PTG Portland Gas

 

TIDMPTG 
 
RNS Number : 6169V 
Portland Gas plc 
14 July 2009 
 

 
 
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| For Immediate Release              |                     14 July 2009   | 
+------------------------------------+------------------------------------+ 
 
 
 
 
Portland Gas 
 
 
Agreements with Hydrock Group Limited and Portland Port Limited 
 
 
The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") 
today announce that they have reached agreement with Hydrock Group Limited 
("Hydrock") to undertake work to a value of GBP300,000 on the Portland Project. 
This will be funded by a redeemable debenture granted to Hydrock. Under the 
terms of the debenture the Company may redeem the instrument until 31st January 
2010 beyond which it is converted into 369,595 ordinary shares in Portland Gas 
plc. 
 
 
The Company announces that is has also reached agreement with Portland Port 
Limited regarding the settlement of existing liabilities in relation to the 
Company's lease of land adjacent to the site of the gas storage facilities. The 
agreement settles all outstanding accrued liabilities for the East Weares estate 
up to 31st July 2009 by the issue of 919,474 new ordinary shares in the Company. 
As part of the agreement, future East Weares lease payments will be deferred by 
Portland Gas until the project is funded, apart from GBP10,000 per month which 
continues to be payable in cash. 
 
 
Both of the above agreements are based on an issue price of 81.17p per share, 
equivalent to the average closing price of a Portland Gas share over the period 
8th - 10th July 2009. 
 
 
Application will be made for the admission to trading on AIM of 919,474 new 
ordinary shares in the capital of the Company and dealings are expected to 
commence on 23rd July 2009. 
 
 
 
 
For further information please contact: 
 
 
Portland Gas plc 
 
 
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| Andrew Hindle, Chief Executive Officer          | 020 8332 1200        | 
| Craig Gouws, Chief Financial Officer            |                      | 
|                                                 |                      | 
+-------------------------------------------------+----------------------+ 
| Nominated Advisor and Broker - Seymour Pierce   |                      | 
|                                                 |                      | 
+-------------------------------------------------+----------------------+ 
| Jonathan Wright                                 | 020 7107 8000        | 
| Sarah Jacobs                                    |                      | 
|                                                 |                      | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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