Further to the announcement of 7 July 2015, the Board confirms that the total of 3,888,873,028 New Ordinary Shares have todaybeen allotted conditional on Admission, and Admission is now expected to become effective at 8.00 a.m. on 13 July 2015. The New Ordinary Shares will rank pari passu with all Existing Ordinary Shares. Trading in the Company's Ordinary Shares is currently subject to Suspension, and the Placing and Open Offer is not conditional on the Restoration of Trading becoming effective. Restoration is not expected to take place until historic settlement issues in the Ordinary Shares have improved to enable orderly trading. The Restoration of Trading is subject to the Rules of the London Stock Exchange. Accordingly, New Ordinary Shares which are subscribed for under the Placing and Open Offer shall remain suspended from trading on AIM until the Restoration of Trading is effective. Whilst the Company intends the Placing and Open Offer to improve the settlement issues, there is no guarantee that this will be sufficient to enable Restoration. At Admission, the Company will have 4,591,596,741 Ordinary Shares in issue each with voting rights attaching. The Company has no Ordinary Shares in treasury and, as a result, the total number of voting rights in the Company will be 4,591,596,741. This figure may therefore 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 Financial Conduct Authority's Disclosure and Transparency Rules.
Further to the announcement of 7 July 2015, the Board confirms that the total of 3,888,873,028 New Ordinary Shares have today been allotted conditional on Admission, and Admission is now expected to become effective at 8.00 a.m. on 13 July 2015. The New Ordinary Shares will rank pari passu with all Existing Ordinary Shares.
Stephen (Steve) Sanderson has been appointed to the Board as the new Executive Chairman of the Company. Mr Sanderson has been (and will remain as) the Chief Executive of the Company, a non-board position, since January 2015 and has been instrumental in growing the Company's UK asset base and managing the Company's interest in the Horse Hill Project near Gatwick Airport. Mr Sanderson replaces David Lenigas as Executive Chairman, who is retiring from the board to focus on other business interests. Mr Lenigas will be retained as a consultant to the Group for a period of at least 4 months to assist with this transition. Mr Sanderson is a petroleum geologist with over 30 years global upstream energy sector experience. Mr Sanderson is a graduate and associate of the Royal School of Mines, Imperial College, London, a Fellow of the Geological Society of London and an active member of the American Association of Petroleum Geologists. Stephen Sanderson, UKOG Executive Chairman, commented: "David Lenigas has made a substantial contribution to UKOG's business throughout his tenure, and we wish him success with his other business ventures. On behalf of the Board and all the team, I would like to thank David for his contribution and for his commitment to UKOG and the Company's assets in the south of England. I am thus delighted to be asked to lead the Company into what I believe will be a very exciting and productive future." David Lenigas, commented: "It is my policy to step down from the boards of companies once I believe that they have reached a state of maturity where they require sector-experienced executive management to take over. The progress the Company has made is a source of great satisfaction and I feel confident that this is the right time to hand over the reins to a respected oil executive with high credentials who I believe will continue to drive the Company forward."
he was saying all along that this will be sub 2.00 and everyone said he was negative.