Fastnet Oil & Gas (FAST) - Successful Placing Of New Ordinary Shares RNS Number : 8035R Fastnet Oil & Gas PLC 22 November 2012 22 November 2012 Fastnet Oil & Gas plc Successful placing of new ordinary shares to raise approximately £15 million in order to execute its drilling programme for Morocco Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focussed on near term exploration acreage in Morocco and the Celtic Sea, is pleased to announce that Mirabaud Securities LLP ("Mirabaud") as sole bookrunner and Shore Capital Stockbrokers Limited ("Shore Capital") as joint broker, have raised £14,960,000 before expenses through an oversubscribed placing of 68,000,000 new ordinary shares in the capital of the Company ("Placing Shares") with new and existing investors at 22 pence per share. The money raised provides additional capital to further strengthen the Company's balance sheet which will enable Fastnet to accelerate drilling activity in Morocco to potentially generate a near-term multi-well drilling programme through the judicious use of its resources. Key highlights á Since admission to AIM and ESM in June 2012, Fastnet has moved quickly to establish a portfolio of material ground floor stakes in high impact exploration prospects in both offshore Morocco and Ireland á Placing has been undertaken in order to allow the Company to execute the work programmes across its enlarged licence area, to mature them to a level whereby major partners can be brought in for sustained value creating exploration work and drilling programmes á Placing will strengthen the balance sheet enabling Fastnet to accelerate drilling activity in offshore Morocco, fund other work programmes in the Celtic Sea and provide additional working capital headroom á The Board's strategy is to ensure that Fastnet retains a material, well-funded interest in its portfolio of prospects that are being matured for drilling. This is the first step to implementing Fastnet's stated strategy of creating shareholder value through exploration success á The executive members of the Board have recently been substantially strengthened with the appointments of Paul Griffiths as Managing Director and Carol Law as Executive Director á The Placing is conditional, inter alia, upon the passing of certain shareholder resolutions ("Resolutions") and the admission of the Placing Shares to trading on AIM. The General Meeting has been convened for 11.30 a.m. on 10 December 2012 to be held at the registered office of the Company at Number 14 Riverview, Vale Road, Heaton Mersey, Stockport SK4 3GN for the purpose of considering the Resolutions Cathal Friel, Chairman of Fastnet commented: "I am very pleased to announce the Placing. It is a testament to the portfolio of assets, management team and progress since our admission to AIM and ESM that Fastnet has been able to secure the support of significant new investors and continuing support from existing shareholders. "With the new money raised, Fastnet will be able to execute its strategy of maturing its enlarged licence area in Morocco and the Celtic Sea to a point at which it can secure shareholder value through the support of future potential farm-in partners." Offshore Morocco Following its acquisition of Pathfinder Hydrocarbon Ventures Ltd in July 2012, Fastnet holds a 25% gross (18.75% net) carried interest in the Foum Assaka exploration licence in the Agadir Basin, Offshore Morocco. The Directors are excited about Fastnet's entry to Offshore Morocco, which is an emerging exploration frontier area on the West African Margin for the oil and gas industry with an attractive fiscal regime. Recent industry farm-in activity helps validate the significant oil and gas potential of the region. The Foum Assaka licence area covers approximately 6,500 km^2 and is operated by Kosmos Energy LLC ("Kosmos"). Kosmos is an international oil and gas exploration and production company that was the technical operator for the Jubilee Field discovery, Offshore Ghana. Fastnet has been carried through the Foum Assaka Initial Exploration Period work programme based on a gross budget cap of US$16.2m. This work programme includes the acquisition and processing of 2,577km of 3D seismic. This seismic acquisition was completed in April 2012, with processing and interpretation of the data ongoing. The Directors anticipate that, subject to all necessary regulatory consents and the timing of rig availability, drilling of the first exploration well in Foum Assaka should commence in Q4 2013. Offshore Ireland In June 2012, Fastnet was awarded two highly prospective licensing options the Mizzen Basin and the Molly Malone Basin in the Celtic Sea, Offshore Ireland. The Mizzen licensing option covers blocks 55/14 and 55/15 and part blocks 55/9 and 55/10 while the Molly Malone licensing option covers block 50/26 and part blocks 49/25, 49/30, 50/21 and 50/22, each in the Celtic Sea basin. The Directors believe these areas have the potential to host major oil and gas accumulations based on their attractive petroleum geology and the presence of well-understood large-field analogues in other areas. Earlier this month, Fastnet was granted a further Celtic Sea licensing option covering: block/part-blocks 49/7, 49/8, 49/9, 49/12 and 49/13 ("Licensing Option 12/6") and also agreed to farm-into Licensing Option 12/5 which was recently awarded by the Minister of State at the Department of Communications, Energy and Natural Resources and includes part-blocks 49/18, 49/19, 49/20, 49/23, 49/24 and 49/25 ("Shanagarry"). The Directors are excited about the Licensing Option award and the farm-in to the Shanagarry Licensing Option. The previous operator in the Shanagarry Licensing Option Area, Marathon Oil Corporation ("Marathon"), mapped a 120 km^2 structure that was proved to be hydrocarbon bearing after logging a gross combined oil and gas column of approximately 500 feet in well 49/19-1 drilled in 1984. The well was not fully tested due to operational issues and poor gas economics at the time. However, four viable petroleum systems were proven by the well results, with offset field analogues. Similarly, Licensing Option 12/6 has already been proven to have discovered hydrocarbon-bearing sections over a gross interval of up to 700 feet in early wells drilled by Marathon and its partners in 1974 and 1986. Fastnet has now established a material position in the Celtic Sea, where there has been renewed exploration interest following the recent Barryroe discovery. The Company is currently tendering a seismic vessel for Q2 2013 for 3D seismic survey of the Mizzen licensing area with the opportunity to add further 3D seismic programmes for 2013. The Directors anticipate that this will de-risk and unlock resource potential and should, in the Board's view, increase the likelihood of attracting an industry major to the proposed programme given the scale and materiality of the prospective structures already identified. Use of proceeds Although the minimum work commitments in relation to certain of its Moroccan and Irish licences represent a relatively modest capital commitment in the short term which can be funded by existing cash resources, the Board is of the view that raising additional capital now to further strengthen its balance sheet will enable it to accelerate drilling in Morocco to potentially generate a near-term multi-well drilling programme, through the judicious use of the Company's resources. The Group also wishes to continue with its low cost work programme to de-risk its Irish assets to a stage where major partners can be brought in for sustained value creating exploration work and drilling programmes once the potential has been properly assessed. The Board's strategy is to ensure that the Group retains a material, well-funded interest in its portfolio of prospects that are being matured for drilling. This is the first step to implementing Fastnet's stated strategy of creating shareholder value through exploration success. In order to raise the funds required for this purpose and to put the Company in a position where it is fully funded through to mid-2014, the Company through its agents, Shore Capital and Mirabaud, is undertaking the Placing, further details of which are set out below. Current trading and prospects Fastnet is an early stage exploration company with no income generated by the Group to date. The Company has assembled the above portfolio of assets since admission to AIM in June 2012 and is now ready to develop these assets through value creating exploration work and drilling programmes. Joint brokership The Company has appointed Mirabaud as joint broker. The Placing Under the terms of the Placing Terms, the Placees have agreed to subscribe for 68,000,000 new Ordinary Shares, in aggregate, at the Placing Price, raising approximately £14,960,000before expenses for the benefit of the Company. The Placing is conditional, inter alia, upon the passing of the Resolutions and the admission of the Placing Shares to trading on AIM. The Placing Shares, when issued and fully paid, will rank equally in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after Admission. It is expected that Admission will become effective and dealings in the Placing Shares will commence on 12 December 2012. Posting of shareholder circular and notice of general meeting It is anticipated that a circular to shareholders will be posted to shareholders shortly giving notice of a general meeting which has been convened for 11.30 a.m. on 10 December 2012 to be held at the registered office of the Company at Number 14 Riverview, Vale Road, Heaton Mersey, Stockport SK4 3GN for the purpose of considering the Resolutions. The Resolutions consist of an ordinary resolution to authorise the Directors to allot additional Ordinary Shares and a special resolution to approve the allotment of the Ordinary Shares in connection with the Placing and to disapply statutory pre-emption rights in respect of such allotment. As well as facilitating the issue and allotment of the Placing Shares, the Resolutions will provide the Directors with the authorities to issue and allot 11,773,325 Ordinary Shares pursuant to options, warrants and subscription rights to directors, employees, consultants and/or advisors to the Company and its subsidiaries all of which will have been granted on or before Admission and up to 68,421,053 Ordinary Shares on a non-pre-emptive basis at the Directors' discretion as the Directors believe that it is desirable to maintain a margin of unissued share capital in order to preserve the flexibility for the future. Admission The Placing Shares will, on admission, rank pari passu in all respects with the existing ordinary shares. Subject to the passing of the shareholder resolutions at the Company's General Meeting application will made to London Stock Exchange for the Placing Shares to be admitted to trading on the AIM and to the Irish Stock Exchange for the Placing Shares to be admitted to trading on the ESM on 12 December 2012. Following admission