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EnQuest announces results of new ordinary share placing and open offer
By Caroline Salls
Pittsburgh, Nov. 17 – EnQuest plc received acceptances for 233.86 million new ordinary shares, representing 65.6% of the shares available under its placing and open offer of 356.74 million new ordinary shares at an issue price of 23 pence per share, according to a news release.
The open offer closed on Wednesday.
EnQuest said the remaining 122.88 million new ordinary shares were taken up under the placing, which represents a 60.9% clawback of the shares under the placing.
Double A Ltd., a company beneficially owned by the extended family of Amjad Bseisu, took up 31.74 million shares under the open offer as part of an irrevocable commitment. In addition, Double A, together with friends, family and associates, was allocated 35.67 million shares under the placing.
Following admission, Double A will hold 103.14 million new ordinary shares, representing about 8.9% of the enlarged issued share capital of the company.
The placing and open offer are subject to LSE admission becoming effective, application for Stockholm admission having been made with no notification that it was refused or will not become effective.
The company said applications have been made for admission to listing of the shares on the premium listing segment of the Official List and to the London Stock Exchange for the shares to be admitted to trading on the Main Market, as well as to Nasdaq Stockholm AB for the shares to be admitted to trading on that exchange.
EnQuest is a London-based petroleum exploration and production company. It filed for bankruptcy on Oct. 24 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 16-12983.
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