Business
Proposed restructuring-Placing closed-Replacement
Proposed restructuring-Placing closed-Replacement.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 8735Z Igas Energy PLC 17 March 2017 \n\nThe following amendments have been made to the 'Proposed restructuring - Placing closed' announcement released on 17 March 2017 at 11:27 under RNS No 8143Z: corrections to Directors' Interests Table. All other details remain unchanged. The full amended text is shown below.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM\nANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF\nTHE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n \n17 March 2017\nIGas Energy plc (AIM: IGAS)\n(\"IGas\" or the \"Company\")\n \nFinal terms of a proposed capital restructuring of the Company and Trading Update\nPlacing closed \nCorrection\n \nFurther to the announcement made earlier this morning the Company is pleased to confirm that the Placing has closed. Accordingly this announcement repeats earlier content and shareholders should note that, save for the update as to the placing having formally closed at the level previously announced, it is merely a matter of record.\nIGas, a leading UK onshore oil and gas explorer and producer, today announces the final terms of a proposed capital restructuring that the Company believes would will result in a new capital structure which will be sustainable in the current oil price environment such that the Company is well positioned to capitalise on value accretive opportunities alongside its US$230 million carried work programme.\nKey highlights:\n· a proposed new equity fundraise to raise approximately US$55 million (equivalent to approximately £45.23m) from (a) a subscription by a new investor, Kerogen; (b) a placing of shares with institutional investors; (c) a subscription by certain of the Directors, certain of their spouses and certain third parties;\n· a subscription by existing shareholders under an open offer for up to €5 million;\n· a debt for equity swap in respect of all the unsecured bonds (through a bondholder vote); and a debt for equity swap in respect of some of the secured bonds (through a voluntary equity exchange and/or bondholder vote); the secured bonds will convert to equity at 100% of par value and the unsecured bonds will...