Business
Announcement of Indicative Price Range
Announcement of Indicative Price Range.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3415Z Savannah Petroleum PLC 14 December 2017 \n\nNOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SINGAPORE\n \n14 December 2017\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nAnnouncement of Indicative Price Range and Launch of Placing\nUpdate regarding the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (\"Seven\") (the \"Agreed Transaction\")\nReceipt of Letter of Authorisation to Proceed from Nigerian Department of Petroleum Resources\nSavannah is today pleased to provide an update on its intention to raise up to US$250m through an issue of new ordinary shares of £0.001 each (\"Ordinary Shares\") by way of a placing (the \"Placing\") with institutional investors (the \"Placees\") to fund, inter alia, the cash consideration portion of the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (\"Seven\") (the \"Agreed Transaction\").\n· Following the Company's announcement on 4 December 2017 of its intention to conduct the Placing, the indicative price range has been set at 40 pence to 50 pence per Ordinary Share;\n· Based on this indicative price range, Savannah's implied market capitalisation upon re-admission to trading following completion of the Agreed Transaction, after the issue of new Ordinary Shares in the Placing and the issue of new Ordinary Shares to the holders of Seven's current 10.25 per cent. Senior Secured Notes (\"SSNs\") and to the lender of Seven's second bilateral facility agreement, would be approximately £375m to £400m;\n· Institutional bookbuilding for the Placing (the \"Bookbuild\") will commence today and is expected to close on 15 December 2017 at 5 p.m. (London time);\n· The final price for the Placing (the \"Placing Price\") is expected to be announced on or around 18 December 2017, with publication of the admission document in respect of the Placing and the Agreed Transaction (the \"Admission Document\") and restoration of Savannah's shares to trading expected on 19 December 2017.\nUpdate Regarding the Agreed Transaction\nFur...