7th May 2009 10:59
Not for release, publication or distribution in or into Australia, Canada, the Dubai International Financial Centre, New Zealand, the Republic of South Africa, the State of Israel or the United States of America
PREMIER OIL plc
("Premier")
Placing of Rights Issue Rump
7th May 2009
Following the announcement earlier today that Premier had received valid acceptances in respect of 33,494,965 New Ordinary Shares, representing approximately 94.9% of the total number of New Ordinary Shares offered to Qualifying Shareholders pursuant to the 4 for 9 Rights Issue announced on 25 March 2009, Premier now announces that, in accordance with their underwriting obligations in respect of the Rights Issue, the Underwriters have procured subscribers for the remaining 1,781,601 New Ordinary Shares, for which valid acceptances were not received, at an average price of 1,079 pence per share. Accordingly the Underwriters themselves will not be required to subscribe for any New Ordinary Shares under the terms of the Underwriting Agreement.
The net proceeds from the sale of these New Ordinary Shares after deduction of the Rights Issue price of 485 pence per New Ordinary Share and relevant costs (including any commissions and taxes), will be paid (without interest) to Shareholders who have not taken up their entitlements, pro rata to their lapsed provisional allotments, except that amounts of less than £5.00 per holding will not be paid to such persons but will be aggregated and retained for the benefit of Premier.
Terms set out in Premier's announcement dated 25 March 2009 have the same meaning in this announcement.
Further information on the acquisition and rights issue is available on Premier's website at www.premier-oil.com
Enquiries
Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Tony Durrant
Pelham PR
James Henderson Tel: 020 7337 1501 / 07774 444 163
Gavin Davis Tel: 020 7337 1515 / 07910 104 660
Evgeniy Chuikov Tel: 020 7337 1513 / 07894 608 606
Related Shares:
PMO.L