Premier Oil PLC Result of Creditor Meetings (9260P)
February 22 2021 - 08:00AM
UK Regulatory
TIDMPMO
RNS Number : 9260P
Premier Oil PLC
22 February 2021
Premier Oil plc
("Premier")
Result of Creditor Meetings
22 February 2021
Premier announces that the creditor meetings of the Super Senior
RCF/LC Restructuring Plan Creditors and Senior Restructuring Plan
Creditors (together the "Restructuring Plan Creditors") of Premier
and Premier Oil UK Limited, were held earlier today.
The creditor meetings were held for the purpose of proposing
resolutions to the Restructuring Plan Creditors to approve the
restructuring plans (the "Restructuring Plans") required to
implement the proposed all share merger between Premier and
Chrysaor Holdings Limited and the reorganisation of Premier's
existing debt and cross currency swaps (the "Transaction").
The resolutions at each of the creditor meetings were approved
by the relevant majorities of the Restructuring Plan Creditors in
each class representing at least 75% in value of those present and
voting (in person or by proxy):
-- Of the Super Senior RCF/LC Restructuring Plan Creditors,
95.04% in value of those voting approved the Restructuring Plans
with 96.95% in value voting.
-- Of the Senior Restructuring Plan Creditors, 95.71% of those
voting approved the Restructuring Plans with 95.10% in value
voting.
The Restructuring Plans remain subject to approval by the
Scottish Court of Session with the sanction hearing currently
scheduled to commence on 19 March 2021.
Under the terms of the Transaction, Premier's senior creditors
had the option to elect to receive a share of a partial cash
alternative capped at approximately US$175 million (the "Cash-Out
Option") instead of receiving shares in the combined group
following the Transaction (the "Combined Group"). In addition,
senior creditors were able to elect to subscribe in cash at a pre
agreed price for those new shares in the Combined Group which would
have been issued to other senior creditors if they had not elected
the Cash-Out Option (the "Top-Up Election").
Premier announces that, based on the elections made by its
senior creditors (the deadline for which was 10am today), the
take-up under the Cash-Out Option is expected to be less than
US$175 million and the number of shares subscribed for under the
Top-Up Election exceeded the maximum number of shares which could
be available under the Top-Up Election. As a result:
-- The full number of creditor shares, equal to 18 per cent. of
the Combined Group, are expected to be issued to senior creditors
at completion. The remaining shares in the Combined Group are
expected to be held at completion in the following proportions: 77%
by Harbour North Sea, its concert parties and other Chrysaor
shareholders and 5% by Premier shareholders.
-- The cash received from subscribing creditors under the Top-Up
Election is expected to equal the payment required under the
Cash-Out Option, and the Combined Group therefore expects to retain
the $175 million of cash that it may otherwise have needed to use
to fund the Cash-Out Option.
Enquiries
Premier Oil plc Tel: 020 7824 1116
Richard Rose, Finance Director and Interim
CEO
Elizabeth Brooks, Head of Investor Relations
Camarco Tel: 020 3757 4983
Billy Clegg
Georgia Edmonds
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