Today Dr. John Cubitt, said:
"The Acacia Este discovery was a highly significant event for the Company and this placing will allow us to appraise the discovery with a further well and drill the Juanes exploration well on the Alhucema E&P contract area. Subject to rig availability we hope to see Acacia Este No 2 well drilled in 4Q 2007 and Juanes spudded as soon as possible thereafter."
As part of the placing, Tony Baldry, Non Executive Chairman, Dr. John Cubitt, Managing Director and Peter Kitson, Finance Director have each agreed to subscribe in respect of their annual bonus of £56,400 for 313,333 new ordinary shares each (at the Issue Price). The remuneration of the directors is set by the remuneration committee, which is chaired by the independent non-executive director, Chris Moore. Chris Moore, having consulted with the Company's nominated adviser, considers that the remuneration paid by way of bonus to the directors is fair and reasonable insofar as the Company's shareholders are concerned. In addition, Peter Kitson subscribed for 4,444 new Ordinary Shares at the Issue Price.
Following the Admission to trading of the new Ordinary Shares, the directors will have the following interests in the share capital of the Company:
Ordinary Shares Percentage of enlarged share capital Tony Baldry 333,333 1.02% Dr. John Cubitt 348,594 1.07% Peter Kitson 348,347 1.07%
The 11,629,167 new Ordinary Shares to be issued pursuant to the placing will on issue rank pari passu with the existing Ordinary Shares in issue and application will be made for the new Ordinary Shares to be admitted to trading on AIM, following which Black Rock will have a total issued share capital of 32,661,004 Ordinary Shares admitted to trading on AIM. Trading in the new Ordinary Shares on AIM is expected to commence on 28 September 2007.
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