of the Placing Shares the enlarged issued share capital will be 273,940,493 ordinary shares of 3.8p each. The Company does not hold any shares in treasury and, therefore, on admission of the Placing Shares the above figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company. Holdings on Completion of the Placing Set out below are the interests of the directors in the Company's enlarged issued share capital subject to completion of the Placing. Director Number of Ordinary Shares Percentage of Issued Share Capital Paul Griffiths^1 18,813,473 6.87% Cathal Friel^2 18,688,212 6.82% Carol Law - - Michael Nolan 3,341,243 1.22% Stephen Staley 3,333,183 1.22% Michael Edelson 922,384 0.34% 1. Paul Griffith's interest in the Ordinary Shares in the Company includes 1,777,697 Ordinary Shares held by Celtex Exploration Services Limited a company in which Paul Griffiths has a beneficial interest, 1,777,697 Ordinary Shares held in the personal name of Paul Griffiths and 40,688,212 Ordinary Shares held by Pan Maghreb Oil and Gas Limited in which Paul Griffiths has a 37.5% interest. 2. Cathal Friel's interest in the Ordinary Shares in the Company includes 15,554,857 Ordinary Shares held by Raglan Road Capital Limited, a company in which Cathal Friel and his wife, Pamela Iyer, have a 90 per cent. interest. An updated copy of the Company's corporate presentation is now available on the website: http://www.fastnetoilandgas.com. For further information, please contact: Fastnet Oil & Gas plc +353 (1) 644 0007 Cathal Friel, Chairman Paul Griffiths, Managing Director Mirabaud Securities LLP +44 (20) 7321 2508 (Joint Broker) Peter Krens Edward Haig-Thomas Shore Capital (Nominated Adviser & Joint Broker) +44 (0) 20 7408 4090 Nomad Bidhi Bhoma Edward Mansfield Corporate Broking Jerry Keen Davy +353 (1) 679 6363 (ESM Adviser & Joint Broker) John Frain Brian Garrahy Roland French FTI Consulting +44 (0) 207 831 3113 Edward Westropp Jess Allum APPENDIX TERMS AND CONDITIONS OF THE PLACING FOR CONTRACT NOTES THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL (A ÒRESTRICTED JURISDICTIONÓ), SUBJECT TO CERTAIN LIMITED EXCEPTIONS. EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF A SUBSCRIPTION FOR THE PLACING SHARES. Details of the Placing Mirabaud Securities and SCS have today entered into an agreement with Fastnet Oil & Gas PLC (the "Placing Agreement") under which, subject to the conditions set out in that agreement, Mirabaud Securities and SCS have agreed to use their reasonable endeavours to procure subscribers for the Placing Shares at the Placing Price with certain institutional and other investors. The Placing Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive dividends and other distributions declared, made or paid following Admission. Application for admission to trading Application will be made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares will commence on AIM at 8.00 a.m. on 12 December 2012. Participation in, and principal terms of, the Placing Mirabaud Securities and SCS are arranging the Placing for and on behalf of the Company. Mirabaud Securities and SCS will determine in their absolute discretion the extent of each Placee's participation in the Placing, which will not necessarily be the same for each Placee. Each Placee will be required to pay to Mirabaud Securities and SCS, on the Company's behalf, the Placing Price for each Placing Share agreed to be acquired by it under the Placing in accordance with the terms set out herein. Each Placee's obligation to acquire and pay for Placing Shares under the Placing will be owed to Mirabaud Securities and SCS, as the case may be, and the Company. Each Placee has an immediate, separate, irrevocable and binding obligation, owed to each of Mirabaud Securities and SCS, to pay to it (or as it may direct) in cleared funds an amount equal to the product of the Placing Price and the number of Placing Shares such Placee has agreed to subscribe for. Each Placee will be deemed to have read and understood this Appendix in its entirety, to be participating in the Placing upon the terms and conditions contained in this Appendix, and to be providing the representations, warranties, agreements, acknowledgements and undertakings, in each case as contained in this Appendix. To the fullest extent permitted by law and applicable FSA rules (the "FSA Rules"), neither (i) Mirabaud Securities nor SCS, (ii) any of their respective directors, officers, employees or consultants, or (iii) to the extent not contained within (i) or (ii), any person connected with Mirabaud Securities or SCS as defined in the FSA Rules ((i), (ii) and (iii) being together "affiliates" and individually an "affiliate"), shall have any liability to Placees or to any person other than the Company in respect of the Placing. Conditions of the Placing The obligations of Mirabaud Securities and SCS under the Placing Agreement are conditional on, amongst other things: (a) the Company having complied with its obligations under the Placing Agreement (to the extent that such obligations fall to be performed prior to Admission); (b) the passing of the necessary resolutions giving authority to allot and issue the Placing Shares at a general meeting of the Company convened for 10 December 2012; and (c) Admission having occurred not later than 8.00 a.m. on 12 December 2012 or such later date as the Company, Mirabaud Securities and SCS may agree, but in any event not later than 8.00 a.m. on 19 December 2012. If any of the conditions contained