logo-loader
RNS
viewEnquest Plc

EnQuest PLC - Bond PIK Announcement

RNS Number : 6059B
EnQuest PLC
31 January 2020
 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS (AS DEFINED BELOW). IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

 

31 January 2020

 

ENQUEST PLC
(the "Company")

 

Notice to holders ("Noteholders") of the Company's
£171,851,269 7 per cent. Extendable PIK Toggle Notes due 2022

(ISIN: XS0880578728, Common Code: 088057872)

(the "Notes")

 

Pursuant to Condition 5A(b) of the terms and conditions of the Notes (the "Conditions"), notice is hereby given that the Cash Payment Condition in respect of the Interest Payment Date falling on 15 February 2020 has not been satisfied and interest due on the Notes will not be paid in cash.  The Interest Payment Date falling on 15 February 2020 will be a PIK Interest Payment Date for the purposes of the Conditions.

 

As a result of the Cash Payment Condition not being satisfied in respect of the Interest Payment Date falling on 15 February 2020, accrued interest on the Notes from (and including) 15 February 2020 will be capitalised and satisfied through the issue of Additional Notes in an aggregate principal amount of £6,014,794 (subject to rounding in accordance with the Conditions).  The Additional Notes will be issued by the Company on 15 February 2020 and, upon listing, will be consolidated and form a single series with the existing Notes in issue.  The aggregate outstanding principal amount of the Notes, as increased by the issue of the Additional Notes, will be £177,866,063 (subject to rounding in accordance with the Conditions).

 

The "record date" for determining the entitlement of the individual Noteholders will be the close of business on 14 February 2020 (being the business day (i.e. Monday to Friday inclusive except 25 December and 1 January) immediately prior to the PIK Interest Payment Date).

 

As 15 February 2020 falls on a Saturday, which is not a business day, the Additional Notes will be issued on 17 February 2020 (being the next following business day).

 

Admission of the Additional Notes to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's electronic order book for retail bonds is expected to take place as soon as practicable after the issue of the Additional Notes on 17 February 2020.

 

Words and expressions defined in the Conditions shall have the same meaning when used in this notice.

 

For further information, please visit the Company's Retail Bond page on its Investor Relations website at www.enquest.com/investors or contact:

 

Investor Relations

EnQuest PLC

Fifth Floor, Cunard House

15 Regent Street

London SW1Y 4LR

United Kingdom

 

Tel: 0207 925 4900


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCKKDBPDBKDODN

Quick facts: Enquest Plc

Price: 13.66

Market: AIM
Market Cap: £231.65 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE