Phoenix Global Resources PLC Interoil Demerger (7043Z)
December 18 2017 - 12:01PM
UK Regulatory
TIDMPGR
RNS Number : 7043Z
Phoenix Global Resources PLC
18 December 2017
18 December 2017
Phoenix Global Resources plc
("Phoenix" or the "Company")
Interoil Demerger
The Board of Phoenix is pleased to announce that, further to the
circular dated 7 November 2017, the Reduction of Capital becoming
effective on 14 December 2017 and the delivery of interim accounts
of the Company for the period ended 14 December 2017 to the
Registrar of Companies, the Interoil Demerger completed today.
The Interoil Demerger will result in an entitled Shareholder
receiving one Exchangeable GuernseyCo Share in IOX Investments
Limited ("GuernseyCo") for each Phoenix Share held. For a period of
six months following receipt by GuernseyCo of the Interoil Shares,
holders of Exchangeable GuernseyCo Shares may exchange their
Exchangeable GuernseyCo Shares in consideration for the transfer to
them of one Interoil Share for every 36 Exchangeable GuernseyCo
Shares (subject to adjustment). If an Exchangeable GuernseyCo
Shareholder does not exercise the right to exchange in the
six-month period then GuernseyCo will sell the remaining Interoil
Shares it holds as soon as practicable and the net proceeds will be
distributed to the remaining GuernseyCo shareholders on a pro rata
basis.
Any Exchangeable GuernseyCo Shareholder who exercises its right
to exchange (other than a nominee who holds Exchangeable GuernseyCo
Shares on behalf of an underlying investor) will be required to
exchange its entire holding of Exchangeable GuernseyCo Shares for
Interoil Shares.
Share certificates in respect of Exchangeable GuernseyCo Shares
will be issued by 5 January 2018 and will be sent by post or
airmail.
The ISIN Number for IOX Investments Limited is GG00BYVHTX37.
For further information, please contact:
Phoenix Global Anuj Sharma, T: +54 11 5258
Resources plc CEO 7500
Philip Wolfe, T: +44 20 7839
CFO 4974
Stockdale Securities Antonio Bossi T: +44 20 7601
Ed Thomas 6100
Panmure Gordon Adam James T: +44 20 7886
Atholl Tweedie 2500
Camarco Billy Clegg T: +44 20 3757
Gordon Poole 4980
James Crothers
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), 61.7 million boe
of working interest 2P reserves and average production of
approximately 11,300 working interest boepd in 2016. Phoenix has
significant exposure to the unconventional opportunity in Argentina
through its 480,000 working interest acres with Vaca Muerta
potential.
The Company's website is www.phoenixglobalresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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