First day of dealing
Published: 02/08/2005, 08:00
Forum Energy Plc 02 August 2005 Forum Energy Plc 02 August 2005 Forum Energy Plc Placing and Admission to AIM Forum Energy Plc ('Forum Energy' or the 'Company'), the UK energy group with a diverse portfolio of gas, oil and coal assets in the Philippines, arrives on London's AIM market today. The Company expects to start generating gas and coal production revenues during the first half of next year, and operates in a country where energy development is a government priority. Its arrival follows the recent completion of a second-round fund raising which saw key institutions invest £11.0 million, before expenses, for 36 per cent. of the company at 112p per share. An earlier placing in May 2005 raised approximately £3.4 million at 100p per share. Forum Energy's assets include the Sampaguita gas discovery in the Reed Bank offshore licence area, the SC 40 (Cebu) licence with known onshore and offshore gas and oil discoveries, and two coal operating contracts on Cebu Island. Sterling Energy Plc, also quoted on AIM, holds approximately 15 per cent. of Forum Energy, while Sterling Chief Executive Harry Wilson and Finance Director Graeme Thomson sit on the Forum Energy board as non-executives. Forum Energy Chief Executive David Robinson said: "We are delighted to be arriving on AIM with such strong institutional backing and with a management team that has extensive experience of operating in the Philippines." The Company has an office in London and runs its operations from Manila. Approximately 27.2 million shares will be admitted to AIM, at 112p per share, valuing the Company at £30.5 million. Noble & Company Limited is the Company's broker and nominated adviser. Placing Statistics: Placing Price 112p Number of new ordinary shares being issued under the Placing 9,821,450 Percentage of enlarged issued share capital subject to the Placing 36 per cent. Number of ordinary shares in issue on Admission 27,221,450 Gross proceeds of the Placing £11,000,024 Net proceeds of the Placing to be received by the Company £10,000,000 Copies of the prospectus will be available free of charge at the offices of Noble & Company Limited, 120 Old Broad Street, London, EC2N 1AR during normal business hours on any weekday (except public holidays) for a period of one month from the date of Admission. For further information contact: David Robinson, Chief Executive, Forum Energy Plc: +44 (0) 7765 001 230 Adam Westcott, Noble & Company Limited: +44 (0) 131 225 9677 Ian Foster, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7739 185 050 This information is provided by RNS The company news service from the London Stock Exchange