Falklands : FOGL Announce Sale of Shares
Submitted by Falkland Islands News Network (Juanita Brock) 22.02.2006 (Article Archived on 08.03.2006)
Falkland Islands Oil and Gas are selling shares.
Falkland Islands Holdings PLC
22 February 2006
Falkland Islands Holdings plc
Sale of Falkland Oil and Gas Limited Shares
Falkland Islands Holdings plc ('FIH'), an AIM quoted company operating (through its subsidiaries) a range of businesses in the Falkland Islands, and the Portsmouth Harbour Ferry Company in the UK, announces that on 21 February 2006, it sold 1,802,941 shares in Falkland Oil and Gas Limited ('FOGL'), representing 10.7% of its holding in FOGL and representing 1.96% of the current issued share capital of FOGL.
The shares were sold for a net consideration of £2.4 million, generating a profit of £2.1 million for FIH. The funds will be used in FIH's business and will provide additional financial flexibility to facilitate future acquisitions.
Following the transaction, FIH retains a shareholding of 15,000,000 shares in FOGL, representing 16.3% of FOGL's current issued share capital.
The board of FIH has advised FOGL and KBC Peel Hunt that FIH does not intend to dispose of any further shares in FOGL, other than in exceptional circumstances, for at least the next 12 months. KBC Peel Hunt is Nominated Adviser and Broker to FOGL and Broker to FIH for the purposes of the AIM Rules and Dawnay Day is the Nominated Adviser to FIH.
Enquiries:
Falkland Islands Holdings Tel: 01279 461 630
David Hudd, Chairman 07771 893 267
College Hill Tel: 020 7457 2020
Ben Brewerton / Nick Elwes
Note for Editors
FOGL was admitted to AIM on 14 October 2004 at which time FIH held 14,450,000
shares (18.1% of the issued share capital). On 31 May 2005, FOGL raised £10
million, before associated costs and expenses, by placing 11.8 million new
shares at 85p. In that placing, FIH subscribed £2 million for 2,352,941 shares
resulting in a shareholding of 16,802,941 shares (18.31% of FOGL's enlarged
share capital). Following the sale on 21 February 2006 of 1,802,941 FOGL
shares, FIH retains 15,000,000 shares (16.3% of FOGL's current issued share
capital).
David Hudd, the Executive Chairman of FIH, has been the Non executive Deputy
Chairman of FOGL since its admission to AIM. He subscribed for 250,000 shares
on admission and for a further 50,000 shares in the May 2005 placing. On 21
February 2006, he sold 100,000 shares at 135p and his remaining interest in the
share capital of FOGL comprises 200,000 shares and options over a further
450,000 shares.
This information is provided by RNS
The company news service from the London Stock Exchange
|
