The Lamprell Group has played an important role in the development of the offshore industry in the Arabian Gulf for over 30 years, providing increasingly specialised services to the offshore oil industry. Lamprell is managed by British nationals, with its corporate headquarters in Sharjah, one of the United Arab Emirates, Lamprell operates a full service jackup rig refurbishment facility in Sharjah and a modern, well equipped fabrication facility in Jebel Ali Free Zone, Dubai.

Lamprell located in the most important oil and gas region in the world, in one of the key commercial centres in the UAE.

Lamprell has its own core skilled and experienced workforce as well as access to additional skilled labour from the local labour supply market.


AIM Rule 26 Disclosure

This, in addition to the Group�s safety focused culture and experienced project management skills, helps to ensure customer satisfaction is maximised whilst risks are reduced.

Lamprell has built up its strong market position by offering a differentiated service to its clients based on safe working practices and completing projects on time, on budget and to a high quality. Accordingly, we believe that the Company has established a position of sustainable competitive advantage in the region.

Rights Issue

5 for 16 Rights Issue of 81,363,469 ordinary shares at 88 pence to raise
approximately US$120 million (the "Rights Issue")

The Board of Lamprell plc ("Lamprell" or the "Company", and together with its subsidiaries, the "Group"), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable industry, today announces a fully underwritten Rights Issue to raise gross proceeds of approximately £71.6 million (US$120.3 million). In conjunction with a debt refinancing also announced by the Company today in its interim management statement for the period from 1 January 2014 to 15 May 2014, the Rights Issue is intended to provide a stronger platform for the successful execution of the Group's growth strategy.

Highlights

· Enables the Group to deliver on its growth strategy by improving its competitive position through operational improvements and financial flexibility.
· Intention to raise gross proceeds of approximately £71.6 million (US$120.3million), facilitating its debt refinancing of US$350.0 million.
· Will allow the Group to repay in full the borrowings under term loan facility B of its Existing Facilities, as well as reducing the Group's financing costs.
· Supports the implementation of the Group's strategy to improve profitability.
· Rights Issue expected to be earnings accretive for the Group over the medium-term.
· Supported by the Principal Shareholder.

Rationale for the Rights Issue

· Following the Company's return to profitability, the focus is now on generating sustainable long-term growth and the additional funding will put the Group on a stronger footing to deliver its strategy.
· The Rights Issue will provide Lamprell with funds to support a capital investment programme to improve productivity, reduce operating costs, repay certain of the Group's borrowings and to strengthen the Company's balance sheet and working capital flexibility.
· More specifically the Rights Issue will allow the Group to:
o implement a programme of automation, productivity improvement and cost reduction to enable the Group to leverage its current strong position in its core markets, particularly in the new build jack-up rigs and offshore construction markets;
o place itself in a stronger competitive position by allowing it to offer its customers a solution for new build jack-up rigs which combines high build quality, world class safety, timely delivery, as well as additional commercial optionality; and
o maintain a more cost effective and sustainable capital structure and enable further enhanced working capital availability, which would enable the Group to access a larger addressable market and support additional project wins.

Details and use of proceeds

· 5 for 16 fully underwritten Rights Issue of 81,363,469 New Ordinary Shares at 88 pence per New Ordinary Share to raise gross proceeds of approximately £71.6 million (US$120.3 million).

· The Issue Price of 88 per New Ordinary Share represents a discount of 39.7 per cent. to the closing price on 15 May 2014, and a 33.4 per cent. discount to the theoretical ex‐rights price.

· The Rights Issue will raise gross proceeds of approximately £71.6 million (US$120.3 million). After the payment of fees and expenses of approximately £4.8 million (US$8.1 million) in connection with the Rights Issue, the Company intends to use the net proceeds of the Rights Issue as follows:
o US$60.0 million will be used for a yard investment programme, including a new panel line, newer welding processes, an improved electrical distribution system and improved cutting and blasting and painting facilities, as well as supporting operational systems, with an expected payback period of three to four years;
o US$10.6 million will be used to repay in full the borrowings under term loan facility B of its Existing Facilities, after the repayment of US$ 49.5 million out of the proceeds of the Inspec Disposal; and
o the balance will be used, together with the New Facilities (once fully unconditional and committed), to strengthen the Group's balance sheet by providing the Group with a more cost effective and sustainable capital structure to enhance its working capital flexibility.

