Victoria Oil & Gas Plc (Victoria) has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC).
With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by our production wells and pipeline infrastructure.
GDC is the sole gas supplier in the area, providing a cheaper, more efficient, reliable, and cleaner energy alternative to Heavy Fuel Oil use.
Our teams of engineering advisors are on hand to help customer’s cost and implement the change to GDC’s energy products.

Victoria Oil & Gas is traded in the NEX Exchange HERE

Link-HISTORICAL NEWS,VIDEO/AUDIO & EVENTS

Link-Dedicated Posts for:
Gaz du Cameroun S.A. (“GDC”)
Gaz Du Cameroun Matanda S.A. ("GDC Matanda")

Link-Cameroon-Industrialisation Master Plan (PDI) & Africa Energy

NEWS

21st Jan 2019 Production Update
17th Jan 2019 Q4 2018 Operations Update
02nd Jan 2019 Presidential Decree on Matanda Received
24th Dec 2018 Renewal of Long-Term Gas Supply Contract with ENEO
28th Sep 2018 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2018
17th Aug 2018 Q2 2018 Operations Update
22nd Jun 2018 Report and Accounts to 31 December 2017
14th Jun 2018 Restructure of the BGFI Debt Facility
04th Jun 2018 Notice of Annual General Meeting
04th June 2018 Logbaba Field Reserves Update
24th May 2018 Q1 2018 Operations and Outlook
16th Feb 2018 Q4 17 Operations Update & 2018 Outlook Replacement
05th Jan 2018 Gas Supply Contract with ENEO Not Extended



VIDEO/AUDIO

21st Jan 2019 Victoria Oil & Gas looks ahead to increased cash flow
24th Aug 2018 Victoria Oil & Gas confident of resolving ENEO contract 'within weeks'
22nd Apr 2018 Video from 21/04/2018 UK Investor Show
16th Feb 2018 Victoria Oil & Gas confident of positive outcome to ENEO issue
08th Nov 2017 Victoria Oil & Gas reports very pleasing initial results from La-108
31st Oct 2017 21 Oil and Gas - African Power Panel
30th Oct 2017 121 Oil & Gas Investment
26th Oct 2017 Victoria Oil & Gas raises US$23.5mln to accelerate new growth programme
26th Sep 2017 Victoria Oil & Gas to finalise long term supply contracts after first gas at LA-107
17th Aug 2017 Victoria Oil & Gas expecting La-107 to be a 'substantial' producer
16th Apr 2017 Video from 01/04/2017 UK Investor Show
13th Apr 2017 'It's been a terrific year and a great quarter', says Victoria Oil & Gas' Kevin Foo
06th Mar 2017 Farm-out deal 'a really good strategic move' for Victoria Oil & Gas, says chairman Kevin Foo
06th Feb 2017 Chairman runs Proactive through the good start to 2017

EVENTS

28th Jun 2018 Annual General Meeting ("AGM")
10th May 2018 Africa Oil & Power Investor Forum-London
21st Apr 2018 UK Investor Show
11th-12th Apr 2018 Africa Investment Exchange: Gas (AIX: Gas 2018)-London
09th-10th Nov 2017 The Cameroon Investment Forum(CIF)-Cameroon
30th-31st Oct 2017 121 Oil & Gas Investment-London
23rd-27th Oct 2017 Africa Oil Week 2017-Cape Town South Africa
07th Sep 2017 One2One Investor Forum - London
05th Sep 2017 Oil Capital Conference-London
28th Jun 2017 Annual General Meeting
01st Apr 2017 UK Investor Show
9th Feb 2017 Presentation slide show for One2One
9th Feb 2017 One2One Investor Forum - London

Social Media
    

Information regarding the new bridge over the Wouri River which when complete will connect Douala and Bonabéri. The original bridge (via a 5Km journey) can take sometimes up to two to three hours to cross!

