Caspian Sunrise flags progress on merger

Central Asian oil and gas company Caspian Sunrise confirmed on Friday that the company expected all conditions for the merger and the associated capitalisation of the $10.1m Vertom loan would be concluded by 1 June.

The AIM-traded firm said that as a result, it had applied for 732,240,744 new Caspian Sunrise shares, representing 43.86% of the then enlarged shares in issue, to be admitted to trading on AIM.

It anticipated that trading in such shares would commence on or around 1 June.

“The total number of shares in issue following the issue of these shares will be 1,669,673,820,” the company’s board confirmed.

“Caspian Sunrise has no shares in Treasury, therefore this figure may be used by shareholders, from admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company under the FCA's Disclosure and Transparency Rules.”