Result of Open Offer

Gulfsands Petroleum Plc (“Gulfsands” or the “Company”), the AIM listed oil and gas exploration company (AIM:GPX) with activities in Syria, Morocco, Tunisia and Colombia, announces the results of the recent Open Offer undertaken at a price of 4.0 pence per Open Offer Share, on the basis of 3.01 Open Offer Shares for every 1 Existing Share held.

Result of Open Offer 

The Open Offer closed for acceptances at 11:00 a.m. on 12 January 2016 and the Company is pleased to announce that is has received valid acceptances in respect of 151,760,157 Open Offer Shares from Qualifying Shareholders. Pursuant to the Underwriting, a further 203,077,139 Open Offer Shares have been subscribed for by Waterford and Blake, a company owned and controlled by Mr. Griffiths, such that a total of 354,837,296 Open Offer Shares have been subscribed for under the Open Offer.

The Company has therefore raised aggregate gross proceeds of £14,193,491.84 through the Open Offer.

Director’s holding 

Pursuant to the Open Offer, the Directors of the Company have subscribed for Open Offer Shares as detailed in the table below:

Director	Number of Existing Shares	Percentage of total Existing Shares	Number of Open Offer Shares applied for under Open Offer	Number of Ordinary Shares held following Open Offer	Percentage of Enlarged Share Capital
Alastair Beardsall	0	0.00%	0	0	0.00%
Andrew West	140,144	0.12%	421,833	561,977	0.12%
Andrew Morris	80,000	0.07%	240,800	320,800	0.07%
Joe Darby	25,000	0.02%	75,250	100,250	0.02%
John Bell	0	0.00%	0	0	0.00%
James Ede-Golightly	20,000	0.02%	60,200	80,200	0.02%
TOTAL	265,144	0.22%	798.083	1,063,227	0.22%

Concert Party holding 

Pursuant to the Open Offer and the Underwriting, the Concert Party have subscribed for Open Offer Shares as detailed in the table below:

Shareholder group	Number of Existing Shares	Percentage of total Existing Shares	Number of Open Offer Shares applied for under Open Offer	Number of Open Offer Shares subscribed in the Underwriting	Number of Ordinary Shares held following Open Offer	Percentage of Enlarged Share Capital
Waterford	33,100,513	28.08%	99,632,544	101,538,569	234,271,626	49.56%
Mr. Griffiths	11,780,717	9.99%	35,459,958	101,538,570	148,779,245	31.47%
Alastair Beardsall	0	0.00%	0	0	0	0.00%
James Ede-Golightly	20,000	0.02%	60,200	0	80,200	0.02%
TOTAL	44,901,230	38.09%	135,152,702	203,077,139	383,131,071	81.05%

AIM Admission 

Application has been made for 350,733,941 new Ordinary Shares to be admitted to trading on AIM. It is expected that Admission of the new Ordinary Shares on AIM will become effective at 8:00 a.m. on 14 January 2016. The Company also confirms that it has sold 4,103,355 Treasury Shares to Qualifying Shareholders under the terms of the Open Offer.

Following the issue of the new Ordinary Shares and the sale of the Treasury Shares, Gulfsands will have 472,723,441 Ordinary Shares of 1.0 pence each in issue, which will also represent the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.

Capitalised terms used in this announcement shall have the meaning ascribed to them in the Prospectus that was posted to Qualifying Shareholders on 16 December 2015 and the Supplementary Prospectus that was posted to Qualifying Shareholders on 7 January 2016 unless the context otherwise requires.

 

View and Download Gulfsands Result of Open Offer in PDF Format

 

For further information please contact:

Gulfsands Petroleum Plc Alastair Beardsall, Chairman	+44 (0)20 7024 2130
Cantor Fitzgerald Europe Sarah Wharry David Porter	+44 (0)20 7894 7000