But the bridge over the Wouri is not only a link between Douala and Bonabéri, it opens the Douala market to the production areas of the West, North West and South West Regions. 25 July 2013


As of yesterday one side of the new bridge is open.

https://twitter.com/hashtag/Bonaberi?src=hash


Cameroon: What Users Will See As From January 20 July 2017
Is it really an image of the 2nd bridge over the Wouri River? 25 September 2017

Gas Distribution Network, Douala

Bonaberi Line Extension 8km two-phased extension completed into the less densely populated side of the Wouri River and the fastest growing industrial area of the city.

http://www.victoriaoilandgas.com/sites/default/files/factsheets/170401%20VOG%20Fact%20Sheet%20Flyer.pdf

Translated by Google:

In anticipation, Actis obtains a 10-year extension on the concession of the electricity utility in Cameroon

(Investing in Cameroon) - It's done. After several months of negotiations with the government, the Cameroonian electrician Eneo, controlled by the British investment fund Actis, has just obtained a ten-year extension for its concession contract for the public electricity service in the country . According to Le Quotidien de l'Economie , which reveals the information, this extension was granted by the Head of State, " under certain conditions " to be settled no later than October 15, 2017.

The concession contract for the electricity utility in Cameroon was signed in 2001 for a period of 20 years between the State of Cameroon and the American company AES which, at the end of 2013, sold all its assets to British Columbia Actis.

However, as soon as it entered the electricity market in Cameroon, this investment fund had drawn up and submitted to the government, by 2015, an investment program requiring long-term borrowing, which could not be covered by the rest of the contract period (less than 10 years), sources from the company said.

In order to make these investments estimated at around CFAF 900 billion over a 10-year period (in exchange for accompanying government measures, Editor's note), an Eneo Board of Directors held on 23 April 2015 in Yaoundé, the Cameroonian capital, recommended to the General Directorate " to finalize and sign the new amendment to the concession contract between Eneo Cameroon SA and the Republic of Cameroon ".

"The amendment shall cover the minimum duration of the extension which shall cover at least the duration of the repayment of the debt contracted by the company to the lenders. That is the purpose of this addendum. That is to say, to align the duration of the repayment of the borrowings needed by the operator, on the contract under which it operates, "a source close to this case had entrusted at that time.

Brice R. Mbodiam

http://www.investiraucameroun.com/electricite/0510-9547-par-anticipation-actis-obtient-une-prorogation-de-10-ans-sur-la-concession-du-service-public-de-l-electricite-au-cameroun

Translated by Google:

An investment of FCFA 141.6 billion, the second bridge over the Wouri is now open to traffic
Thursday, 05 October 2017



(Investing in Cameroon) - Motorists in the economic capital of Cameroon have been able to travel on the second bridge built on the Wouri River in Douala for a few days. The Department of Public Works has just announced the anticipated opening of traffic on this new infrastructure in order to limit the traffic jams on the first bridge as a result of ongoing work on the western peninsula of the economic capital.

Last July 31, it was the railroad built on this bridge, which had officially been opened to traffic, pending the official commissioning of the second bridge over the Wouri, originally planned for the end of this year 2017.

With a total cost of 141.6 billion CFA francs, the second bridge over the Wouri is a strategic work long claimed by the Cameroonian economic operators. Indeed, it will streamline traffic from Bonabéri, a neighborhood that is home to an industrial zone, and downtown Douala; and even between the economic capital and the regions of Northwest, South-West and West Cameroon.

http://www.investiraucameroun.com/electricite/0510-9550-d-un-investissement-de-141-6-milliards-de-fcfa-le-2eme-pont-sur-le-wouri-est-desormais-ouvert-a-la-circulation

The opening of this new road and rail bridge is and will be very important for the economic growth of Cameroon, news report 2:17 in:


CRTV - JOURNAL 12H00 (Ouverture du 2ème pont sur le WOURI)
Mardi 03 Octobre 2017
1,560 views

https://www.youtube.com/watch?v=CY4OPcRiAUA

Victoria Oil and Gas‏ @victoriaoilgas
4 hours ago

Victoria Oil and Gas Retweeted Orbis UK
VOG and GDC proud supports of Orbis Flying Eye Hospital visit to Cameroon

https://twitter.com/victoriaoilgas


The Flying Eye Hospital lands in Cameroon for World Sight Day
http://gbr.orbis.org/en/news/2017/the-flying-eye-hospital-lands-in-cameroon-for-world-sight-day

