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Drilling muds manufacturer - Medserv Energy
Dual Issue Closes Successfully
02/02/2016

Medserv is pleased to announce to that the Dual Issue as per the Prospectus published late last year has closed successfully allowing the Company to move ahead with its acquisition plans. 

The Bond Issue closed earlier this month. The Lapsed Rights Offer opened on the 22nd January 2016 making a number of Lapsed Rights available to the general public. The opportunity to subscribe to these Rights has closed on the 27th January. Trading in the new shares is expected to commence on the 8 February 2016.

The majority of the net proceeds from the Dual Issue will be used to finance the balance of the purchase price due in respect of the METS Acquisition, which is expected to conclude on the 23 February 2016. The remaining balance of proceeds will be used to repay its bank overdraft facilities as well as to finance improvements and/or the development of the Group’s existing and new bases.

“We would like to take this opportunity to thank the Intermediaries, shareholders, and general public that participated in the Dual Issue. We are excited about the opportunities the Acquisition presents us. We look forward to continuing to grow the business in line with our expansion strategy with the firmest of commitments to continue to bring in value to our investors.” said Mr Anthony J. Duncan, Medserv plc Executive Director.
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