We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Harbour Energy Plc | LSE:HBR | London | Ordinary Share | GB00BMBVGQ36 | ORD 0.002P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-5.30 | -1.71% | 304.10 | 306.00 | 307.00 | 315.00 | 304.90 | 315.00 | 933,349 | 16:35:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPMO
RNS Number : 5747N
Premier Oil PLC
01 February 2016
PREMIER OIL PLC
("Premier" or "the Company")
Update on Proposed Acquisition of E.ONs UK North Sea Assets and Restoration of Trading
1 February 2016
On 13 January 2016, Premier announced that it had agreed to acquire the whole of E.ON's UK North Sea assets for a net consideration of $120 million plus completion adjustments. The proposed acquisition, which will be funded from existing cash resources, adds immediate cash generative production, realises tax synergies on Premier's current c.$3.5bn UK tax loss position and is accretive to lending covenants.
On announcement of the transaction, Premier's ordinary shares and public bonds were suspended from trading on the London Stock Exchange at the Company's request. The aggregate of the consideration and the expected completion adjustment was, at that time, sufficient to classify the transaction as a reverse takeover under the Listing Rules.
Premier and E.ON have now agreed to reduce the completion adjustment to $15 million and the aggregate consideration for the transaction payable by Premier to $135 million. This is a result of an increase of the dividend paid to E.ON prior to completion. The sale and purchase agreement has been amended to reflect the revised agreement.
On the basis of this lower aggregate consideration, the acquisition has been classified as a Class 1 transaction. We have requested that Premier's ordinary shares and 5% listed bonds resume trading on the London Stock Exchange from 7.30am on Monday 1 February 2016.
As a Class 1 transaction, the proposed acquisition will be subject to approval by Premier's shareholders. Premier intends to publish a shareholder circular and notice of meeting in due course, with a shareholder vote to follow during March/April. The proposed acquisition is also subject to the approval of Premier's US Private Placement noteholders and lending banks.
Enquiries
Premier Oil plc
Tel: 020 7730 1111
Tony Durrant, CEO
Richard Rose, Finance Director
Bell Pottinger
Tel: 0203 772 2500
Gavin Davis
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDMGGZVMZGVZG
(END) Dow Jones Newswires
February 01, 2016 02:06 ET (07:06 GMT)
1 Year Harbour Energy Chart |
1 Month Harbour Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions