Falklands : FOGL Raise Nearly £7Million in Subscription Allocation
Submitted by Falkland Islands News Network (Juanita Brock) 13.10.2004 (Article Archived on 27.10.2004)
According to Company Policy, however, the Offer is oversubscribed.
FOGL RAISE NEARLY £7MILLION IN SUBSCRIPTION ALLOCATION
By J. Brock (FINN)
As at 1500 on Tuesday, 12 October 2004, the closing date, Falkland Islands Oil and Gas Limited (FOGL) has received 1294 applications for a total of 17,451,175 Ordinary Shares, representing £6,980,470.00.
Said John Armstrong, Executive Chairman of FOGL, “We are delighted with the level of support for our fundraising that has been given by both the retail public and institutions and now look forward to reporting the results of the 2D seismic survey expected in early 2005.”
According to the announcement the Offer is oversubscribed and the applications will not be settled in full. They will, however, be subject to scaling back in accordance with the allocations policy.
On 30 September 2004, FOGL announced the launch of an Offer Subscription to raise up to £2,000,000.00 through the issue of 5,000,000 Ordinary Shares at .002p each, at 40p per share.
The Allocation Policy states that in accordance with the terms in the Company’s prospectus, dated 30 September 2004, the basis of allocation of new shares under the Offer has been determined by the Company in its absolute discretion. The minimum subscription under the Offer was 2,500 shares (£1,000) and all valid applications will receive at least this amount.
The policy statement continues that applicants will receive 12.415% of the amount they have applied for in excess of 2,500 shares.
FOGL anticipates that the share certificates will be sent out, and excess application monies application monies be returned by 28 October 2004.
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