in the Placing Agreement in relation to the Placing Shares are not fulfilled or waived by Mirabaud Securities and SCS by the respectivetime or date where specified, the Placing will not proceed and the Placee's rights and obligations hereunder in relation to the Placing Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by the Placee against the Company, Mirabaud Securities or SCS in respect thereof. Mirabaud Securities and SCS may, at their discretion and upon such terms as they think fit, waive compliance bythe Company with the whole or any part of any ofthe Company's obligations in relation to the conditions in the Placing Agreement. Any such extension or waiver will not affect Placees'commitments as set out in this Announcement. None of Mirabaud Securities, SCS, the Company or any other person shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision they may make as to whether or not to waive or to extend the time and/or the date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally, and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Mirabaud Securities and SCS and (where applicable) the Company. Termination of the Placing Agreement Each of Mirabaud Securities and SCS, acting jointly, is entitled, at any time before Admission, to terminate the Placing Agreement in relation to their respective obligations in respect of the Placing Shares by giving notice to the Company in certain limited circumstances. Such circumstances include, inter alia, material breach by the Company of the terms of the Placing Agreement or any warranty therein being untrue or incorrect in any material respect, or on the occurrence of certain specified events or of certain events of force majeure. Upon such termination, the parties to the Placing Agreement shall be released and discharged (except for any liability arising before or in relation to such termination) from their respective obligations under or pursuant to the Placing Agreement subject to certain exceptions. By participating in the Placing, Placees agree that the exercise by Mirabaud Securities and SCS of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Mirabaud Securities or SCS and that they need not make any reference to Placees and that they shall have no liability to Placees whatsoever in connection with any such exercise or failure so to exercise. No prospectus No offering document, prospectus or admission document has been or will be submitted to be approved by the FSA in relation to the Placing and Placees' commitments will be made solely on the basis of the information contained in this Announcement (including its Appendix) released by the Company today, and subject to the further terms set forth in the contract note to be provided to individual prospective Placees. Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement (including its Appendix) is exclusively the responsibility ofthe Company and confirms that it has neither received nor relied on any other information, representation, warranty, or statement made by or on behalf ofthe Group, Mirabaud Securities or SCS or any other person and none of Mirabaud Securities, nor SCS nor the Company nor any other person will be liable for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement which the Placees may have obtained or received. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position ofthe Group in accepting a participation in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation. Registration and settlement Settlement of transactions in the Placing Shares following Admission will take place within the system administered by Euroclear UK & Ireland Limited ("CREST"), subject to certain exceptions. The Company reserves the right to require settlement for and delivery of the Placing Shares (or a portion hereof) to Placees in certificated form if, in Mirabaud Securities' or SCS's opinion, delivery or settlement is not possible or practicable within the CREST system or will not be consistent with the regulatory requirements in the Placee's jurisdiction . Participation in the Placing is only available to persons who are invited to participate in it by Mirabaud Securities or SCS. A Placee's commitment to acquire a fixed number of Placing Shares under the Placing will be agreed orally with Mirabaud Securities or SCS. Such agreement will constitute a legally binding commitment on such Placee's part to acquire that number of Placing Shares at the Placing Price on the terms and conditions set out or referred to in this Appendix and subject to the Company's Memorandum and Articles of Association. After such agreement is entered into, each Placee allocated Placing Shares in the Placing will be sent contract notes stating the number of Placing Shares allocated to it at the Placing Price and settlement instructions. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with the standing CREST or certificated settlement instructions that it has in place with Mirabaud Securities. Settlement should be through Mirabaud Securities against CREST ID: 834, account designation: CLEARING or through SCS against CREST ID: 601. For the avoidance of doubt, Placing allocations will be booked with a trade date of 21 November 2012 and a settlement date of 12 December 2012. The Company will deliver the Placing Shares to the CREST accounts operated by Mirabaud Securities and SCS as agents for the Company and each of Mirabaud Securities and SCS will enter its delivery (DEL) instruction into the CREST system. The input to CREST by a Placee of a matching or acceptance instruction will then allow delivery of the relevant Placing Shares to that Placee against payment. It is expected that settlement will take place on 12 December 2012, being the date of Admission, on a delivery versus payment basis. Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of two percentage points above LIBOR as determined by Mirabaud Securities or SCS. Each Placee is deemed to agree that, if it does not comply with these obligations,the Company may sell any or all of the Placing Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, forthe Company's account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf. If Placing Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation. Insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax. Placees will not be entitled to receive any fee or commission in connection with the Placing. Representations and warranties By participating in the Placing each Placee (and any person acting on such Placee's behalf) acknowledges, undertakes, represents, warrants and agrees (as the case may be) to the Company, Mirabaud Securities and SCS that it: á has read this Announcement, including its Appendix, in its entirety; á acknowledges and agrees that no offering document, prospectus or admission document has been or will be prepared in connection with the Placing and represents and warrants that it has not received a prospectus, admission document or other offering document in connection with the Placing or the Placing Shares; á acknowledges that the Ordinary Shares are admitted to trading on AIM, and the Company is therefore required to publish certain business and financial information in accordance with the rules and practices of AIM (collectively, the "Exchange Information"), which includes a description of the nature of the Company's business and the Company's most recent balance sheet and profit and loss account and that it is able to obtain or access such Exchange Information without undue difficulty and is able to obtain access to such information or comparable information concerning any other publicly traded company without undue difficulty; á acknowledges that neither Mirabaud Securities, nor SCS nor the Company nor any of their respective affiliates or any person acting on behalf of any of them has provided, and will not provide, it with any material regarding the Placing Shares or the Group other than this Announcement; nor has it requested any of Mirabaud Securities, SCS or the Company, any of their respective affiliates or any person acting on behalf of any of them to provide it with any such information; á acknowledges that (i) it and, if different, the beneficial owner of the Placing Shares is not, and at the time the Placing Shares are acquired will not be, located in or be residents of a Restricted Jurisdiction and (ii) the Placing Shares have not been and will not be registered under the securities legislation of the United States, Canada or Japan and, subject to certain exceptions, may not be offered, sold, taken up, renounced or delivered or transferred, directly or indirectly, in or into those jurisdictions or any other jurisdiction where to do so would be unlawful; á acknowledges that the content of this Announcement is exclusively the responsibility of the Company and that neither Mirabaud Securities, nor SCS nor any person acting on their behalf has or shall have any liability for any information, representation or statement contained in this Announcement or any information previously published by or on behalf of the Company and will not be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing itself to subscribe for the Placing Shares is contained in this Announcement and any information previously published by the Company by notification to a Regulatory Information Service, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares and that it has neither received nor relied on any other information given or representations, warranties or statements made by Mirabaud Securities, or SCS or the Company and neither Mirabaud Securities nor SCS nor the Company will be liable for any Placee's decision to accept an invitation to participate in the Placing based on any other information, representation, warranty or statement. Each Placee further acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in deciding to participate in the Placing; á acknowledges that neither Mirabaud Securities nor SCS nor any person acting on behalf of either of them nor any of their affiliates has or shall have any liability for any publicly available or filed information, or any representation relating tothe Group, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person; á represents and warrants that neither it, nor the person specified by it for registration as a holder of Placing Shares is, or is acting as nominee or agent for, and that the Placing Shares will not be allotted to, a person who is or may be liable to stamp duty or stamp duty reserve tax under any of sections 67, 70, 93 and 96 of the Finance Act 1986 (depositary receipts and clearance services); á represents and warrants that it has complied with its obligations in connection with money laundering and terrorist financing under the Proceeds of Crime Act 2002, the Terrorism Act 2000, the Terrorism Act 2006 and the Money Laundering Regulations 2007 (the "Regulations") and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations; á if a financial intermediary, as that term is used in Article 3(2) of EU