Premier Oil PLC Update on Schemes of Arrangement (0572A)
16 January 2020 - 10:51PM
UK Regulatory
TIDMPMO
RNS Number : 0572A
Premier Oil PLC
16 January 2020
Premier Oil plc
("Premier" or the "Group")
Update on Schemes of Arrangement ("Schemes")
16 January 2020
Premier announces that the convening hearing was held earlier
today in connection with the Schemes required to implement the
proposed UK North Sea Acquisitions, related funding arrangements
and extension of its credit facilities (the "Proposed
Transactions"), at which the Court granted Premier's request to
start the scheme process. The Group will now convene the creditor
meetings for the Schemes, to be held on 12 February 2020, with the
Schemes sanction hearing expected to take place in March.
Since announcing the Proposed Transactions on 7 January, the
level of support from creditors has continued to increase. Of the
creditors subject to the Schemes, 86.03 per cent of Super Senior
Commitments and 75.15 per cent of Senior Commitments have agreed to
vote in favour of the Schemes at the creditor meetings. The Schemes
must be approved by a majority in number and 75 per cent in value
by total drawn and undrawn commitments of scheme creditors in each
class attending and voting at those creditor meetings.
A copy of the explanatory statement in relation to the Schemes
will be available for scheme creditors, free of charge, by
contacting Lucid Issuer Services Limited, the information agent
appointed in respect of the Schemes, at premieroil@lucid-is.com or
via the Schemes website www.lucid-is.com/premieroil.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief Executive
Richard Rose, Finance Director
Camarco Tel: 020 3757 4983
Billy Clegg
James Crothers
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END
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