Business
Launch of Exchange Offer
Launch of Exchange Offer.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7304C Savannah Petroleum PLC 24 January 2018 \n\nNOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SINGAPORE\n \n24 January 2018\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nLaunch of Exchange Offer for Seven's Existing Notes\nSavannah is pleased to announce that for purposes of facilitating the Company's proposed acquisition of the Seven Assets it has commenced an exchange offer and consent solicitation with respect to the 10.25% Senior Secured Notes (the \"Exchange Offer\"). The Exchange Offer is subject to the terms and conditions as set forth in a confidential offering memorandum dated the date hereof (the \"Solicitation Memorandum\"), which are further described in the appendix to this announcement. \nThe Exchange Offer will expire at 4:00 p.m. (London time) on 6 February 2018 (unless extended) and is expected to settle on or about 9 February 2018 (unless extended). The Second Tranche Placing Shares, the EBT Shares and 233,370,985 new Ordinary Shares to be issued to the holders of the 10.25% Senior Secured Notes (which form part of the Consideration Shares) will be issued, allotted and admitted to trading on AIM shortly after settlement of the Exchange Offer. The balance of the Consideration Shares will be issued prior to Re-Admission of the Enlarged Group to trading on AIM.\nThe Exchange Offer is conditional upon, inter alia, participation by 90 per cent. of the aggregate principal amount of the 10.25% Senior Secured Notes. As of the date hereof, holders of 92.9 per. cent. of the aggregate principal amount of the 10.25% Senior Secured Notes remain subject to the Lock-up Agreement entered into by Savannah, the Seven Group and certain creditors of the Seven Group dated 14 November 2017 (as amended on 21 December 2017) whereby such holders agreed (subject to the terms of that agreement) to support the Exchange Offer.\nThe exchange agent for the Exchange Offer is D.F. King Limited (the \"Exchange Agent\"). Any questions or requests for assistance or copies of the Solicitation Memorandum may be directed to D.F. King Limited at +1 212 269 5550 and +44 20 7920 9700, website: https://sites.dfkingltd.com/savannah, e-mail: [email protected].\n \nUpdate on Trans...