UK Oil & Gas plc directors agreed a subscription of 476,897,760 ordinary shares to take its employee benefit trust to the original 10% level of the company’s issued share capital.
PLACING
Employee benefit trustees trustees, Altum Trustees Ltd, subscribed for the ordinary shares at a price per share of £0.000001.
The company said that the move was in keeping with similar schemes operated by AIM listed entities.
UKOG’s scheme was established in 2014.
Following the allotment of the EBT shares, the company entered into a loan agreement with the trustees to fund the subscription.
On admission of the EBT shares, the company’s total voting rights will be 8,644,353,833 ordinary shares.
On 5 August, UKOG also raised £1 million via a 37% discounted placing of new 2 billion ordinary shares at a price of 0.05 pence per share. Funds will go towards the company’s hydrogen storage projects.
The placing is subject to shareholders’ approval at a general meeting on 21 August.
Following admission of the 2 billion placing shares and the EBT shares, UKOG’s total voting rights will comprise 10,644,353,388 ordinary shares.