TGE Marine eyes bonus share issue, trading in line

LONDON, July 23 (Reuters) - Engineering services group TGE Marine (TGET.L: Quote, Profile, Research) said on Wednesday it plans a bonus issue of its shares and expects the group's annual results to be in line with expectations. TGE said in a trading statement that it intends to carry out a 30-for-1 bonus issue of its shares to all shareholders to reduce the trading price per TGE share to a level more commonly associated with an AIM-listed company.

The company, which was admitted to the AIM junior market last month, said it would propose the issue at its AGM in November.

There are currently 1.22 million TGE shares in issue worth 118 pounds each. If the bonus issue goes ahead there will be about 36 million shares in issue worth around 4 pounds each, a company spokesperson said.

The group said its financial performance for the year ended June 30 would be in line with expectations after it won nine new gas carrier contracts. TGE said it has 35 contracts in place for new gas carrier ships at different stages of construction.

TGE said enquiries continue to be strong for both ethylene and smaller gas carriers with the board expecting to win additional contracts in these sectors during the current quarter. (Reporting by Rhys Jones; Editing by Erica Billingham)