Can anyone shed light on how the share placing will effect share price and who has bought the new shares, or do they go on sale 15th April?
Would appreciate any insight into this!!

Looking at the share price action the highs of 10p at the beginning of March and the drop to 7.6p it would appear the Market has already priced in the placement.
What always interests me on these placements is how often the price drifts down close to the placement price prior to the placement being announced.
A cynic might say that someone was aware of receiving a proportion of that placement and went short in anticipation.
It would have been interesting to watch the trading and the actions of the Market Makers especially EVO relative to the actual share trading going on up to the placement being announced.
However I am sure no one would do such a thing as the City maintains the highest levels of professionalism and trust.

Martini - well said.


Northern Petroleum

('Northern' or 'the Company'))

Placing and Fundraising

Northern is delighted to announce that it has completed a placing of 52,500,000
ordinary shares of 1p each ('New Ordinary Shares') at a price of 6 pence per
New Ordinary Share raising 3.15 million (approximately 3 million after
expenses).

Application has been made for the New Ordinary Shares to be admitted to trading
on AIM and it is expected that trading will commence on 15 April 2004.

Thank You,
Now all seems clearer to me and looking forward to the next couple of months which should be exciting time for Northern. Cash from placement will make all plans possible!

MArtini,

Absolutely, wouldn't be British to do otherwise!