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Successful Tullow Share Offer on Ghana Stock Exchange

Source: www.gulfoilandgas.com 7/22/2011, Location: Africa

Tullow Oil plc is pleased to announce that it has allotted 3,531,546 ordinary shares of 10p each in the capital of Tullow (Shares), which rank pari passu with the existing Shares in issue, pursuant to the offer for subscription of up to 4,000,000 Shares (the Offer) in connection with Tullow's secondary listing on the Ghana Stock Exchange (GSE). This is the largest primary share offer ever completed on the GSE and this will more than double the market capitalisation of the GSE. As previously announced on 13 June 2011, the Offer was open between 13 June and 4 July 2011 with Shares offered at 31 Ghana Cedis. During this period, 10,147 valid applications were received for 3,531,546 Shares representing a total amount of 109,477,926 Ghana Cedis (approximately 72.3 million US Dollars). It is expected that the secondary listing and the first day of trading of Shares on the GSE will be on 27 July 2011.

Application will be made to the UK Listing Authority for the admission to the Official List of those 3,531,546 Shares and to the London Stock Exchange plc for such Shares to be admitted to trading. Admission of such Shares to the Official List and to trading on the London Stock Exchange plc's main market for listed securities is expected to occur on 27 July 2011. It is expected that such Shares will be admitted to trading on the Irish Stock Exchange on the same day. All applicants who submitted valid applications in the Offer will receive all of the Shares they applied for. As a result of this, there will be no refunds. Applicants will have their Ghana Stock Exchange Securities Depository Accounts credited with their allotted Shares by 25 July 2011 and may commence trading such Shares on 27 July 2011.

Commenting today, Aidan Heavey, Chief Executive, said: "I am delighted by the success of our offer on the Ghana Stock Exchange, the largest primary share offer ever completed in Ghana. Ghana remains at the heart of Tullow's investment decisions and underpins our long-term future in Africa. I would like to welcome all new shareholders, including Ghana's National Basic Pension Scheme, to Tullow and thank them for their investment in the company. I look forward to updating all our shareholders with news of our progress, both in Ghana and beyond, over the coming years."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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