18 Dec 2017 17:01
18 December 2017
Phoenix Global Resources plc
("Phoenix" or the "Company")
Interoil Demerger
The Board of Phoenix is pleased to announce that, further to the circular dated 7 November 2017, the Reduction of Capital becoming effective on 14 December 2017 and the delivery of interim accounts of the Company for the period ended 14 December 2017 to the Registrar of Companies, the Interoil Demerger completed today.
The Interoil Demerger will result in an entitled Shareholder receiving one Exchangeable GuernseyCo Share in IOX Investments Limited ("GuernseyCo") for each Phoenix Share held. For a period of six months following receipt by GuernseyCo of the Interoil Shares, holders of Exchangeable GuernseyCo Shares may exchange their Exchangeable GuernseyCo Shares in consideration for the transfer to them of one Interoil Share for every 36 Exchangeable GuernseyCo Shares (subject to adjustment). If an Exchangeable GuernseyCo Shareholder does not exercise the right to exchange in the six-month period then GuernseyCo will sell the remaining Interoil Shares it holds as soon as practicable and the net proceeds will be distributed to the remaining GuernseyCo shareholders on a pro rata basis.
Any Exchangeable GuernseyCo Shareholder who exercises its right to exchange (other than a nominee who holds Exchangeable GuernseyCo Shares on behalf of an underlying investor) will be required to exchange its entire holding of Exchangeable GuernseyCo Shares for Interoil Shares.
Share certificates in respect of Exchangeable GuernseyCo Shares will be issued by 5 January 2018 and will be sent by post or airmail.
The ISIN Number for IOX Investments Limited is GG00BYVHTX37.
For further information, please contact:
Phoenix Global Resources plc | Anuj Sharma, CEO Philip Wolfe, CFO
| T: +54 11 5258 7500 T: +44 20 7839 4974 |
Stockdale Securities | Antonio Bossi Ed Thomas | T: +44 20 7601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco |
Billy Clegg Gordon Poole James Crothers |
T: +44 20 3757 4980 |
Capitalised terms used but not defined in this announcement have the same meaning as in the Circular published by the Company on 7 November 2017 and available on its website at www.phoenixglobalresources.com
About Phoenix
Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company. The Company has over 6.3 million licensed working interest acres in Argentina (of which over 5 million are operated), 61.7 million boe of working interest 2P reserves and average production of approximately 11,300 working interest boepd in 2016. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 480,000 working interest acres with Vaca Muerta potential.
The Company's website is www.phoenixglobalresources.com.