Directive 2003/71/EC (the "Prospectus Directive") (including any relevant implementing measure in any member state), represents and warrants that the Placing Shares subscribed for by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in a member state of the European Economic Area which has implemented the Prospectus Directive other than to qualified investors, or in circumstances in which the prior consent of Mirabaud Securities or SCS has been given to the proposed offer or resale; á represents and warrants that it has not offered or sold and, prior to the expiry of a period of six months from Admission, will not offer or sell any Placing Shares to persons in the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted and which will not result in an offer to the public in the United Kingdom within the meaning of section 85(1) of the Financial Services and Markets Act 2000 ("FSMA"); á represents and warrants that it has not offered or sold and will not offer or sell any Placing Shares to persons in the European Economic Area prior to Admission except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted in and which will not result in an offer to the public in any member state of the European Economic Area within the meaning of the Prospectus Directive (Directive 2003/71/EC) (including any relevant implementing measure in any member state); á represents and warrants that it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) relating to the Placing Shares in circumstances in which section 21(1) of FSMA does not require approval of the communication by an authorised person; á represents and warrants that it has complied and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving, the United Kingdom and confirms that, to the extent applicable, it is aware of its obligations in connection with the Criminal Justice Act 1993; á represents and warrants that it is a person falling within Article 19(5) and/or Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or is a person to whom this Announcement may otherwise be lawfully communicated; á acknowledges that any offer of Placing Shares may only be directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive and represents and agrees that it is such a qualified investor; á understands that the Placing Shares have not been and will not be registered under the Securities Act, or under the securities legislation of, or with any securities regulatory authority of, any state or other jurisdiction of the United States; á except as provided in paragraph 19 below, agrees, represents and warrants that it is not a person located in the United States and is eligible to participate in an "offshore transaction" as defined in and in accordance with Regulation S and the Placing Shares were not offered to it by means of "directed selling efforts" as defined in Regulation S; á where it is a US person as defined in Regulation S, agrees, represents and warrants that it is an "accredited investor", as defined in Rule 501(a) under Regulation D, and is acquiring the Placing Shares either for (i) its own account, (ii) for the account of one or more "accredited investors" for which it is acting as duly authorised agent or (iii) a discretionary account or accounts as to which it has complete investment discretion and the authority to make, and does make, the statements contained herein; á represents and warrants that it is acquiring the Placing Shares for investment purposes only and not with a view to any resale, distribution or other disposition of the Placing Shares in violation of the Securities Act or any other U.S. federal or applicable state securities laws; á understands that the Placing Shares may not be offered, resold, pledged or otherwise transferred except (a) (i) in an offshore transaction meeting the requirements of Rule 903 or Rule 904 of Regulation S; (ii) pursuant to an effective registration statement under the Securities Act; or (iii) pursuant to an available exemption from the registration requirements of the Securities Act; and (b) in accordance with all applicable securities laws of the states of the United States and any other jurisdictions. Each Placee agrees to, and each subsequent holder is required to, comply with, and notify any purchaser of the Placing Shares from it of the resale restrictions referred to in this Appendix, if then applicable; á represents and warrants that it is entitled to subscribe for Placing Shares under the laws of all relevant jurisdictions which apply to it, and that its subscription of the Placing Shares will be in compliance with applicable laws and regulations in the jurisdiction of its residence, the residence of the Company, or otherwise and that it has not taken any action or omitted to take any action which will or may result in Mirabaud Securities or SCS or the Company or any of their respective affiliates or any person acting on behalf of any of them acting in breach of the legal or regulatory requirements of any territory in connection with the Placing; á acknowledges and agrees that its purchase of the Placing Shares does not trigger, in the jurisdiction in which it is resident or located: (i) any obligation to prepare or file a prospectus or similar document or any other report with respect to such purchase; (ii) any disclosure or reporting obligation of the Company; (iii) any registration or other obligation on the part of the Company; á undertakes that it (and any person acting on its behalf) will make payment for the Placing Shares allocated