Result of Open OfferJanuary 13th, 2016

Gulfsands Petroleum Plc (“Gulfsands” or the “Company”), the AIM listed oil and gas exploration company (AIM:GPX) with activities in Syria, Morocco, Tunisia and Colombia, announces the results of the recent Open Offer undertaken at a price of 4.0 pence per Open Offer Share, on the basis of 3.01 Open Offer Shares for every 1 Existing Share held.

Result of Open Offer 

The Open Offer closed for acceptances at 11:00 a.m. on 12 January 2016 and the Company is pleased to announce that is has received valid acceptances in respect of 151,760,157 Open Offer Shares from Qualifying Shareholders. Pursuant to the Underwriting, a further 203,077,139 Open Offer Shares have been subscribed for by Waterford and Blake, a company owned and controlled by Mr. Griffiths, such that a total of 354,837,296 Open Offer Shares have been subscribed for under the Open Offer.

The Company has therefore raised aggregate gross proceeds of £14,193,491.84 through the Open Offer.

Director’s holding 

Pursuant to the Open Offer, the Directors of the Company have subscribed for Open Offer Shares as detailed in the table below:

Director Number of Existing Shares Percentage of total Existing Shares Number of Open Offer Shares applied for under Open Offer Number of Ordinary Shares held following Open Offer Percentage of Enlarged Share Capital
Alastair Beardsall 0 0.00% 0 0 0.00%
Andrew West 140,144 0.12% 421,833 561,977 0.12%
Andrew Morris 80,000 0.07% 240,800 320,800 0.07%
Joe Darby 25,000 0.02% 75,250 100,250 0.02%
John Bell 0 0.00% 0 0 0.00%
James Ede-Golightly 20,000 0.02% 60,200 80,200 0.02%
TOTAL 265,144 0.22% 798.083 1,063,227 0.22%

Concert Party holding 

Pursuant to the Open Offer and the Underwriting, the Concert Party have subscribed for Open Offer Shares as detailed in the table below:

Shareholder group Number of Existing Shares Percentage of total Existing Shares Number of Open Offer Shares applied for under Open Offer Number of Open Offer Shares subscribed in the Underwriting Number of Ordinary Shares held following Open Offer Percentage of Enlarged Share Capital
Waterford 33,100,513 28.08% 99,632,544 101,538,569 234,271,626 49.56%
Mr. Griffiths 11,780,717 9.99% 35,459,958 101,538,570 148,779,245 31.47%
Alastair Beardsall 0 0.00% 0 0 0 0.00%
James Ede-Golightly 20,000 0.02% 60,200 0 80,200 0.02%
TOTAL 44,901,230 38.09% 135,152,702 203,077,139 383,131,071 81.05%

AIM Admission 

Application has been made for 350,733,941 new Ordinary Shares to be admitted to trading on AIM. It is expected that Admission of the new Ordinary Shares on AIM will become effective at 8:00 a.m. on 14 January 2016. The Company also confirms that it has sold 4,103,355 Treasury Shares to Qualifying Shareholders under the terms of the Open Offer.

Following the issue of the new Ordinary Shares and the sale of the Treasury Shares, Gulfsands will have 472,723,441 Ordinary Shares of 1.0 pence each in issue, which will also represent the total number of voting rights in the Company. This figure should be used by shareholders 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 Company under the FCA’s Disclosure and Transparency Rules.

Capitalised terms used in this announcement shall have the meaning ascribed to them in the Prospectus that was posted to Qualifying Shareholders on 16 December 2015 and the Supplementary Prospectus that was posted to Qualifying Shareholders on 7 January 2016 unless the context otherwise requires.

 

View and Download Gulfsands Result of Open Offer in PDF Format

 

For further information please contact:

Gulfsands Petroleum Plc
Alastair Beardsall, Chairman
+44 (0)20 7024 2130
Cantor Fitzgerald Europe
Sarah Wharry
David Porter
+44 (0)20 7894 7000