EGM Statement
November 27 2006 - 5:29AM
UK Regulatory
RNS Number:7347M
Baltic Oil Terminals Plc
27 November 2006
27th November 2006
Baltic Oil Terminals PLC
("the Company")
EGM Statement
Baltic Oil Terminals PLC, the owner and operator of oil transhipment terminals
in Kaliningrad and exploration assets in the Kurgan region of Western Siberia is
pleased to announce that the resolutions proposed at the Company's EGM held
earlier today relating to the placing of new ordinary shares were duly passed by
shareholders.
A total of 4.2 million new ordinary shares of 1 pence each have been placed with
institutional and other investors on behalf of the Company by Arden Partners plc
at a price of 200p per share, which represents a premium of 1 per cent. to the
mid-market closing price of the Company's ordinary shares on 2 November, being
the last dealing day before the date of the proposed placing announcement.
Total funds raised for the Company from the placing are #8.4 million, before
expenses.
Dealings in the new ordinary shares are expected to commence at 8am on Tuesday,
28 November. Following admission of the new ordinary shares to trading on the
AIM market, the Company will have 47,647,821 ordinary shares in issue.
Simon Escott, CEO of Baltic Oil Terminals PLC, said,
"Following encouraging 2D seismic data, which matched our geochemical results
and showed two robust drilling prospects in the northern section of our Privolny
licence block, we now have the funds to drill. To date, we have done all we can
to add value and de-risk the acreage at Privolny, with drilling now being the
most logical option to add further value for our shareholders. We look forward
to the results of the first well, which are expected to be announced in Spring
2007.
"Meanwhile at Kaliningrad, we are now about to receive gasoline and gasoil for
transhipment and have contracted revenues going into next year."
Ends
Enquiries
Baltic Oil Terminals PLC
Simon Escott 020 7667 6371
Robert Wilde 01908 547 920
Arden Partners plc 020 7398 1638
Chris Fielding
Tom Fyson
Financial Dynamics 020 7831 3113
Billy Clegg
Ed Westropp
This information is provided by RNS
The company news service from the London Stock Exchange
END
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