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Mosman Oil & Gas - Issued Capital

RNS Number : 6540N
Mosman Oil and Gas Limited
21 May 2020
 

 21 May 2020

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

 Issued Capital

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides the following update in respect of the issued capital and directors' subscriptions for shares announced on 14 February 2020.

 

Due to Australian corporation requirements, the Company has been unable to issue the 41,666,666 shares and associated warrants ("the Directors' Subscription Shares") and will not be able to do so until shareholder approval for the Directors' Subscription has been granted. The Company intends to seek shareholder approval for the matter at the Company's General Meeting ("GM") which is currently expected to be held in July 2020.

 

As noted in the announcement of 14 February 2020, the Directors' Subscription Shares are being issued in lieu of director and consultancy fees due or owed of AUD120,000, these fees remain unpaid and the Company's cash position has therefore not been affected by the delay in issuing these shares.

 

As announced on 24 March 2020, as part of its cost reduction programme, the Company will also be seeking shareholder approval at the GM  to enable 50% of contracted consultancy fees to be settled in shares, again reducing the cash component payable by the Company.

 

A notice of GM will be sent to shareholders in June 2020 and further announcements will be made as appropriate.

 

Total Voting Rights

The Company has applied to cancel the admission of Depositary Interests representing the Directors' Subscription Shares until such time as shareholder approval has been granted, with such cancellation expected to be effective on or around 28 May 2020.

Following this announcement, the issued share capital of the Company will consist of 1,085,810,968 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 1,085,810,968.

Consequently, the above figure 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 to their interest in, the share capital of the Company under the Company's Constitution.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Alma PR

Justine James

+44 (0) 20 3405 0205

+44 (0) 7525 324431

[email protected]

 

Joint Broker

Monecor (London) Ltd trading as ETX Capital

Thomas Smith

+44 (0) 20 7392 1432

 

 

Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Mosman Oil And Gas Ltd

Price: 0.0847

Market: AIM
Market Cap: £954.97 k
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