAlliance
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