UK 10:46 Saturday, 24 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I know nothing about Zenith ( ZEN) other than it is listed in Canada as well as on the main market here in London and it is an oil and gas company operating the largest onshore oilfield in Azerbaijan. So I make no recommendation.
The Company has announced an offer at a subscription price of 4p per Ordinary Share. This represents a discount of approximately 21.6% to the closing mid price on Tuesday 19 June, 2018. Oddly ther shares did slip a bit today ahead of the placing. A coincidence I am sure.
There is an "institutional" ( ie bucket shop) placing to raise £2 million and Private investors can play via an £800,000 Primary Bid offer.
The company will use the first £1.5 million raised as a deposit for the leasing of a new drilling rig and the rest for working capital.
Shares will be allocated on a "first come first served" basis and the Primary Bid offer closes at 9 PM or when the book is filled.
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