Business
Announces US$300m placing
Announces US$300m placing.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 4441W Zhaikmunai LP 29 July 2009 \n \nNOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR into \nAUSTRALIA, CANADA, JAPAN OR THE UNITED STATES\n \n \nZHAIKMUNAI L.P.\n\nZhaikmunai L.P. announces US$300m placing at US$4 per GDR \n \nLondon, 29th July 2009: Zhaikmunai L.P. (LSE:ZKM) ('Zhaikmunai'), the oil and gas exploration, development and production business based in northwestern Kazakhstan, today announces a placing to raise US$300 million through the sale of new common units (the 'Placing'), a major part of which will be in the form of global depositary receipts ('GDRs'). The proceeds of the Placing will supplement the Group's existing credit facilities and fund in part the capital expenditure programme for the Chinarevskoye field, in particular, the completion of the Gas Treatment Unit. \n\nIn connection with the Placing, the Partnership has agreed to issue 45,000,000 new Common Units in the form of GDRs at a price of US$4.00 per GDR on a non-preemptive basis to placees procured by ING Bank, Mirabaud Securities, Renaissance Capital and FirstEnergy Capital Corp. pursuant to an underwritten placing agreement dated 29th July 2009. ING Bank, Mirabaud Securities and Renaissance Capital are acting as Joint Bookrunners (the 'Joint Bookrunners') with FirstEnergy Capital Corp. acting as Co-Manager responsible for Canada (together with the Joint Bookrunners, the 'Managers') for the Placing. In addition, Renaissance Capital has arranged for a private placement by an investor into Claremont Holdings Limited, the existing 90% owner of Zhaikmunai. As a result, Claremont Holdings Limited has agreed to subscribe for an additional 30,000,000 Common Units in the form of GDRs, at a price of US$4.00 per GDR, which will result in Zhaikmunai receiving total gross proceeds of US$300 million.\n\nZhaikmunai will apply for admission of the GDRs to the Official List of the UK Financial Services Authority and admission to trading of the GDRs on the main market of the London Stock Exchange ('Admission'). It is expected that Admission will take place and that trading will commence in mid-August 2009 following satisfaction of certain conditions precedent to the Placing.\n\...