Roc raises $219m

ROC Oil says it has successfully completed a $219 million renounceable rights issue to fund its acquisition of a 24.5% stake in the Zhao Dong Block, offshore China.
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The Sydney-based company yesterday announced that upon closure of the three-for-eight rights issue, it had received acceptances for 91% of the 81 million shares on offer for $2.70 each.

In a statement, managing director John Doran said this was a pleasing result.

“An overall take up of over 91% by eligible shareholders – including strong institutional support in the UK – makes for a successful rights issue and it is fitting that this has been achieved towards the end of a year which has seen the company transform itself through successful exploration, development and asset acquisition,” he said.

This morning, the company announced it had successfully completed the sale of new shares at $3.10 each to ineligible shareholders or those that did not exercise their option in the three-for-eight issue.

At 12pm EST today, shares in Roc were trading at $3.14.

As a result of the placement, Roc’s issued capital has increased 37.6% to 297.8 million shares.

Roc bought its stake in the Zhao Dong Block in August from US major Apache for $US260 million ($A354 million) via the purchase of 100% of the shares of Apache China Corp (ACC), a wholly owned subsidiary of Apache.