Looks like I spoke too soon. Had it not been for the cash call..........or maybe not as the whole market down! :o(

RIGHTS ISSUE
The Company has announced that it is proposing to raise gross proceeds of approximately GBP71.6 Million by way of a 5 for 16 Rights Issue of New Ordinary Shares at an issue price of GBP0.88 per New Ordinary Share. The Rights Issue has been fully underwritten by J.P. Morgan Cazenove and HSBC. TERMS: 5 New Ordinary Shares for every 16 Existing Ordinary Shares at an issue price of GBP0.88 per New Ordinary Share. Relative Details and Dates: 6 June 2014 - Record Date, 10 June 2014 - Extraordinary General Meeting. You are not required to take any action at this time.

BIG clunk surely in the morning
i'm afraid LAM has staggered from one disaster to another in the last couple of years

Erm - that's last weeks news.

It is last weeks news, but holders have just been notified of the details.
Just dotting the i's and crossing the T's .

Liberum Capital Hold 148.00 148.00 150.00 155.00 Reiterates

Contract Win

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has received a new contract award from a subsidiary of Shelf Drilling, Ltd. ("Shelf Drilling"), for the construction and delivery of two high specification, LeTourneau-designed, self-elevating Mobile Offshore Drilling Platforms of a Super 116E (Enhanced) Class.

The two jackup rigs, designed through collaboration between engineering and operations personnel from Shelf Drilling, Shelf Drilling's customer and Lamprell, will be capable of operating in water depths of up to 350 feet and will be used in constructing wells with maximum drilling depth of 30,000 feet. The rigs will feature fit-for-purpose offshore drilling technology, as well as accommodation for up to 160 people.

Lamprell will fabricate both jackup rigs in its Hamriyah yard, located in the United Arab Emirates, and they will be among the first to benefit from the productivity improvements that Lamprell is in the process of implementing. Lamprell is scheduled to deliver the first rig in Q3 2016, while the second rig is expected to be delivered in Q2 2017. The rigs are being constructed for operations in South East Asia. This new contract is valued at more than US$ 370 million.

Liberum Capital Hold 157.00 157.75 155.00 162.00 Reiterates

Looking for a break of 166....180.... then the 'gap' :-)

Well 166 now firmly in the rear view mirror.

Result of AGM

Result of EGM

Lamprell, a leading provider of specialist engineering services to the international oil & gas and renewable industry, is pleased to announce that, at the Extraordinary General Meeting held earlier today at 10.00 a.m. (UK time)/1.00 p.m. (UAE time), the Resolution to approve the Rights Issue, details of which were set out in the notice of Extraordinary Meeting included in the prospectus relating to the Company and dated 16 May 2014 (the "Prospectus"), were duly passed without amendment on a show of hands by the requisite majority of Shareholders.

Admission of Nil Paid Rights

Lamprell, a leading provider of specialist engineering services to the international oil & gas and renewable industry, announces that, pursuant to the Rights Issue announced on 16 May 2014, 81,363,469 New Ordinary Shares of 5 pence each will be admitted, nil paid, to listing on the premium listing segment of the Official List of the Financial Conduct Authority and will be admitted, nil paid, to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. today.

Unless otherwise defined herein, capitalised terms in this announcement shall have the meanings given to such terms in the prospectus relating to the Company and dated 16 May 2014 (the "Prospectus").

Investec Hold 151.50 151.75 150.00 155.00 Reiterates

Prudential 10% --> 11%

Contract Win

CONTRACT AWARD

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has received a new contract award from Petrofac Emirates L.L.C. ("Petrofac") for the fabrication and delivery of 29 modules.

The modules are being constructed for use in connection with the Zakum Development Company (ZADCO, one of Abu Dhabi Oil Company (ADNOC) Group of Companies) landmark Upper Zakum, UZ750 (EPC-2) field development in Abu Dhabi. The estimated total weight for all of the modules will be approximately 10,000 tonnes. Lamprell is scheduled to deliver the first shipment of modules in Q2 2015, with the final pipe-rack expected to be delivered in Q1 2016.

James Moffat, Chief Executive Officer, Lamprell, said:

"We are pleased to announce this new contract from Petrofac, for whom Lamprell completed similar works last year for the Laggan Tormore development in the North Sea. We have established a strong track record in the offshore and onshore construction sector which is one of Lamprell's core markets, and we continue to see further growth opportunities."


- Ends -

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Prudential 11% --> 12%

Prudential 12.12%