NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON, OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
31 March 2017
IGas Energy Plc ("IGas" or "the Company") (AIM: IGAS)
Result of voluntary cash offer to secured bondholders
Further to the announcement by IGas and the Buy-Back Offer Letter published on Stamdata on 17 March 2017, the deadline for making offers under the Voluntary Cash Offer expired at 13:00 hours CET on 31 March 2017.
The Company hereby confirms that the aggregate face value of Secured Bonds offered in the Voluntary Cash Offer was US$71.4 million (after adjustment for the mandatory pro rata equity exchange).
Pursuant to the terms of the Voluntary Cash Offer, and subject to completion of the restructuring proposed by the Company (the "Restructuring"), the Company has conditionally accepted offers to buy-back Secured Bonds with an aggregate face value of US$49.2 million.
Settlement of the Voluntary Cash Offer is conditional upon completion of the Restructuring and the occurrence of Admission on or before 28 April 2017 (as defined in the Summons). Settlement is expected to occur on 7 April 2017, at which time payment in cash will be made to those bondholders whose offers have been accepted by the Company in consideration for the Bonds being repurchased by the Company.
Since the US$49.2 minimum cash cancellation (the Secured Bond Cash Cancellation Minimum) threshold has been exceeded, no Conditional Cash Cancellation (as defined in the Summons) will take place upon completion of the Restructuring.
This announcement will be published at Newsweb and be available at www.stamdata.no.
Requests for more information may be directed to the manager of the Voluntary Cash Offer:
ABG Sundal Collier ASA:
Attn.: Ola Nygård
Telephone: +47 22 01 61 86 / +47 41 21 34 10
E-mail: [email protected]
Disclaimers
This announcement has been prepared by the Company exclusively for information purposes. It does not constitute or include any recommendation by the Company (or any other person) regarding the securities of the Company or as to the merits of any transaction or the making of any investment decision. It does not constitute or include any confirmation or commitment by the Company (or any other person) regarding the present or future value of the business of the Company, its securities, its affiliates or any of the Company's or their assets.
This announcement is not intended to and does not constitute or form part of any offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction.
The release, publication or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law or regulation and therefore any persons who are subject to the laws or regulations of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements.
The manager is acting on behalf of the Company in connection with the Voluntary Cash Offer. The manager will not be acting on behalf of any other party in connection therewith and will not be responsible to any other party. The manager has made no assessment of the price offered in the Voluntary Cash Offer and does not represent that such price is fair or appropriate.
