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25 Jul 2008 07:00
Afren plc (AIM: AFR)
Early Conversion of Convertible Bonds
London, 25 July 2008 - Afren plc ("Afren" or the "Company") today announces the result of the Conversion Premium Offer (the "Offer") for its 9% 2011 Convertible Bonds (the "Bonds").
The Company is pleased to announce 100 per cent. take up of the Offer, with conversion notices received, representing £41.25 million of face value bonds. This will result in 71,120,689 new ordinary shares being issued to holders of the Bonds, resulting in a total issued share capital of 442,039,566. Admission of the new ordinary shares to trading on AIM is expected to take place on 31st July 2008.
The successful early conversion serves to remove an instrument which was no longer considered financially efficient and improves the Company's flexibility and capacity in relation to any future debt capital raising opportunities. The increased share capital will also further improve liquidity in the stock.
Jefferies International Limited acted as Dealer Manager to the Conversion Premium Offer.
Osman Shahenshah, Chief Executive, commented:
"We are very pleased with the successful outcome and full take up of the early conversion offer.
Removal of the Convertible Bonds enhances Afren's capital structure and improves our financial flexibility, particularly relevant given the opportunities in the acquisitions pipeline."
Enquiries:
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Afren plc |
+44 20 7451 9700 |
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Osman Shahenshah |
Chief Executive |
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Galib Virani |
Investor Relations |
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Jefferies International Limited |
+44 20 7029 8000 |
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Rupert Mitchell |
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Jack Pryde |
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Oliver Griffiths |
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Pelham Public Relations |
+44 20 7743 6676 |
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James Henderson |
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Alisdair Haythornthwaite |
Not for transmission to any U.S. person or to any person or address in the United States or in any other jurisdiction in which the offer would be prohibited by applicable law. This announcement is for information purposes only and does not constitute, nor form part of, an offer to sell or issue or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Jefferies International Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as financial adviser to Afren plc and no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Afren plc for providing the protections afforded to the clients of Jefferies International Limited nor for providing advice in relation to the subject matter of this announcement.
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