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great news this mess is being cleared up, I don't care about ARCM but do about Premier and this is fantastic news, well done Tony for pulling this off and getting the BP assets much cheaper whilst getting our biggest lender/shorter off our backs, we will reap the rewards for years to come. Now I wonder if I could pick up more cheap shares first thing this morning or the horse has bolted and need to stick with what I have
However just to add...their short will be reduced so not closed entirely.
withoutt - yes, as per the RNS :
"ARCM has undertaken to support the Stable Platform Agreement and the proposed BP Acquisitions. In addition, Premier has agreed to issue 82,164,064 new Premier shares, representing 8.91 per cent of the enlarged Group, to ARCM at a price of 26.69p/sh. This represents a 9.64 per cent discount to the volume weighted average price of Premier's shares over the period from 29 May to 4 June 2020 (inclusive). The issue will raise approximately $27.5 million, the proceeds of which will be used to fund part of the proposed BP Acquisitions and ongoing capital investments. ARCM will use the new shares to reduce its current short position (latest reported being 16.69 per cent)."
The 82m shares are going to ARCM. This also explains why the VWAP was kept around 30p.
Their short
ARCM to withdraw their Appeal
Another 82 million shares to be issued
Their will have to close now?
Premier Oil Share News (PMO)
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Share Name Share Symbol Market Type Share ISIN Share Description
Premier Oil Plc LSE:PMO London Ordinary Share GB00B43G0577 ORD 12.5P
Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
0.00 0.0% 31.80 31.52 31.80 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1,194.9 77.3 15.0 2.0 267
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Alert
Premier Oil PLC Update on BP Acquisitions and creditor agreements
05/06/2020 7:00am
UK Regulatory (RNS & others)
Premier Oil (LSE:PMO)
Intraday Stock Chart
Friday 5 June 2020
Click Here for more Premier Oil Charts.
TIDMPMO
RNS Number : 0888P
Premier Oil PLC
05 June 2020
Premier Oil plc
("Premier" or "the Group" or "the Company")
Proposed revised terms for the BP acquisitions and agreements with creditors
5 June 2020
Highlights
-- Amended terms for the acquisition of the Andrew Area and Shearwater assets (together, the "BP Acquisitions") agreed in principle
o Cash payable at completion reduced to $210 million
o Estimated revised abandonment obligations reduced to c.$240 million (pre-tax) from c.$600 million (pre-tax)
-- Principal terms being discussed with a subset of Premier's creditors to waive the Group's financial covenants through to 30 September and to provide continued access to its revolving credit facilities ("Stable Platform Agreement"); once agreed and finalised, the terms will be put to the wider creditor group for approval
-- Settlement agreed with ARCM, the Group's largest creditor, under which:
o ARCM will withdraw its appeal of the Court's judgment approving the Schemes
o ARCM have undertaken to support the BP Acquisitions and the Stable Platform Agreement through the lender consent process
o Premier will issue 82.2 million new shares, representing 8.91 per cent of the enlarged Group, to ARCM at a price of 26.69p/sh, a 9.64 per cent discount to the volume weighted average price over the last five days; the proceeds from which will be used to fund part of the proposed BP acquisitions
Tony Durrant, CEO, commented:
"We are pleased to have agreed revised terms with BP for the proposed acquisition of the Andrew Area and Shearwater assets, which are materially value accretive for the Company. The Stable Platform Agreement, once agreed with and approved by lenders, will provide a basis for the Company to continue discussions regarding proposed amendments to the Group's existing credit facilities."
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