6th Jun 2005 09:57
Global Energy Development PLC06 June 2005 Immediate Release 6 June 2005 GLOBAL ENERGY DEVELOPMENT PLC EXERCISE OF WARRANTS HOLDING IN COMPANY Global Energy Development PLC ("Global" or the "Company") announces that it wasnotified on 1 June 2005 that Harken Energy Corporation ("Harken"), a Delawarecorporation, had exercised all of its outstanding warrants over ordinary sharesof 1 pence each in the Company. The warrants have an exercise price of 60p andan expiry date of 8 August 2005. Consequently, the Company has allotted and issued credited as fully paid6,487,481 new ordinary shares in the Company (the "New Shares"). Applicationhas been made for the New Shares to be admitted to trading on AIM and admissionis expected to occur on 10 June 2005. The New Shares will rank pari passu withthe Company's existing ordinary shares. Global was also today notified that Harken has sold a total of 490,000 ordinaryshares in the Company, reducing its holding to 19,282,613 ordinary shares,representing 67.74% of the Company's issued share capital. Following admission of the New Shares, the issued share capital of the Companywill be 34,953,429 ordinary shares. Harken will hold 25,770,094 ordinaryshares, representing 73.73% of the Company's issued share capital. Following today's announcement there are 177,001 warrants outstanding in respectto the Company's ordinary shares with an expiry date of 8 August 2005 and anexercise price of 60p, these being held by minority shareholders. Harken holds no other options or warrants with respect to Global's ordinaryshares. Lyford Investment Enterprises, Ltd holds 7,000,000 warrants to purchaseGlobal ordinary shares held by Harken. These warrants have an expiry date of 7October 2005 and an exercise price of 50p and are expected to reduce Harken'sholding in the Company. For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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