Out at 6.16pm before a bank holiday weekend ... lots of time to take in the full horrors of massive dilution:
Mediterranean Oil and Gas (AIM: MOG) is pleased
to announce a proposed capital reorganisation featuring a fundraising of £20 million through the issuance of New Ordinary Shares at 6p each,
ouch last traded price today was 14.55p
settlement of its bank facility and conversion of its Convertible Bonds and Convertible Loan Notes. As a result of this proposed reorganisation, the Company will have approximately 429 million outstanding shares
eek, up from c 39million today
and will have no financial debt. In addition, the Board of Directors of the Company will be strengthened to include seasoned professionals who will provide valuable guidance on implementing the Company's strategy.
Andrew Cochran will be appointed as Non-Executive Chairman of the Company and Miles Donnelly and Michael Seymour will join the Board of Directors as additional non-executive directors of the Company.
ah. AC is CEO of Dominion. The other two are two of the founders of Aurelian, which is now, er, thriving in their absence.
<no MOG position since I sold on the day of last year's AGM, see http://www.stockopedia.co.uk/content/2010-agm-report-44218/>