Victoria Oil and Gas‏ @victoriaoilgas
4 hours ago

VOG and GDC proud supporters of Orbis and promoting excellence in Cameroon public health

https://www.gazducameroun.com/our-products/

Translated by Google:

Thanks to the incentives of the 2013 law, Savannah Oil was able to save more than 5 billion FCfa on its investments
23rd October 2017


(Invest in Cameroon) - The Cameroonian company Savannah Oil Services is now working alongside the British oil and gas producer VOG, particularly through its subsidiary Gaz du Cameroun (GDC), for the extraction and marketing of natural gas on the gas field. Logbaba, located in the economic capital of the country.

This company launched in 2016, support its managers, is the result of the 2013 law on incentives for private investment in the Republic of Cameroon, which grants exemptions ranging from 5 to 10 years to companies in the phase of installation and production .

As part of Savannah Oil, told the government Daily its promoter, Jean Claude Tchagou Tiegue, this regulatory provision has resulted in savings of nearly $ 10 million (more than 5 billion CFA francs) on the overall volume of investments that helped launch this company.

http://www.investiraucameroun.com/entreprises/2310-9651-grace-aux-incitations-de-la-loi-de-2013-savannah-oil-a-pu-economiser-plus-de-5-milliards-de-fcfa-sur-ses-investissements

Africa Oil Week 2017 - Day 1 Highlights

https://www.youtube.com/watch?time_continue=118&v=RVrKu4AYzyk


http://www.africa-oilweek.com/

25 October 2017

Victoria Oil & Gas Plc
("VOG" or "the Company")

Proposed Placing and Subscription to raise between US$20 million to US$26 million
and Open Offer to raise up to US$3.0 million

Victoria Oil & Gas Plc, the integrated natural gas producing utility in Cameroon, has been made aware of very recent market speculation regarding the Company undertaking a potential fundraise and the Board confirms that VOG had been in advanced discussions, with a number of investors, regarding a possible placing in order to fund the Company's operational development and working capital. That fundraising structure has now been converted from a traditional placing structure to the accelerated book build process detailed in this announcement.

The Company is seeking to raise between US$20 million to US$26 million by way of the Placing and Subscription through the issue of new Ordinary Shares at a minimum price of 57 pence. The Company is also proposing to raise up to US$3.0 million by way of the Open Offer which will be available to all Qualifying Shareholders on the Record Date. The Fundraising comprises the Placing and Subscription and the Open Offer. A circular will be published setting out the full details, terms and conditions and timetable of the Open Offer.


Highlights:

· The Placing and Subscription are being conducted through an accelerated book build process which will open with immediate effect following this announcement
· The Directors intend to participate in the Fundraise by way of the Subscription
· Proceeds to be used to accelerate the Group's growth plans, as further detailed below
· The minimum Issue Price represents a discount of approximately 12 per cent to the closing mid-market price of VOG's existing ordinary shares of 64.75 pence on 24 October 2017
· Further details of the Placing are set out in the appendix to this announcement

Having established a natural gas supply business in Douala, VOG believes that the net proceeds of the fundraising, together with additional capital intended to be sourced from local banks will allow the Company to accelerate growth in gas production to meet the opportunity that exists in the Cameroon power sector.

This will enable the Company to:

· Target the c1,700MW power deficiency in Douala with gas to power solutions
· Deliver 100mmscf/d by the end of 2021
· Drill additional well La-109 at Logbaba Project
· Increase Logbaba gas processing plant capacity to 70mmscf/d
· Expedite, subject to Government approvals, development of Matanda and


Bomono Projects

· Extend pipeline reach around port city of Douala to Bomono, the Eastern Corridor and other specific customers.

Shore Capital Stockbrokers Limited ("Shore Capital") and FirstEnergy Capital LLP ("GMP FirstEnergy") have been appointed as joint bookrunners (together the "Joint Bookrunners") in respect of the Placing. Strand Hanson Limited is acting as nominated adviser to the Company.

The Placing is conditional upon the passing of Resolutions relating to the Placing and Subscription which are to be proposed at a General Meeting of the Company. A circular is expected to be posted by close of business on 26 October 2017 (the "Circular") notifying shareholders of a general meeting for the purpose of considering the relevant resolutions.

