Rockhopper Exploration plc Disposal of shareholding in UOG (3769X)
August 27 2020 - 12:00PM
UK Regulatory
TIDMRKH
RNS Number : 3769X
Rockhopper Exploration plc
27 August 2020
27 August 2020
Rockhopper Exploration plc
("Rockhopper or the "Company")
Disposal of shareholding in United Oil & Gas plc
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with key interests in the North
Falkland Basin, is pleased to announce the disposal of its entire
shareholding in United Oil & Gas plc ("United").
The transaction involves the sale of 114,503,817 ordinary shares
in United at a disposal price of 2.66 pence per share for total
gross proceeds of approximately GBP3.0 million (approximately
US$4.0 million). The disposal price represents a 6.7 per cent
discount to yesterday's closing price of United's shares.
The sale proceeds will be used to strengthen the Company's
balance sheet.
Sam Moody, Chief Executive Officer, commented:
"The monetisation of our entire shareholding in United after a
short holding period of under six months strengthens our balance
sheet at a particularly challenging time for the sector. It also
crystallises a strong cash return of $15.5 million from an original
investment of $11.9 million four years ago, which has also
generated $4 million of free cash flow during our period of
ownership."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 59 6/2014 ("MAR").
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END
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