to it in accordance with this Announcement on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other subscribers or sold as each of Mirabaud Securities and SCS may in its discretion determine and without liability to such Placee; á acknowledges that neither Mirabaud Securities nor SCS nor any of their affiliates, nor any person acting on behalf of any of them, is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is notand will not be a client of Mirabaud Securities or SCS for the purposes of the Placing and that neither Mirabaud Securities nor SCS has any duties or responsibilities to it for providing the protections afforded to its respective clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right; á undertakes that the person whom it specifies for registration as holder of the Placing Shares will be (i) itself or (ii) its nominee, as the case may be. Neither Mirabaud Securities nor SCS northe Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement; á acknowledges that these terms and conditions and any agreements entered into by it pursuant to these terms and conditions and any non-contractual obligations arising out of or in connection with such agreements shall be governed by and construed in accordance with the laws of England and Wales and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or Mirabaud Securities or SCS in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange; á acknowledges that the Company, Mirabaud Securities and SCS and their affiliateswill rely upon the truth and accuracy of the representations, warranties and acknowledgements set forth herein and which, together with its participation in the Placing, are irrevocable and are not capable of termination or rescission by it in any circumstances and it irrevocably authorises the Company, Mirabaud Securities and SCS to produce this Announcement, pursuant to, in connection with, or as may be required by any applicable law or regulation, administrative or legal proceeding or official inquiry with respect to the matters set forth herein; á agrees to indemnify and holdthe Company, Mirabaud Securities, SCS and their respective affiliates harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Appendix and further agrees that the provisions of this Appendix shall survive after completion of the Placing; á acknowledges and agrees that time shall be of the essence as regards obligations pursuant to its commitment to subscribe for Placing Shares; á represents and warrants that it will acquire any Placing Shares subscribed for by it for its account or for one or more accounts as to each of which it exercises sole investment discretion and it has full power to make the acknowledgements, representations and agreements herein on behalf of each such account; á acknowledges that its commitment to subscribe for Placing Shares on the terms set out herein and in the relevant contract notes will continue notwithstanding any amendment that may in future be made to the terms of the Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect tothe Company's conduct of the Placing. The foregoing representations, warranties and confirmations are given for the benefit ofthe Company, Mirabaud Securities and SCS. The agreement to settle a Placee's subscription (and/or the subscription of a person for whom such Placee is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to the subscription by it and/or such person direct fromthe Company for the Placing Shares in question. Such agreement assumes, and is based on a warranty from each Placee, that neither it, nor the person specified by it for registration as holder, of Placing Shares is, or is acting as nominee or agent for, and that the Placing Shares will not be allotted to, a person who is or may be liable to stamp duty or stamp duty reserve tax under any of sections 67, 70, 93 and 96 of the Finance Act 1986 (depositary receipts and clearance services). If there are any such arrangements, or the settlement relates to any other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable. In that event the Placee agrees that it shall be responsible for such stamp duty or stamp duty reserve tax, and neitherthe Company nor Mirabaud Securities nor SCS shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and notify Mirabaud Securities or SCS accordingly; á understands that no action has been or will be taken by any of the Company, Mirabaud Securities or SCS or any person acting on behalf of the Company, Mirabaud Securities or SCS that would, or is intended to, permit a public offer of the Placing Shares in any country or jurisdiction where any such action for that purpose is required; á in making any decision to subscribe for the Placing Shares, confirms that it has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of subscribing for the Placing Shares. It further confirms that it is experienced in investing in securities of this nature in this sector and is aware that it may be required to bear, and is able to bear, the economic risk of, and is able to sustain a complete loss in connection with, the Placing. It further confirms that it relied on its own examination and due diligence of the Company and its associates taken as a whole, and the terms of the Placing, including the merits and risks involved; á represents and warrants that it has (a) made its own assessment and satisfied itself concerning legal, regulatory, tax, business and financial considerations in connection herewith to the extent it deems necessary; (b) had