NOSTRUM OIL & GAS PLC announces completion of restructuring

10.02.23 10:05
/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]