JKX Oil & Gas PLC Repurchase of Convertible Bonds (8957M)
October 19 2016 - 1:00AM
UK Regulatory
TIDMJKX
RNS Number : 8957M
JKX Oil & Gas PLC
19 October 2016
19 October 2016
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Repurchase of Convertible Bonds
JKX Oil & Gas plc confirms that on 19 October 2016 it
repurchased in the market $6.4 million of the principal amount of
the Company's remaining $22.4 million convertible bonds due in 2018
("the Bonds"), at an average price of 94 per cent of par value plus
accrued unpaid interest, reducing the overall cost of finance. The
Company intends to cancel the bonds that it has repurchased.
As a result of the repurchase the Company has avoided associated
interest and redemption costs of $0.9 million that would have been
incurred through to the first available Bondholder put option in
February 2017.
Following this repurchase, $16.0 million of the Bonds remain
outstanding. The Company may make further repurchases of Bonds and
also continues to explore various options for restructuring the
remaining Bonds.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale or purchase of securities in any jurisdiction where such
sale or purchase is unlawful. This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker
This information is provided by RNS
The company news service from the London Stock Exchange
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