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

Additional information on the Fundraising is included below. Attention is also drawn to the section headed 'Important Notice' and to the Appendix to this Announcement containing, inter alia, the terms and conditions of the Placing (representing important information for Placees only). The number of Placing Shares to be issued in connection with the Placing will be determined by GMP FirstEnergy and Shore Capital at the close of the Bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timing of the closing of the book, pricing and allocations is at the absolute discretion of GMP FirstEnergy and Shore Capital.

http://www.moneyam.com/action/news/showArticle?id=5716603

Another fund raising thought they was past this.

WOODIE - this is actually positive news for so many reasons!

The only positive I can see it includes an open offer for shareholders, the downside more shares in circulation.

Taken from wiki:

Book building

Book building is a systematic process of generating, capturing, and recording investor demand for shares during an initial public offering (IPO), or other securities during their issuance process, in order to support efficient price discovery.[1] Usually, the issuer appoints a major investment bank to act as a major securities underwriter or bookrunner.

Book Building is an alternative method of making a public issue in which applications are accepted from large buyers such as financial institutions, corporations or high net-worth individual, almost on firm allotment basis, instead of asking them to apply in public offer.

Overview

The "book" is the off-market collation of investor demand by the bookrunner and is confidential to the bookrunner, issuer, and underwriter. Where shares are acquired, or transferred via a bookbuild, the transfer occurs off-market, and the transfer is not guaranteed by an exchange’s clearing house. Where an underwriter has been appointed, the underwriter bears the risk of non-payment by an acquirer or non-delivery by the seller.

Book building is a common practice in developed countries and has recently been making inroads into emerging markets as well. Bids may be submitted on-line, but the book is maintained off-market by the bookrunner and bids are confidential to the bookrunner. Unlike a public issue, the book building route will see minimum number of applications and large order size per application. The price at which new shares are issued is determined after the book is closed at the discretion of the bookrunner in consultation with the issuer. Generally, bidding is by invitation only to high-net-worth clients of the bookrunner and, if any, lead manager, or co-manager. Generally, securities laws require additional disclosure requirements to be met if the issue is to be offered to all investors. Consequently, participation in a book build may be limited to certain classes of investors. If retail clients are invited to bid, retail bidders are generally required to bid at the final price, which is unknown at the time of the bid, due to the impracticability of collecting multiple price point bids from each retail client. Although bidding is by invitation, the issuer and bookrunner retain discretion to give some bidders a greater allocation of their bids than other investors. Typically, large institutional bidders receive preference over smaller retail bidders, by receiving a greater allocation as a proportion of their initial bid. All bookbuilding is conducted ‘off-market’ and most stock exchanges have rules that require that on-market trading be halted during the bookbuilding process.

The key differences between acquiring shares via a bookbuild (conducted off-market) and trading (conducted on-market) are: 1) bids into the book are confidential vs transparent bid and ask prices on a stock exchange; 2) bidding is by invitation only (only high-net-worth clients of the bookrunner and any co-managers may bid); 3) the bookrunner and the issuer determine the price of the shares to be issued and the allocations of shares between bidders in their absolute discretion; 4) all shares are issued or transferred at the same price whereas on-market acquisitions provide for multiple trading prices.

The bookrunner collects bids from investors at various prices, between the floor price and the cap price. Bids can be revised by the bidder before the book closes. The process aims at tapping both wholesale and retail investors. The final issue price is not determined until the end of the process when the book has closed. After the close of the book building period, the book runner evaluates the collected bids on the basis of certain evaluation criteria and sets the final issue price.

If demand is high enough, the book can be oversubscribed. In these cases the greenshoe option is triggered.

