Energy XXI (Bermuda) Limited Exchange of Convertible Perpetual Preferred Stock (7503L)
07 September 2012 - 5:20PM
UK Regulatory
TIDMEXXI
RNS Number : 7503L
Energy XXI (Bermuda) Limited
07 September 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 25 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 9.8780.
Accordingly, 247 new shares of Common Stock have been issued for
the above conversion.
After such issuance, the Company has a total of 79,288,496
common shares in issue, excluding 663 treasury shares, and 813,919
shares of 5.625% Preferred Stock outstanding.
Application has been made for the 247 new shares of Common Stock
to be admitted to trading on AIM and admission is expected to occur
on 14 September 2012.
7 September 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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