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Dana Petroleum holders tender almost all convertibles into KNOC offer
By Angela McDaniels
Tacoma, Wash., Oct. 11 - Korea National Oil Corp. had acquired or received tenders for £141.27 million principal amount, or 99.84%, of Dana Petroleum plc's 2.9% convertible bonds due 2014 as of Oct. 8, according to a news release from KNOC.
As previously reported, KNOC is offering to acquire Dana Petroleum for 1,800p per share and the convertibles for £141,509.43 per £100,000 principal amount.
The tender offers for the convertibles and the shares will remain open until further notice. The company must give at least 14 days' notice before closing the offers.
The conversion price for the bonds is 1,645p per Dana Petroleum share.
When KNOC announced the tender offer on Aug. 20, it said that holders would be able to convert their bonds at the change-of-control price if the share offer were declared unconditional and that the change-of-control price would be 1,272p per Dana Petroleum share.
According to the latest news release, the share offer became unconditional on Sept. 24.
Dana Petroleum's shares closed at 1,801p (London: DNX) on Oct. 11.
Questions about the tender offer for the convertibles may be directed to BNP Paribas Securities Services, Luxembourg Branch (+352 26 96 20 00).
Dana Petroleum is an Aberdeen, Scotland-based oil and gas exploration and production company.
KNOC is a state-owned energy company based in Anyang, South Korea.
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