Published on:
25 April 2017
RNS announcement
Tullow Oil plc ("Tullow" or the "Company") is pleased to announce that, as at 11.00 a.m. on 24 April 2017 (being the latest time and date for receipt of valid acceptances under the Rights Issue), it had received valid acceptances in respect of 444,961,436 ordinary shares of 10 pence each in the capital of the Company (the "Accepted Shares"), representing approximately 95.3% of the total number of New Ordinary Shares offered pursuant to the 25 for 49 rights issue announced by the Company on 17 March 2017 (the "Rights Issue").
It is expected that listing of the New Ordinary Shares on the main market of the Ghana Stock Exchange and commencement of dealings in the New Ordinary Shares, fully paid, on the main markets of the London Stock Exchange, the Irish Stock Exchange and the Ghana Stock Exchange will commence from 8.00 a.m. today, 25 April 2017.
It is also expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. today, 25 April 2017, and that share certificates in respect of the New Ordinary Shares held in certificated form will be despatched by no later than 2 May 2017.
In accordance with their obligations under the Underwriting Agreement, Barclays Bank PLC, acting through its investment bank, J.P. Morgan Securities plc (which conducts its investment banking business as J.P. Morgan Cazenove) and Morgan Stanley & Co. International plc (together, the "Joint Bookrunners") shall (on behalf of the Underwriters) use their reasonable endeavours to procure, by no later than 8.00 p.m. on 26 April 2017, subscribers for 21,960,830 New Ordinary Shares (the "Non-accepted Shares") not validly taken up in the Rights Issue and subscribers for 3,458 New Ordinary Shares representing fractional entitlements arising under the Rights Issue (the "Fractional Entitlement Shares"). The Non-accepted Shares and the Fractional Entitlement Shares together represent approximately 4.7% of the total number of New Ordinary Shares.
The net proceeds from the placing of such Non-accepted Shares, after the deduction of the Issue Price of 130 pence per New Ordinary Share and the related expenses of procuring subscribers (including any applicable brokerage and commissions and amounts in respect of VAT which are not recoverable) will be paid to Qualifying Shareholders that have not taken up their entitlements pro rata to their lapsed provisional allotments except that individual amounts of less than £5.00 per holding will not be paid to such persons but will be aggregated and retained for the benefit of the Company. The net proceeds from the sale of the Fractional Entitlement Shares will accrue for the benefit of the Company.
If and to the extent that subscribers cannot be procured on the basis outlined above, the Non-accepted Shares will be subscribed for by the Underwriters, as principal pursuant to the Underwriting Agreement or such other subscribers as may be procured by the Underwriters, in each case, at a price of 130 pence per Non-accepted Share, on the terms and subject to the conditions of the Underwriting Agreement. A further announcement as to the number of Non-accepted Shares and Fractional Entitlement Shares for which subscribers have been procured will be made in due course.
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)
Barclays
Joint Global Coordinator, Joint Bookrunner, Joint Sponsor and Joint Corporate Broker
+44 (0) 207 623 2323
Bertie Whitehead
Tom Macdonald
Michael Powell
J.P. Morgan Cazenove
Joint Global Coordinator, Joint Bookrunner and Joint Sponsor
+44 (0) 207 742 4000
Colin Carscadden
Alex Watkins
Laurene Danon
Morgan Stanley
Joint Bookrunner and Joint Corporate Broker
+44 (0) 207 425 8000
Andrew Foster
Tom Perry
Davy
Irish Sponsor and Irish Broker
+ 353 1 679 6363
John Frain
Roland French
Barry Murphy
Murray Consultants (Dublin)
+ 353 1 498 0300
Pat Walsh
Joe Heron