11 January 2012
Enegi Oil Plc ('Enegi' or 'the Company') Share Conversion
Enegi entered into a consultancy agreement with Risk
Management Research Institute (RMRI) Limited ("RMRI") on 1
October 2007 (the "Consultancy Agreement") pursuant to which
RMRI and its associate companies (the "RMRI Companies"), some
of which are controlled by Alan Minty, Chairman and Chief
Executive of the Company, have provided services to Enegi,
including geological, financial, legal and administrative
services. The terms of the Consultancy Agreement were
outlined in paragraph 11.11.13 of Part V of the
Company's Admission Document. The value of invoices
received by the Company in respect of services provided by
the RMRI Companies pursuant to the Consultancy Agreement
between October 2010 and December 2011 amount to
£534,000. It has been agreed between the Company and the RMRI
Companies that these
invoices are to be satisfied by the issue of new ordinary
shares in Enegi to the RMRI Companies. The terms of these
arrangements have been agreed as follows:-
1. 4,450,000 new ordinary shares ("New Shares") have been
issued to the relevant RMRI Companies in full and final
settlement of the invoices (which equates to an average issue
price of
12.0 pence per share, which is in excess of the closing price
of the Company's ordinary shares on the dates of the
relevant invoices from the RMRI Companies); and
2. A one half purchase warrant per New Share issued. Each
full purchase warrant will allow the RMRI Companies to
purchase one additional new ordinary share in the Company at
an exercise price of 21 pence per new share, for a period of
18 months from 11th January 2012 (the
"Warrant").
Alan Minty has a controlling interest in some of the RMRI
Companies and, as such, these arrangements constitute a
related party transaction for the purposes of Rule 13 of the
AIM Rules. The Directors, excluding Alan Minty, consider,
having consulted with Cenkos Securities plc, the
Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as its
shareholders are concerned.
Following this transaction and admission of the New Shares,
Alan Minty will have an interest in
14,970,288 ordinary shares in the Company, representing 14.55
per cent. of the Company's enlarged issued share
capital.
An application for admission of the New Shares has been made
and Admission is expected to occur at 8.00 a.m. on 17 January
2012.
In conformity with the FSA's Disclosure and Transparency
Rules, the Company notifies the market of the following:
Following Admission of the new ordinary shares on 17 January
2012, the Company's issued share capital consists of
102,873,832 ordinary shares with a nominal value of 1 pence
each, with voting rights.
The Company does not hold any ordinary shares in
Treasury.
The above figure of 102,873,832 ordinary shares may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are
required to notify their interest in, or a change in their
interest in, the share capital of the Company under the
FSA's Disclosure and Transparency Rules.
Alan Minty, CEO
David Parry, Director Tel: + 1 604 568 0733
Cenkos Securities Tel: + 44 207 397 8900Jon Fitzpatrick
Neil McDonald
College Hill Tel: + 44 207 457 2020Nick Elwes
www.enegioil.com
The CompanyEnegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.
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