/KASE, February 10, 2023/ – NOSTRUM OIL & GAS PLC (United Kingdom),
whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release dated February 9, 2023:
quote
Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together
with its subsidiaries, the "Group"), an independent oil and gas company engaging
in the production, development and exploration of oil and gas in the pre-Caspian
Basin, announces that it has today completed the implementation of the
Restructuring initially announced on 23 December 2021 and the related lock-up
and forbearance arrangements have been terminated. The Restructuring was
implemented pursuant to the terms of the Scheme sanctioned by the Court on 26
August 2022.
The principal elements of the Restructuring are as follows:
- exchange of a portion of the Group’s legacy Notes Debt for the issuance to
each Noteholder of a pro rata allocation of the New Notes, comprising
US$250 million of new senior secured notes (the "SSNs") and US$300
million of senior unsecured notes (the "SUNs");
- conversion of the remainder of the Notes Debt into fully paid ordinary
shares (the "New Shares"), resulting in the Noteholders holding 88.89% of
the Enlarged Share Capital of the Company;
- issuance of the New Warrants, to be held by the Warrant Trustee on
behalf of the holders of the SUNs from time to time, exercisable in full by
a majority of such holders upon the occurrence of certain events to
increase their holding of the Company’s Enlarged Share Capital to 90.00%;
and
- certain new governance and cashflow arrangements.
unquote
The complete press release is available on KASE website:
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_relizs_090223.pdf – in
Russian;
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_090223_en.pdf – in
English.
[2023-02-10]