3Legs Resources floats on AIM

09 June 2011
3Legs Resources floats on AIM

3Legs shares commenced conditional trading on 9th March at price of 190p per share.

Announcement of Offer Price of 190 pence per share
3Legs Resources plc (the "Company"), a company focussed on the exploration and development of unconventional oil and gas resources with a particular focus on shale gas in Europe, today announces the pricing of the initial public offering of its Ordinary Shares on the AIM market of the London Stock Exchange (the "Offer").
§ The Offer price has been set at 190 pence per Ordinary Share (the "Offer Price").
§ Based on the Offer Price, the total market capitalisation at the commencement of conditional dealings will be approximately £161.1 million.
§ The Offer comprises the sale of 32,894,736 new Ordinary Shares to be issued by the Company and 7,736,764 existing Ordinary Shares (prior to the exercise of the Over-allotment Option) to be sold by certain selling shareholders (the "Selling Shareholders"), which together represent approximately 47.9 per cent. of the total of 84,782,544 Ordinary Shares which will be in issue at Admission (the "Offer Shares").
§ At the Offer Price, the Company expects to raise gross proceeds of £62.5 million and the Selling Shareholders expect to raise gross proceeds of £14.7 million (prior to the exercise of the Over-allotment Option), making an expected total Offer size of £77.2 million.
§ Immediately following the Offer and Admission, 84,782,544 Ordinary Shares will be in issue.
§ Jefferies International Limited, as Stabilisation Manager, has been granted an Over-allotment Option by certain of the Company's significant shareholders over up to 4,404,552 Ordinary Shares, representing 10.8 per cent. of the Ordinary Shares comprised in the Offer. The Over-allotment Option is exercisable for a period of 30 calendar days from today.
§ Conditional dealings are expected to commence on the London Stock Exchange at 8.00 am today under the ticker symbol 3LEG. Admission to trading on AIM, a market operated by the London Stock Exchange and unconditional dealings are expected to commence at 8.00 a.m. on 14 June 2011.
Click HERE to go to the 3Legs web site where the full release may be viewed.