Published on:
25 April 2017
RNS Announcement
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Following the announcement earlier today regarding valid acceptances received under the fully underwritten Rights Issue announced by Tullow Oil plc ("Tullow" or the "Company") on 17 March 2017 (the "Rights Issue"), Tullow is pleased to announce that 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") have (on behalf of the Underwriters) today procured subscribers for 21,960,830 new ordinary shares of 10 pence each in the capital of the Company (the "New Ordinary Shares"), for which valid acceptances were not received in the Rights Issue (the "Non-accepted Shares") and subscribers for 3,458 New Ordinary Shares representing fractional entitlements arising under the Rights Issue (the "Fractional Entitlement Shares") at a price of 211.9 pence per New Ordinary Share. 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.
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