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LONDON, Jan 12 (Reuters) - Premier Oil shareholders
on Tuesday voted in favour of a reverse takeover of private
equity-backed Chrysaor to create the British North Sea's biggest
oil and gas producer in which Premier shareholders will hold
about 5.5%.
"Shareholder approval for the Transaction has now been
received," said Premier, which will be renamed Harbour Energy
but maintain its London listing.
Creditors of Premier, which has net debt of $1.9 billion,
will receive $1.2 billion in cash under the merger and debt
restructuring plan from a new debt facility and existing cash
from both groups.
This on average represents a payout of around 61 cents for
each dollar owed, the prospectus said. They can also elect to
receive further shares representing up to 18% of the new group,
or a cash alternative bringing the payout to around 75 cents.
Premier said the creditor vote is expected on 22 February.
"As previously announced, the requisite level of Premier's
creditors have irrevocably undertaken to vote in favour of the
restructuring plans," it said.
(Reporting by Shadia Nasralla
Editing by David Goodman, Kirsten Donovan)
