West Perth-based oil and gas exploration company Baraka Petroleum Ltd has announced plans to restrict trading on 80 per cent of the 113 million shares due to be released from escrow next week.
The full text of a company announcement is pasted below
Baraka Petroleum Limited (ASX: BKP) advises that 113,000,000 restricted fully paid ordinary shares and 16,000,000 restricted Options will be released on 25 May 2007.
The Company will apply to the ASX for quotation of the 113,000,000 fully paid ordinary shares in accordance with Listing Rule 2.8.2. Quotation will not be sought for the Options, 8,000,000 of which expire on 25 May 2007. The remaining 8,000,000 Options are exercisable at 25 cents and expire on 25 May 2009.
The Company is also pleased to announce that Shareholders representing 89,078,000 of the ordinary shares to be released have entered into a voluntary agreement with the Company to restrict on market trading in those shares for a further period of six months.
