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RNS
Phoenix Global Resources PLC   -  PGR   

Interoil Demerger and Cash Distribution

Released 07:00 19-Feb-2019

RNS Number : 4161Q
Phoenix Global Resources PLC
19 February 2019
 

 

19 February 2019 7:00 am

 

Phoenix Global Resources plc

("Phoenix", "PGR" or the "Company")

 

Interoil Demerger and Cash Distribution

 

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources, is pleased to provide an update on the Interoil demerger and cash distribution.

 

The Company is pleased to confirm that IOX Investments Limited ("GuernseyCo") has completed the sale of the remaining Interoil Shares it held in respect of the Exchangeable GuernseyCo Shareholders who did not exercise their right to exchange Exchangeable GuernseyCo Shares for Interoil Shares in the six-month exchange period.

 

GuernseyCo is now in a position to redeem all Exchangeable GuernseyCo Shares that were not exchanged though a distribution of the net proceeds from the sale of the remaining Interoil Shares. The amount of the distribution is £0.01532621 per each Exchangeable GuernseyCo Share held.

 

GuernseyCo's registrar, Anson Registrars Limited ("Anson"), has been appointed to effect the final distribution and will be sending a letter from GuernseyCo to registered Exchangeable GuernseyCo Shareholders today containing information regarding the distribution process in respect of the net proceeds of the sale. Should you require any further information you should contact Anson by telephone on +44 (0) 1481 711301 or via email at registrars@anson-group.com.

 

Details of the applicable distribution process for those Exchangeable GuernseyCo Shareholders whose shares are held in non-UK jurisdictions will be released in accordance with the respective local market regulations.

 

More specifically, with regards to Exchangeable GuernseyCo Shares held in Argentina through the Caja de Valores S.A. ("CVSA"), the cash distribution will be made by the CVSA in US Dollars unless an Exchangeable GuernseyCo Shareholder elects to be paid in Pounds Sterling, in accordance with the notice to be released by the CVSA after receiving the corresponding information from the international central securities depository, Euroclear. Should you require any further information, you should contact our lawyers, Perez Alati, Grondona, Benites & Arntsen at phoenixglobalresources@pagbam.com.ar who are assisting in this process.

 

For further information, please contact:

 

Phoenix Global Resources plc

Anuj Sharma, CEO

Kevin Dennehy, CFO

 

T: +54 11 5258 7500

 

Stockdale Securities

Antonio Bossi

David Coaten

T: +44 20 7601 6100

 

Panmure Gordon

 

Charles Lesser

 

T: +44 20 7886 2500

 

Camarco

 

Billy Clegg

Owen Roberts

James Crothers

 

T: +44 20 3781 8331

 

Capitalised terms used but not defined in this announcement have the same meaning as in the Circular published by the Company on 7 November 2017 and available on its website at www.phoenixglobalresources.com

 

About Phoenix

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company.  The Company has over 6.3 million licensed working interest acres in Argentina (of which over 5 million are operated), 57.2 million boe of working interest 2P reserves and average production of approximately 9,750 working interest boepd in Q3 2018. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 560,000 working interest acres with Vaca Muerta potential.

 

The Company's website is www.phoenixglobalresources.com

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Interoil Demerger and Cash Distribution - RNS