19th Feb 2019 12:08
LONDON (Alliance News) - Phoenix Global Resources PLC on Tuesday said GuernseyCo has sold its remaining shares in Interoil Exploration & Production ASA and is now able to redeem all shares not already exchanged.
Phoenix Global was created in July 2017 when Andes Energia struck a deal to merge with Argentine oil and gas company Trefoli Holdings, creating an enlarged group.
Phoenix agreed to transfer 513,598 Interoil shares to US shareholders of Andes, and demerge its remaining Interoil shares by way of a distribution to Andes shareholders outside the US of exchangeable GuernseyCo shares.
Andes shareholders were entitled to one Interoil share for every 36 exchangeable GuernseyCo shares.
GuernseyCo has now sold all of the remaining Interoil shares from shareholders who did not exchange their GuernseyCo shares for Interoil shares during the six-month exchange period.
GuernseyCo will distribute the proceeds of the sale of the remaining Interoil shares at 1.5326 pence per share, thereby redeeming all exchangeable GuernseyCo shares.
Shares in Phoenix Global Resources were down 1.2% at 24.00 pence on Tuesday.
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