10th Nov 2009 17:59
10 November 2009
Afren plc (AFR LN)
Exercise of Founders' Warrants
Afren announced earlier today the exercise, by certain shareholders including some of the Directors (the "Founder Shareholders"), of 40,000,000 warrants over Ordinary Shares (the "Founder Shares") issued pursuant to the Company's Founders' Investment and Warrant Scheme at an exercise price of 37.95 pence per warrant, raising approximately £15 million (US$25 million) (before expenses) for the Company.
In order to finance the exercise of these warrants and to pay tax obligations arising from the exercise, the Founder Shareholders agreed to sell certain of the Founder Shares in the Placing at the Placing Price. Following determination of the Placing Price earlier today, the Founder Shareholders have agreed to sell 24,513,100 Founder Shares at the Placing Price of 81 pence per share. The following Directors have exercised the following number of warrants and agreed to sell the following number of Founders Shares:
|
Director |
Number of warrants |
Founder Shares sold |
|
Egbert Imomoh |
6,000,000 |
3,100,212 |
|
Osman Shahenshah |
12,000,000 |
9,230,486 |
|
Shahid Ullah |
4,000,000 |
2,756,039 |
|
Constantine Ogunbiyi |
4,000,000 |
2,909,324 |
Completion of the issue and sale of the Founder Shares is expected to occur at the same time as the Placing closes.
Following the exercise of the warrants and sale of the 24,513,100 Founder Shares, the following Directors will have holdings in the Company's shares (the percentage of issued share capital being based upon the expected issued share capital of the Company immediately following the issue of the New Shares in the Placing and the Founder Shares)
|
Director |
Number of shares |
Percentage of share capital |
|
Egbert Imomoh |
3,679,214 |
0.41% |
|
Osman Shahenshah |
4,181,515 |
0.47% |
|
Shahid Ullah |
3,081,461 |
0.35% |
|
Constantine Ogunbiyi |
1,295,676 |
0.15% |
Capitalised terms used, but not defined in this announcement have the same meanings as set out in the announcement released by the Company earlier today in relation to the Placing
|
Pelham Public Relations |
+44 20 7337 1500 |
|
James Henderson |
|
|
Mark Antelme |
Related Shares:
AFR.L