access to review publicly available information concerning the Group that it considers necessary or appropriate and sufficient in making an investment decision; (c) reviewed such information as it believes is necessary or appropriate in connection with its subscription of the Placing Shares; and (d) made its investment decision based upon its own judgment, due diligence and analysis and not upon any view expressed or information provided by or on behalf of the Company, Mirabaud Securities or SCS; á understands and agrees that it may not rely on any investigation that Mirabaud Securities or SCS or any person acting on their behalf may or may not have conducted with respect to the Company, its Group, or the Placing and that the Company, Mirabaud Securities and SCS have not made any representations to it, express or implied, with respect to the merits of the Placing, the subscription for the Placing Shares, or as to the condition, financial orotherwise, of the Company, its Group, or as to any other matter relating thereto, and nothing herein shall be construed as a recommendation to it to subscribe for the Placing Shares. It acknowledges and agrees that no information has been prepared by Mirabaud Securities, SCS or the Company for the purposes of this Placing; and á accordingly it acknowledges and agrees that it will not hold Mirabaud Securities or SCS or any of their affiliates or any person acting on their behalf responsible or liable for any misstatements in or omission from any publicly available information relating to the Group or information made available (whether in written or oral form) as part of roadshow discussions with investors relating to the Group (the "Information") and that neither Mirabaud Securities, nor SCS nor any person acting on behalf of Mirabaud Securities or SCS makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of such Information or accepts any responsibility for any of such Information. In addition, Placees should note that they will be liable for any stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the subscription by them of any Placing Shares or the agreement by them to subscribe for any Placing Shares. Each Placee and any person acting on behalf of each Placee acknowledges and agrees that Mirabaud Securities or SCS or any of their affiliates may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares. When a Placee or person acting on behalf of the Placee is dealing withMirabaud Securities or SCS, any money held in an account with Mirabaud Securities or SCS on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the rules and regulations of the FSA made under FSMA. The Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated fromMirabaud Securities' or SCS's money in accordance with the client money rules and will be used by Mirabaud Securitiesor SCS in the course of its own business; and the Placee will rank only as a general creditor of Mirabaud Securities or SCS. All times and dates in this Announcement may be subject to amendment. Mirabaud Securities and SCS shall notify the Placees and any person acting on behalf of the Placees of any changes. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. DEFINITIONS The following definitions apply throughout this Announcement unless the context otherwise requires: "Admission" admission of the Placing Shares to trading on AIM becoming effective in accordance with the AIM Rules "AIM" the AIM market of the London Stock Exchange "AIM Rules" the AIM rules for companies published by the London Stock Exchange as amended from time to time "Announcement" means this announcement (including the appendix to this announcement) "Company" Fastnet Oil & Gas PLC "FSA" the Financial Services Authority in its capacity as the competent authority for the purposes of Part VI of FSMA "FSMA" the Financial Services and Markets Act of 2000 (as amended) "Group" the Company, its subsidiaries and its subsidiary undertakings "London Stock Exchange" London Stock Exchange plc "Mirabaud Securities" Mirabaud Securities LLP "Ordinary Shares" ordinary shares of 3.8 pence each in the capital of the Company "Placing" the placing of the Placing Shares at the Placing Price by Mirabaud Securities and SCS as agents for and on behalf of the Company pursuant to the terms of the Placing Agreement "Placing Agreement" the agreement dated 22 November 2012 between (i) the Company, (ii) Mirabaud Securities and (iii) SCS relating to the Placing, further details of which are set out in this Announcement "Placing Price" 22 per Placing Share "Placing Shares" the 68,000,000 new Ordinary Shares to be issued under the Placing "Regulation D" Regulation D as promulgated under the Securities Act "Regulation S" Regulation S as promulgated under the Securities Act "SCS" Shore Capital Stockbrokers Limited "Securities Act" the United States Securities Act of 1933, as amended "Shareholders" holders of Ordinary Shares "UK" or "United Kingdom" the United Kingdom of Great Britain and Northern Ireland "United States" the United States of America, its territories and possessions, any state of the United States of America and the district of Columbia and all other areas subject to its jurisdiction "US Person" bears the meaning ascribed to such term by Regulation S This information is provided by RNS The company news service from the London Stock Exchange END ISEPGGBUGUPPGWP -0- Nov/22/2012 13:11 GMT
Fastnet Oil & Gas FAST Successful Placing Of New Ordinary Shares
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