Riverstone Energy has announced that it’s placing and open offer, which has raised the full £67.6m. The company announced its intention to raise £67.6m, through the issue of up to 8,448,006 new ordinary shares at £8.00 per share on 23 November 2015. The intention was to use the proceeds to increase its stake in portfolio company Canadian International Oil Corporation. Under the open offer and it excess application facility, the company has received applications for 4,806,209 new ordinary shares. Applications under the open offer, the excess application facility and the placing exceeded the number of shares available under the Placing and Open Offer, so applications under the have been scaled back (a total of 3,641,797 shares allocated under the placing).
The Open Offer includes 2,209,364 shares taken up by AKRC Investments, LLC pursuant to its irrevocable undertaking to subscribe for its pro rata entitlement of 26.15% of the New Ordinary Shares available in the Open Offer. In addition, AKRC purchased 1,138,368 New Ordinary Shares through the Excess Application Facility for a total consideration of £9.1 million, taking its total purchase to 3,347,732 New Ordinary Shares pursuant to the Placing and Open Offer and increasing its shareholding of the enlarged Company to 27.5 %.
The new shares are expected to be admitted to trading on the LSE by 11 December 2015. If this does not occur the placing and open offer are to be cancelled. The enlarged share capital of the Company following Admission will be 84,480,064 Ordinary Shares in aggregate.
Riverstone Energy’s placing and open offer raises £67.6m : RSE