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London exchange to readmit Bayfield as Trinity plc
Bayfield Energy Holdings plc will be re-admitted to the London stock exchange’s Alternative Investment Market (AIM) as Trinity Exploration and Production plc at an opening price of £1 20 pence on St Valentine’s day 2013.
In a statement issued yesterday, Bayfield announced in connection with the proposed merger with T&T’s Trinity Exploration and Production Ltd, that it has conditionally raised gross proceeds of US$90 million through the issue of 47,500,000 new ordinary shares at a price of 120 pence per share.
“We are pleased to have secured our targeted funding and particularly encouraged by the broad institutional participation.
Through the oversubscribed offering, we are now fully funded to accelerate the delivery of the significant upside that exists in the combined portfolio, as well as pursue an active exploration programme,” said Monty Pemberton, chief executive officer (CEO) of Trinity Exploration and Production Ltd, and the proposed CEO of Trinity Exploration and Production plc.
The statement said: “The proceeds will be used to accelerate the enlarged group’s work programme, which is expected to grow net production to 5,000 barrels of oil per day (bopd) by the end of 2013 and includes six exploration wells targeting net unrisked best estimate prospective resources of 46 million barrels of oil equivalent in 2013 and 2014.
“ The enlarged group will hold licenses for exploration and production off Trinidad’s south west and south east coasts, as well as onshore, south Trinidad, and together, is already producing an estimated 4,000 bopd.
Bruce Dingwall, chairman of Trinity Exploration and Production Ltd and the proposed chairman of Trinity Exploration and Production plc, said: “Trinity is the leading independent E&P company focused on T&T and the successful placing and re-admission gives the merged business the best possible start to 2013.
We can now set about the business of delivering growth and creating value for the unified shareholder base.” Though not yet complete, the merger is expected to proceed without problems as the T&T Minister of Energy and Energy Affairs Kevin Ramnarine has given his blessing, and Bayfield shareholders are expected to do the same.
Upon completion of the merger and re-admission to AIM on Valentine’s Day—February 14—the company will be renamed Trinity Exploration and Production plc and its new ticker is expected to be “TRIN.” Trinity plc will be the first T&T-headquartered company to list on a major international stock exchange of any kind and from any industry. Its head office will be in San Fernando.
Commenting on the successful bid to raise the new capital, Finian O’Sullivan, executive chairman of Bayfield Energy, said: “Securing the full US$90 million funding target demonstrates the market’s confidence in the quality of the group’s combined asset base and its management team.
The price reflects the continuing challenging conditions for new issues. The new board of Trinity plc will comprise: Bruce Alan Ian Dingwall (executive chairman), Joel Montgomery (“Monty”) Pemberton (chief executive officer), Jonathan David Murphy (non-executive director), Ronald Harford (non-executive director), Charles Anthony Brash Junior (non-executive director), Finian Rory O’Sullivan, (non-executive director), and David Archibald MacFarlane, (non-executive director).
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