RNS Releases
12 November 2009 - Annual Report and Accounts PDF Print E-mail

The Company is pleased to announce that it has sent to shareholders its report and accounts for the year ended 31 July 2009.  The report and accounts are available to be downloaded at the Company's website at http://www.portland-gas.com/.

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05 November 2009 - Director Shareholdings PDF Print E-mail

Portland Gas plc (the "Company") was informed today that Mr Jonathan Davie, a Non-executive Director of Portland Gas plc, has today transferred 20,400 ordinary shares from a family trust to his personal name at 116.75p each.

Mr Davies' total beneficial shareholding in Portland Gas remains unchanged at 575,400 ordinary shares, representing 0.81% of the issued and voting share capital of the Company.

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05 November 2009 - 2.5m Placing PDF Print E-mail

Portland Gas Plc (AIM: PTG) (“the Company”) is pleased to announce the placing of 2,500,000 new ordinary shares at 100p per share to raise £2.5 million before expenses. The shares were placed by Seymour Pierce Limited with existing institutional investors and the Company Directors.

Following the placing, the Company will have 73,804,201 ordinary shares in issue. The Placing Shares will represent approximately 3.39 per cent. of the Company’s Enlarged Share Capital. 

Two members of the Company’s Board are participating in the placing as follows:

Director Existing holding Shares acquired Total shares
now held

Total percentage

Andrew Hindle* 6,617,117 32,674 6,649,791 9.01%
Walter Roberts** 1,042,960 12,500 1,055,460 1.43%

* 19,500 ordinary shares are held on behalf of a minor daughter of Andrew and 13,174 ordinary shares are held by Andrew’s wife
** These shares are held on behalf of Walter’s minor daughter.
Walter’s elder daughter is also taking 12,500 shares.

Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 12 November 2009.

The net proceeds of the Placing receivable by the Company will be applied to fund essential ongoing activity on the Portland and Islandmagee projects, redeem the debenture issued to Hydrock and the funding of G&A expenditure.

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05 November 2009 - EIB places the Portland Project under appraisal PDF Print E-mail

The Directors of Portland Gas plc (AIM: PTG) ("the Company") are pleased to announce that the European Investment Bank ("EIB") has confirmed that it has listed the Portland Gas Storage Project in its pipeline of projects under appraisal.

The EIB supports projects which contribute to energy diversification and security at EU level. The pipeline of projects under appraisal by the EIB are listed on the website http://www.eib.org/projects/pipeline/index.htm.

Commenting on the news, Andrew Hindle, CEO of Portland Gas plc said:

"We are delighted that the Portland Project, which will support energy security of supply and the efficient functioning of the gas market, has received this under appraisal status from the EIB."

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26 October 2009 - Final results for the year ended 31 July 2009 PDF Print E-mail

Portland Gas plc (AIM: PTG) (“the Company” or “Portland Gas”) the independent gas storage Company is pleased to announce final results for the year ended 31 July 2009.

Operational highlights
  •  Portland Project funding process launched
      o BNP Paribas appointed as the project company debt finance advisors
      o Field Fisher Waterhouse LLP appointed as the project company solicitors
      o Co-operation group established after year end comprising 5 companies which have expressed an interest in the Project
  •  Pre-start planning conditions discharged for the Portland Project
  •  Initial site works on the Portland Project wellpad area commenced
  •  Good progress made with the Islandmagee Project
      o Successful two-day public exhibition held
      o Planning application submission target of year end 2009
• The Company has continued to pursue and evaluate international gas storage opportunities

Financial highlights
  •  Loss for period of £1,281,002 (2008; £1,569,621)
  •  Loss per share of 1.82p (2008; 2.33p)
  •  Cash and cash equivalents as at 31 July 2009 of £3,066,502 (2008; £9,276,964)
  •  Capitalised expenditure on gas storage projects during the year of £5,729,823 (2008; £7,360,442)

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