(31/08/05) Results of Placing and Open Offer and EGM

On 8 August 2005, GTL Resources plc (AIM:GTL), a project development company focused on projects relating to alternative fuels, announced that Arden Partners Limited (“Arden”), as agent for the Company, had conditionally placed a total of 1,920,000,000 new ordinary shares of 1p each of the Company (“New Shares”) at 1.25p per share (“Placing Price”) to raise approximately £24 million before expenses. 1,424,694,230 New Shares were placed firm with institutional and other placees on a conditional basis. The remaining 495,305,770 New Shares (the “Non Firm Shares”) were conditionally placed at the Placing Price with institutional and other placees subject to clawback to satisfy valid applications by qualifying shareholders under the open offer.

The Company announces that the open offer closed on 31 August 2005 at 11:00 a.m. Under the open offer, valid acceptances have been received from shareholders in respect of 148,504,939 Non Firm Shares, representing approximately 29.98% per cent. of the Non Firm Shares. The balance of the Non Firm Shares has been taken up under the placing. Application has been made to the London Stock Exchange for the 1,920,000,000 New Shares to be admitted to trading on AIM. Admission is expected to take place on 1 September 2005.

Following Admission the total issued share capital of the Company will comprise 2,270,274,516 Ordinary Shares.

Peter Middleton has applied for 4,000,000 New Shares and Mike Brennan has applied for 400,000 New Shares. Accordingly, following Admission the interests of Peter Middleton will be 4,250,000 ordinary shares of 1p each of the Company (“Ordinary Shares”) (representing 0.19% of the enlarged share capital) and the interests of Mike Brennan will be 400,000 Ordinary Shares (representing 0.02% of the enlarged share capital).

Daniel de Lange, Julia Henderson and Michael Nobbs will be appointed to the Board on Admission. Full details are set out in the circular sent to shareholders on 8 August 2005.

At the Extraordinary General Meeting of the Company, which took place earlier today, all resolutions contained in the notice of meeting set out in the circular sent to shareholders on 8 August 2005 were duly passed.

Peter Middleton, Chairman of GTL, commented:

“We are delighted by the interest and support received from investors. We look forward to the realisation of our project and our subsequent involvement in the ethanol industry, which following new legislation in the United States and with the increasing oil price is set to reach a new level of engagement in meeting our energy demands.”

 

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