Premier Oil PLC Refinancing Update (1909I)
June 15 2017 - 5:56AM
UK Regulatory
TIDMPMO
RNS Number : 1909I
Premier Oil PLC
15 June 2017
PREMIER OIL PLC
("Premier" or "the Company")
Refinancing update
15 June 2017
Result of General Meeting
Premier announces that, in connection with its proposed
refinancing, a General Meeting of the Company was held earlier
today.
The ordinary resolution to approve the potential allotment of
new shares in connection with the issue of warrants to certain
creditors and in connection with amendments to the terms of
Premier's convertible bonds was decided on a poll and passed by
shareholders at the General Meeting.
The total number of shares in issue on 13 June 2017, the
deadline for casting votes by proxy in advance of the General
Meeting, was 510,824,261 shares. A total of 145,113,043 votes were
validly cast representing 28.41% of the Company's issued share
capital as at 13 June 2017.
For Against Votes Withheld*
-------------------- --------------- ----------------
Votes % Votes %
------------ ------ -------- ----- ----------------
144,163,691 99.84 230,889 0.16 718,463
------------ ------ -------- ----- ----------------
* Votes Withheld are not votes in law and are not counted in the
calculation of the properties of the votes 'For' and 'Against' the
resolution.
In accordance with Listing Rule 9.6.2, a copy of the resolution
passed will shortly be submitted to the National Storage Mechanism
and will be available for viewing at www.Hemscott.com/nsm.do. The
poll result will also be available on the Company's website at
www.premier-oil.com.
Amendments to terms of convertible bonds approved
Premier is pleased to announce that the amendments to the terms
of its $245m Convertible Bonds have been approved by bondholders by
way of a written resolution under the terms of the Convertible Bond
Trust Deed. Accordingly, the Convertible Bondholder Meeting
previously scheduled to be held at 11am on 21 June 2017 is no
longer required and has been cancelled.
Outlook
As previously announced, the Scheme Creditors vote will take
place on 26 June and the requisite majority by value of the Scheme
Creditors has already been obtained via the lock up agreements,
committing them to vote in favour of the proposed refinancing. The
Scheme sanction hearing is scheduled for 18 July, being a date set
according to the Scottish court rules, with an anticipated
effective refinancing date of 28 July.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief
Executive
Richard Rose, Finance
Director
Bell Pottinger Tel: 020 3772 2570
Lorna Cobbett
Henry Lerwill
IMPORTANT NOTICE
This announcement is for information purposes only and is not
intended to, and does not constitute or form part of, any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for, any warrants or shares or any other
securities of Premier Oil plc. The information contained in this
announcement is not for release, publication or distribution to
persons in the United States and should not be distributed,
forwarded to or transmitted in or into the United States or any
jurisdiction where to do so might constitute a violation of local
securities laws or regulations. The securities have not been, and
will not be, registered under the US Securities Act of 1933, as
amended (the "US Securities Act"), or with any securities
regulatory authority of any state or any other jurisdiction of the
United States, and may not be offered, sold, resold, pledged or
otherwise transferred in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and in
compliance with all applicable securities laws of any state or
other jurisdiction of the United States. There will be no public
offer of any securities in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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