Premier Oil PLC Completion of merger with Chrysaor (1813U)
March 31 2021 - 10:00AM
UK Regulatory
TIDMPMO
RNS Number : 1813U
Premier Oil PLC
31 March 2021
Premier Oil plc
("Premier" or the "Company")
Completion of merger with Chrysaor
31 March 2021
Premier is pleased to announce that the all share merger between
Premier and Chrysaor Holdings Limited ("Chrysaor") and the
reorganisation of Premier's existing debt and cross-currency swaps
were completed earlier today ("Completion").
Premier also announces that it has changed its name from Premier
Oil plc to Harbour Energy plc, with effect from today.
The Company's 925,532,809 existing ordinary shares and
17,585,119,330 new ordinary shares are expected to be admitted to
trading on the London Stock Exchange on 1 April at 0800 BST. The
Company's shares will trade under the name Harbour Energy plc and
ticker symbol "HBR" and will be registered with ISIN
GB00BLGYGY88.
Ownership structure on Completion
At Completion, the shares in Harbour Energy plc were owned
approximately as follows:
-- EIG Global Energy Partners 36%;
-- Former EIG shareholders 33%;
-- Former Premier creditors 18%;
-- Chrysaor legacy investors 8%; and
-- Former Premier shareholders 5%.
EIG Global Energy Partners' shares in Harbour Energy plc are
subject to a 12 month lock up from Completion. Shares held by
certain former EIG shareholders and certain Chrysaor legacy
investors, representing approximately 40% of Harbour Energy, are
subject to a six month lock up from Completion.
Approximately 23% of Harbour Energy's shares, comprising those
held by former Premier shareholders and creditors, certain former
EIG shareholders and certain Chrysaor legacy investors, are not
subject to any lock ups.
Existing equity warrants
The Company confirms that the issue of certain new ordinary
shares to creditors will result in an adjustment to the exercise
price under the terms of the existing equity warrants issued by the
Company in 2017. The exercise price will be adjusted from GBP0.4081
to GBP0.4017 with effect from 1 April 2021.
Webcast conference call
A live webcast and conference call for analysts and investors
will be held at 1130 (BST) on 1 April 2021 the details of which
are:
Tel: +44(0) 203 936 2999
Access code: 662880
Enquiries
Premier Oil plc Tel: 020 7824 1116
Elizabeth Brooks, Head of Investor Relations
Rachel Rickard, Company Secretary
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END
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March 31, 2021 11:00 ET (15:00 GMT)
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