Details of Prax deal6 Jun 2023 13:53
This is a copy of Hargreaves Lansdown message sent at end of May detailing the Prax offer and timescales where known:
"As you will be aware, Prax Exploration & Production Plc have made an offer to buy Hurricane Energy plc for 4.15p cash, a supplementary dividend of up to 1.87p, and 1 Deferred Consideration Unit (DCU) per share. The expected effective date of the takeover has now been announced.
Shareholders approved this takeover at meetings held on 4 May 2023. The takeover still needs court approval at a hearing on 7 June 2023.
The 4.15p in cash will be comprised of a transaction dividend of 3.32p per share and a cash consideration of 0.83p per share. The supplementary dividend is dependent on whether Hurricane Energy plc has sufficient cash resources, in particular it will need to have received the proceeds from the oil lifting from the Lancaster Field.
The DCUs may deliver up to 6.48 pence per share in cash. The option to elect to receive loan notes instead of any cash you might receive from the DCUs has passed.
If approved, the offer will complete on 8 June 2023. It is expected that the cash will be paid, and shares will be credited on or around 22 June 2023. If you want to sell your shares before the takeover completes, you’ll need to do so before 4:30pm on 7 June 2023. If you’d like to sell your shares you can place a trade online.
If you hold your shares within an ISA, please note that further to our message sent on 18 May 2023, we are still waiting for HMRC to confirm whether the DCUs can be held within an ISA. We will let you know once we have received a response back.
This message is a summary of the Hurricane Energy plc announcement. It is not personal advice. You can read the full announcement on the company website."
Sign In
Follow the stocks
