22nd Oct 2018 18:32
LONDON (Alliance News) - EnQuest PLC said Monday JP Morgan Cazenove and Merrill Lynch International found subscribers for the remaining 4.5% of shares not taken up in the company's recent right issue.
EnQuest said the remaining 22.8 million shares were subscribed for after it received valid acceptances for 485.5 million new shares last Monday.
Shares in EnQuest closed down 6.6% Monday at 29.15 pence each.
The 485.5 million shares represented 95.5% of the total shares offered under the rights issue of 508.3 million shares.
The three-for-seven rights issue was first announced in September, at an issue price of 21 pence per share, and was intended to raise GBP107 million.
Proceeds will go towards the acquisition of the remaining 75% stake EnQuest does not already own in the Magnus field in the northern North Sea, and the drilling of two infill wells in the field.
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