29th Dec 2005 07:00
Victoria Oil & Gas PLC29 December 2005 Victoria Oil & Gas Plc 29 December 2005 Placing to raise approximately £13.1 million - Update Victoria Oil & Gas Plc ("Victoria" or "the Company") the oil and gas developmentcompany focused in the Former Soviet Union announces today that it has completedthe placing of 16,845,063 new ordinary shares of 0.5 pence each in the Companywith institutional and other investors at a price of 78 pence per share. Theplacing was two and a half times over-subscribed and raised approximately £13.1million before expenses. The Company also announces that it has allotted conditional on admission 197,333Ordinary Shares of 0.5p each to employees as part of the employee sharecompensation programme for six months to 31 July 2005 and 500,000 OrdinaryShares of 0.5p each in lieu of cash payment to advisers. These share allotmentsrank pari passu in all respects with the existing issued Ordinary Shares in theCompany. Application has been made to the London Stock Exchange for these sharesto be quoted on AIM and it is expected that dealings will commence on 30December 2005. Directors have acquired 867,932 Ordinary Shares of the Company. 432,143 OrdinaryShares were acquired at the placing price of 78 pence per share and 34,038Ordinary Shares were acquired in lieu of salary as part of the employee sharecompensation programme. 401,751 Ordinary Shares were acquired on 28 December2005 at a price of 105 pence per share. The Directors' holdings in the Companyare now:- Shares Purchased Total Holding in Victoria following the purchases Kevin Foo 180,000 2,507,778 2.34%William Kelleher 559,038 (note 1) 4,829,252 4.50%Robert Palmer 113,894 (note 2) 191,672 0.18%Grant Manheim 15,000 494,630 0.46% All shares were acquired on 28 December 2005 at a price of 105 pence per shareunless otherwise stated (1) Includes 325,000 shares acquired in the placing at 78 pence per share and 34,038 shares allotted in lieu of salary (2) Including 107,143 shares of those allotted to advisers in lieu of cash payment Chairman Kevin Foo said, "We are delighted with the successful completion ofthis important placing, which was over-subscribed and will allow us to maintainmomentum on our key projects. The financial commitment made by the Company'semployees, Directors and advisers to the placing and in the market reflects theconfidence they have in Victoria's future." For further information please contact: Kevin Foo / George Donne Jamie Cumming / Tracy MackenzieVictoria Oil & Gas Plc Bell Lawrie+44 (0)207 921 8820 +44 (0)141 314 8103 +44 (0)141 314 8220Leesa Peters/ Laurence ReadConduit PR+44 (0)207 429 6605+44 (0)7979 955 923 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VOG.L