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Premier Oil shareholders sign-off long awaited refinancing

Premier Oil's refinancing is due to be completed next month.

offshore oil platform
Shareholders have approved

Premier Oil PLC (LON:PMO) has moved closer to completing its long-awaited refinancing, gaining shareholder approval at a general meeting earlier today.

In a stock market statement, the oil company reported that 99.84% of votes cast were in favour of the proposed issue of new equity, which is part of the refinancing.

Additionally, it noted that amendments to the terms of the company’s convertible bonds by way of written resolution, and a previously scheduled convertible bondholder meeting is no longer required and has been cancelled.

The company also noted that a scheme of creditor vote will take place on June 26, and a requisite majority (by value) of lock-up agreements are in place committing to votes in favour of the proposed refinancing.

A scheme sanction hearing is set for July 18, and it is anticipated that the refinancing can become effective by July 28.

Quick facts: Premier Oil PLC

Price: 17.235 GBX

LSE:PMO
Market: LSE
Market Cap: £1.45 m
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