22nd Oct 2018 09:24
LONDON (Alliance News) - EnQuest PLC said on Monday it has received valid acceptances for 485.5 million new shares, reflecting 95.5% of the total shares offered under its rights issue of 508.3 million shares.
The three-for-seven rights issue was first announced in September on, at an issue price of 21 pence per share, and was intended to raise GBP107 million. Shares in the oil and gas company were down 1.3% at 30.80 pence on Monday.
Joint bookrunners JP Morgan Cazenove and Merrill Lynch International will now look for subscribers for the remaining 22.8 million shares not taken up in the rights issue.
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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