Book building is essentially a process used by companies raising capital through public offerings—both initial public offers (IPOs) or follow-on public offers (FPOs) to aid price and demand discovery. It is a mechanism where, during the period for which the book for the offer is open, the bids are collected from investors at various prices, which are within the price band specified by the issuer. The process is directed towards both the institutional as well as the retail investors. The issue price is determined after the bid closure based on the demand generated in the process.

https://en.wikipedia.org/wiki/Book_building

25 October 2017

Victoria Oil & Gas Plc
("VOG" or "the Company")

Results of Placing and Subscription

Victoria Oil & Gas Plc (AIM: VOG), the integrated natural gas producing utility in Cameroon, is pleased to announce the successful completion of the proposed placing and subscription with new and existing shareholders. A total of 30,893,660 Placing Shares and 294,096 Subscription Shares have been conditionally placed at a price of 57 pence per New Ordinary Share (the "Issue Price"), raising gross proceeds of US$23.5 million (the "Placing"). The Placing Shares and Subscription Shares will represent approximately 22.0 per cent. of the Company's enlarged issued ordinary share capital, before any New Ordinary Shares issued under the Open Offer.

Shore Capital Stockbrokers Limited and FirstEnergy Capital LLP were Joint Bookrunners to the Placing. Strand Hanson Limited acted as Nominated & Financial Adviser.

The Directors have subscribed for the following Subscription Shares:

Subscriber Role Number of Subscription Shares subscribed for Value at the Issue Price (£)

Kevin Foo Executive Chairman 87,719 50,000
Ahmet Dik Chief Executive Officer 199,3611 13,636
Andrew Diamond Finance Director 1,754 1,000
John Bryant Non-Executive Director 1,754 1,000
Iain Patrick Non-Executive Director 1,754 1,000
Roger Kennedy Non-Executive Director 1,754 1,000


Details of the Placing and Notice of GM

The Placing Shares and Subscription Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Placing Shares and Subscription Shares.

The Company will shortly be posting a circular to Shareholders convening a general meeting of the Company to be held on 13 November 2017 for the purpose of considering, inter alia, the necessary resolutions.

Admission to Trading

Application will be made, in due course, to the London Stock Exchange for the Placing Shares and Subscription Shares to be admitted to trading on AIM. Subject to Shareholder approval of the Resolutions at the General Meeting, it is expected that Admission will occur and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 14 November 2017, at which time it is also expected that the New Ordinary Shares will be enabled for settlement in CREST.

Share capital following the Placing and Subscription

Following admission of the Placing Shares and Subscription Shares, the Company's enlarged issued share capital will comprise 141,759,518 Ordinary Shares with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change in the interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Save as otherwise defined, capitalised items used in this announcement have the meanings given to them in the announcement released by the Company this morning at 7.00 a.m.


Further Announcement

A further announcement will be made shortly, containing, inter alia, details on the following matters:

· The Open Offer; and
· The General Meeting


Ahmet Dik, Chief Executive Officer of Victoria Oil & Gas commented:

"The additional capital secured from institutional investors will enable VOG to accelerate growth into the high-demand power market in the Douala region. Utilising funds from equity investment, alongside reinvested cashflow and debt, VOG intends to significantly increase the reserves available for gas supply and reduce costs through the development of new fields, such as Matanda and Bomono. The completion of this process will allow the Company to take a significant step towards achieving our production expansion goal of 100mmscf/d by 2021."


This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to VOG and its securities

http://www.moneyam.com/action/news/showArticle?id=5717940

Victoria Oil & Gas raises gross proceeds of US$23.5mln through offering of placing shares and subscription shares
16:15 25 Oct 2017

The proceeds are earmarked for a new growth campaign which will include a new well, an upgrade to gas processing facilities, and expanded pipeline infrastructure in and around the city of Douala in Cameroon



Victoria Oil & Gas plc (LON:VOG) said it has conditionally raised gross proceeds of US$23.5mln through an offering of 30,893,660 placing shares and 294,096 subscription shares at a price of 57p each.

The new shares being issued will represent approximately 22% of the company's enlarged issued ordinary share capital, before any new ordinary shares issued under the related Open Offer to existing shareholders which is aiming to raise US3mln.

In late afternoon trading VOG shares were trading at 59p, down 8.9%, or 5.75p.

READ: VOG results show 11% rise in gas production, attentions on new Logbaba successes

The company highlighted that Wednesday’s announcement comes amid ‘very recent market speculation’ that it was looking to raise funds, and it confirmed that it had been in advanced talks with a number of potential investors.

