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Senex Energy Launches Share Purchase Plan

Source: www.gulfoilandgas.com 2/8/2017, Location: Not categorized

Senex Energy Limited (Senex) announces the launch of a Share Purchase Plan, offering existing shareholders the opportunity to participate in the Senex growth story at a discount to market value.

Key points:

- Senex is offering eligible1 shareholders the opportunity to participate in a Share Purchase Plan (SPP), to be capped at A$40 million
- Under the SPP, eligible shareholders can acquire up to A$15,000 worth of ordinary shares in Senex without incurring brokerage or transaction costs
- On 1 February 2017, Senex announced a strategic arrangement with EIG Global Energy Partners (EIG), including welcoming EIG as a substantial shareholder. Earlier that week, Senex had conducted a raising of approximately A$55 million via a placement to certain EIG-managed funds and other institutional investors at a subscription price of A$0.315 per share

Senex Managing Director and CEO Ian Davies said, “Last week we announced a strategic arrangement with EIG which will provide Senex with the strength and momentum to address substantial opportunities in the east coast gas market. Today we offer shareholders an opportunity to participate in the value to be created by this strategic arrangement.

“Our institutional placement received strong support from our existing institutional shareholder base, with solid endorsement of our long-term plans to build value for all shareholders. Under the SPP, eligible shareholders can now purchase shares on similar or better terms to our institutional shareholders,” Mr Davies said.

The proceeds from the SPP with the institutional placement will be used to strengthen the balance sheet and give Senex the financial flexibility to actively progress high quality growth projects:

- To progress and accelerate development of the Western Surat Gas Project, maximising the value of Senex’s material gas reserves in the Surat Basin;
- To exploit Senex’s large acreage position in the Cooper Basin to support building a material gas business and increasing oil production; and
- To actively pursue growth opportunities to deliver gas into the undersupplied east coast gas market.

1 Eligible Shareholders being registered holders of fully paid ordinary shares in Senex at 7.00pm (AEDT) on 31 January 2017 and whose address on the share register is in Australia, New Zealand, the United Kingdom or Singapore, provided that such shareholder is not in the United States, or acting for the account or benefit of a person in the United States. The SPP is also being extended to eligible shareholders who are custodians to participate in the SPP on behalf of certain eligible beneficiaries on the terms and conditions to be set out in the SPP Offer Booklet.

Share Purchase Plan details

Each eligible Senex shareholder at 7.00pm (AEDT) on 31 January 2017 will have the opportunity to subscribe for up to A$15,000 of new Senex shares, subject to scale back, without incurring brokerage or transaction costs. Full details of the SPP are available in the Offer Booklet released to the ASX today.

The issue price of the new Senex shares under the SPP will be the lesser of:

- the issue price under the Institutional Placement; and
- a 5% discount to the volume weighted average price of fully paid ordinary Senex shares traded on ASX over the five trading days up to, and including, the last day of the SPP offer period.

Senex reserves the right to scale back applications under the SPP. New Senex shares issued under the SPP will rank equally with existing Senex shares. Refer to the 2016 Annual Report for a summary of the key risks faced by Senex.

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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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