Shares And Options In Planet Flotation

Press, Volume CIX, Issue 31943, 21 March 1969, Page 14

Shares And Options In Planet Flotation

(N.Z. Press Assn. —Copyright)

SYDNEY, March 20.

Shareholders in the Planet Oil Company N.L., will receive entitlements to take up shares and transferable options, and a bonus issue of options in a ssm Planet flotation for the New South Wales Oil and Gas Company, N.L., the chairman (Mr J. G. Fuller) said yesterday. Revealing details of the flotation, which was foreshadowed in December, Mr Fuller said that the company would make a public issue of 10 million 50c ordinary shares at par with one option attached to each.

The main purpose of the issue is to finance exploration on concessions covering more than 64,000 square miles in New South Wales and on an adjoining concession of about 4000 square miles in south-west Queensland. The first phase of the company’s budget includes the spending of slm for geological and geophysical surveys in New South Wales and

$2.5m for drilling up to 10 wells.

The first, Jupiter No. 1, will be spudded in soon in the P.E.L. 114 concession in the Bancannia trough, about 55 miles north-east of Broken Hill. TWO ENTITLEMENTS Shareholders in Planet Oil will receive two differing entitlements to the new issue. Before it opens, all holders of paid and contributing shares will receive a bonus of one option in New South Wales Oil and Gas for every two Planet Oil shares.

They will then be entitled to apply for one share and its attached option in New South Wales Oil and Gas for every four Planet shares held. For entitlement, the books will close on April 9.

As a result of the bonus issues there will be 6,045,930 more options than paid shares. The options will expire on July 16, 1970.

Five million shares will be available for subscription through the underwriting brokers, while Planet Oil will retain the other half of the paid capital.