27th Nov 2006 12:59
BowLeven Plc27 November 2006 BowLeven plc ("BowLeven" or the "Company") Exercise of Option by Suntera Resources Limited Further to its announcement dated 23 November 2006, BowLeven announces thatSuntera Resources Limited ("Suntera") has exercised its option to subscribe, byway of private placement (the "Private Placement"), for 5,500,000 new ordinaryshares in BowLeven at 220p per share (the "Option"), raising £12.1 million. The Private Placement is conditional upon the grant of requisite authorities by shareholders at an extraordinary general meeting of the Company (the "EGM") to be held on 18 December 2006 at 11:30am at the George Hotel, 19-21 George Street, Edinburgh EH2 2PB. A circular containing a notice convening the EGM was postedto shareholders on 24 November 2006. The issue of the shares pursuant to the Private Placement (the "Private Placement Shares") is also conditional upon (amongst other things) admission of those shares to trading on AIM ("Admission"). It is expected that dealings in the Private Placement Shares will commence on or around 19 December 2006. Onceissued, the Private Placement Shares will rank pari passu with the existing ordinary shares in the Company. Following Admission, Suntera will own approximately 16.45% of the enlarged issued share capital of the Company (assuming completion of the placing of ordinary shares (the "Placing") as announced on 23 December 2006). The grant of the Option by the Company to Suntera is a related party transactionunder rule 13 of the AIM Rules (by reason of Suntera's existing significantshareholding in the Company). With the exception of Steve Lowden (who did notparticipate in the deliberations or the decision of the Board of BowLeven toapprove the transaction on account of his relationship with Suntera), the Boardconsiders, having consulted with Hoare Govett, the Company's corporate brokerand, with effect from 6 December 2006, nominated adviser that the terms of theOption are fair and reasonable insofar as shareholders in the Company areconcerned. BowLeven Plc Telephone +44 (0) 131 260 5100Terry Heneaghan, Executive ChairmanKevin Hart, Chief Executive Officer Maitland Telephone +44 (0) 20 7379 5151Neil BennettAlaistair Crabbe Hoare Govett, which is authorised and regulated by the Financial ServicesAuthority, is acting exclusively for the Company and for no one else solely inconnection with the Placing and will not be responsible to anyone other than theCompany for providing the protections afforded to the customers of Hoare Govettor for providing advice in relation to the Placing.Past performance is no guide to future performance and persons needing adviceshould consult an independent financial adviser.These written materials are not an offer of securities for sale in the UnitedStates. Securities may not be offered or sold in the United States absentregistration under the US Securities Act of 1933 (the "US Securities Act") or anexemption therefrom. The Company has not registered and does not intend toregister any of its Ordinary Shares under the US Securities Act. The PlacingShares will not be offered or sold in the United States. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BLVN.L