Proceeds along with additional capital from local banks in Cameroon will be put to a new growth programme aimed at the estimated 1,700 megawatt power deficit in the City of Douala.

The company, which has had success with gas-to-power initiatives, aims to deliver gas output of 100mln cubic feet of gas per day by the end of 2021.

READ: Victoria Oil & Gas extends deadline for proposed Bowleven tie-up

In the near term, it plans to drill an additional well (La-109) at the Logbaba project and it wants to upgrade processing facilities up to 70mln cubic feet per day. Additionally, it intends to expedite the development of the Matanda and Bomono projects.

Infrastructure investments are also planned. It plans to extend gas pipeline reach around the Douala to Bomono, the Eastern Corridor and to other specific customers.

The funding is being arranged by Shore Capital and FirstEnergy Capital.

-- Updates with placing result, share price --

http://www.proactiveinvestors.co.uk/companies/news/186162/victoria-oil-gas-aises-gross-proceeds-of-us235mln-through-offering-of-placing-shares-and-subscription-shares-186162.html

In two years time a gift from God. Just have to live that long

colinspurr, sorry to hear you are not well, is it cancer?

Anyway, a very exciting time for VOG, starting now!

26 October 2017
Victoria Oil & Gas Plc

Posting of Circular, Notice of General Meeting

and

Details of Open Offer

Victoria Oil & Gas Plc (AIM: VOG), the integrated natural gas producing utility in Cameroon, is pleased to announce that, further to the Company's announcement yesterday, a circular containing details of the Placing, Subscription and Open Offer, together with the notice of General Meeting (the "Circular"), is today being posted to Shareholders.

A copy of this Circular will be available on the Company's website (www.victoriaoilandgas.com) shortly.

The Company announced yesterday that it has conditionally raised US$23.5 million, by way of the Placing and Subscription, through the issue of 31,187,756 New Ordinary Shares at a price of 57 pence.

The Company also announced that it was also proposing to raise up to US$3.0 million by way of the Open Offer which will be available to all Qualifying Shareholders on the Record Date. The Fundraising comprises the Placing and Subscription and the Open Offer.

The purpose of the Fundraising is to enable the Company to accelerate the development of its integrated gas supply operations in the Republic of Cameroon. Operating through its wholly-owned subsidiary Gaz du Cameroun S.A. ("GDC") the Company has a 57% participating interest in the Logbaba Block (the "Logbaba Project"). The Logbaba Project currently produces and supplies gas to private industrial and power generation customers. The Company supplies its customers with gas through a proprietary 50km sub-surface pipeline network, and sells by-product condensate to the local refinery via road tanker. Over US$240 million has been invested in the Logbaba Project and pipeline network to date. The net proceeds of the Fundraising are to be deployed alongside operating cashflow and measured levels of debt, significantly to increase gas production capability to meet the demands of the growing Douala energy market.

Although the Company has certain on-going Shareholder authorities taken at the annual general meeting of the Company held on 28 June 2017, these are not sufficient to implement the Fundraising through the issue of the New Ordinary Shares.

Accordingly, the Company is seeking Shareholder approval to grant the Directors authority to allot equity securities and to dis-apply statutory pre-emption rights in respect of an allotment of equity securities for cash in connection with the Fundraising.

Notice of General Meeting

The Placing, the Subscription and the Open Offer are each conditional upon, inter alia, upon the passing of the Resolutions by Shareholders at the General Meeting to be held at Coin Street Neighbourhood Centre, South Bank Room 1, 108 Stamford Street, South Bank, London SE1 9NH at 11.00 a.m. on 13 November 2017 for the purposes of authorising the Directors to allot the Placing Shares, the Subscription Shares and/or the Open Offer Shares (as the case may be) and to dis-apply statutory pre-emption rights in relation thereto. The Open Offer is conditional upon the Placing and Subscription.

Save as otherwise defined, capitalised items used in this announcement have the meanings given to them in the announcement on the Fundraising released by the Company on 25 October at 7.00 a.m.

http://www.moneyam.com/action/news/showArticle?id=5718383

Not much of a saving for shareholders at todays price close to the 0.57p offer price.