Energy XXI (Bermuda) Limited Exchange of Convertible Perpetual Preferred Stock (3143G)
28 June 2012 - 4:00PM
UK Regulatory
TIDMEXXI
RNS Number : 3143G
Energy XXI (Bermuda) Limited
28 June 2012
Energy XXI (Bermuda) Limited ("Energy XXI" or "the Company")
Exchange of 5.625% Convertible Perpetual Preferred Stock
Energy XXI announces the closing of an exchange agreement (the
"Exchange Agreement") with a holder of the Company's 5.625%
Convertible Perpetual Preferred Stock, par value $0.001 per share
(the "Preferred Stock"), to issue shares (the "Exchange
Securities") of the Company's common stock, par value $0.005 per
share (the "Common Stock"), in exchange for 103 total shares of
Preferred Stock.
Pursuant to the Exchange Agreement, the Company has issued a
number of shares of Common Stock equal to the sum, rounded to the
nearest whole number, of the number of shares of such Preferred
Stock multiplied by 9.8578.
Accordingly, 1,016 new shares of Common Stock have been issued
for the above conversion.
After such issuance, the Company has a total of 78,811,727
common shares in issue, excluding 309,643 treasury shares, and
814,117 shares of 5.625% Preferred Stock outstanding.
Application has been made for the 1,016 new shares of Common
Stock to be admitted to trading on AIM and admission is expected to
occur on 5 July 2012.
28 June 2012
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Seymour Pierce
Nominated Adviser: Jonathan Wright
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7107 8000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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