Enq 23 �pik Tog Discussion Threads

[envirovision] 03/12/2014 13:08

Cant blame you, enq on the rebound took a few of ords yesterday so banked a further 12% profit.

[alun rm] 02/12/2014 16:15

I've taken a few at this level.

[envirovision] 28/11/2014 15:23

ENQ1 had a nibble

[speedsgh] 04/11/2014 11:33

Enquest 5.5% 2022 - an update (30/10/14)

[cwa1] 23/9/2014 07:59

Short piece on FII giving a little more flavour on the above announcement:-



ODRB
September 22
This announcement counts as (modest) good news. The idea is to bring the retail bond into line with the institutional Enquest 7% USD bond. The USD issue had guarantees from the operating companies to the Holdco (the issuer of both bonds) whereas the Sterling bond did not. In Exchange for the guarantees, the retail bond holders are being asked to recognise that they are subordinated (which they are anyway) to secured creditors.

Someone has just kindly reminded me that when I wrote about the launch of the new USD bond on 14th April 201 I complained, amongst other things, about the inferior language (no upward guarantees from operating companies) of the £ bond compared with USD bond. I finished by saying:

"However, there is a solution. On page 182 of the USD prospectus it says in respect of the ORB bond “The Company may elect, following the Issue Date, to have the Guarantors also guarantee the debt of the Company under the MTN Program”. No mention was made of this during the conference call. It may well be that if you don’t ask you don’t get. Therefore if you are an investor in the ORB bond and would like these guarantees then I suggest you get asking. [e-mail] ."

Therefore if you did "ask" or write in, a collective Thank You from Enquest 5 1/2% 2022 holders. Now please make sure you vote in favour or ask a proxy to vote in favour of the amendment of the terms of the bond at the meeting to be held on 17th October. The quorum is 51% of note holders with a pass rate of 75% required. In practice there may be ways of ensuring the vote goes through without the quorum requirement (as there nearly always are in such circumstances) but a pass at the first attempt would be best

[cwa1] 22/9/2014 07:54

Hello All

Thought I would start a thread for the Enquest bond in case anyone wanted to post anything on it.

This morning they announced this:-

EnQuest PLC (the "Company") today gave notice (the "Notice") to holders of its GBP155,000,000 5.50 per cent. Notes due 15 February 2022 (ISIN: XS0880578728, Common Code: 088057872) (together, the "Retail Notes" and the holders thereof, the "Retail Noteholders") issued pursuant to the Company's GBP500,000,000 Euro Medium Term Note Programme that a meeting of Retail Noteholders (the "Meeting") will be held at the offices of Ashurst LLP at Broadwalk House, 5 Appold Street, London EC2A 2HA on 17 October 2014 at 11.00 a.m. for the purposes of considering and, if thought fit, passing an extraordinary resolution of Retail Noteholders approving the grant of subordinated upstream guarantees by certain subsidiaries of the Company in respect of the Company's obligations under the Retail Notes, as further described in the Notice.

This proposal (if approved) affords the Retail Noteholders the opportunity to benefit from subordinated upstream guarantees on substantially the same terms as provided by the same subsidiaries in favour of the holders of the Company's US$650,000,000 7.00 per cent. Senior Notes due 2022 (the "Senior Notes"), as was anticipated in the offering memorandum for the Senior Notes.

A copy of the Notice (which contains details of the terms of subordinated upstream guarantees and the extraordinary resolution to be tabled at the Meeting and explains how Retail Noteholders may appoint proxies or representatives, obtain voting certificates, use block voting instructions and the time limits applicable for the Meeting) can be obtained from the Issuer's website at or at its registered office

Interest rate: 5.5% per annum, payable semi-annually
in arrear on 15 August and 15 February every year,
with the first payment of interest being made on 15
February 2014.