05 April 2017
General meeting held on 5 April 2017
Tullow Oil plc announces that, at the General Meeting held earlier today, the Resolutions set out in the Notice of General Meeting contained within the combined prospectus and circular dated 17 March 2017 were voted on by poll and were approved by shareholders. The results of the poll for each Resolution were as follows:
The Record Date for entitlements under the Rights Issue and to vote at the General Meeting was 6 p.m. on 3 April 2017. As at the Record Date, the total number of Existing Ordinary Shares eligible to be voted at the General Meeting was 915,823,771 shares.
The passing of the Resolutions will enable the Company to proceed with the fully underwritten Rights Issue to raise net proceeds of approximately £586 million (equivalent to $724 million at an exchange rate of £1.00 = $1.2363 on 16 March 2017). The Rights Issue remains conditional upon, amongst other things, Admission of the New Ordinary Shares (nil paid) having occurred not later than 8.00 a.m. on 6 April 2017 (or such later time and date as the Joint Global Coordinators may agree).
Provisional Allotment Letters in connection with the Rights Issue are expected to be posted today to Qualifying Non-CREST Shareholders and Qualifying CREST Shareholders will receive a credit to their appropriate stock accounts in CREST in respect of the Nil Paid Rights to which they are entitled as soon as practicable after 8.00 a.m. on 6 April 2017.
Applications have been made to the UK Listing Authority and the Irish Stock Exchange for 466,925,724 New Ordinary Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and the secondary listing segment of the Official List of the Irish Stock Exchange, and to the London Stock Exchange and the Irish Stock Exchange for such New Ordinary Shares to be admitted (nil paid) to trading on their main markets for listed securities. These New Ordinary Shares will be issued under authority granted by the Resolutions passed at today's General Meeting.
It is expected that Admission will take place, and that dealings (for normal settlement) in the New Ordinary Shares will commence, nil paid, at 8.00 a.m. on 6 April 2017. The latest date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters for the Rights Issue is 11.00 a.m. on 24 April 2017. The expected timetable for the Rights Issue is set out in the Appendix to this announcement.
Copies of the Resolutions passed at the General Meeting have been submitted to the National Storage Mechanism in accordance with Listing Rules 9.6.2R and 9.6.3R and will be available for inspection at http://www.morningstar.co.uk/uk/nsm.
Capitalised terms not defined herein have the meanings given to them in the combined circular and prospectus published by the Company on 17 March 2017, which is available on the Company's website (www.tullowoil.com/investors).
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc - +44 20 3249 9000
Aidan Heavey, Chief Executive Officer and Chairman-designate
Paul McDade, Chief Operating Officer and Chief Executive Officer-designate
Chris Perry / Nicola Rogers (Investor Relations)
George Cazenove / Anna Brog (Media)
Joint Global Coordinator, Joint Bookrunner, Joint Sponsor and Joint Corporate Broker
+44 (0) 207 623 2323
J.P. Morgan Cazenove
Joint Global Coordinator, Joint Bookrunner and Joint Sponsor
+44 (0) 207 742 4000
Joint Bookrunner and Joint Corporate Broker
+44 (0) 207 425 8000
Irish Sponsor and Irish Broker
+ 353 1 679 6363
Murray Consultants (Dublin)
+ 353 1 498 0300
Full news release: Tullow Oil Plc - Results of General Meeting Announcement