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UPDATE: Shell completes sell-down of Woodside

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LNG Industry,

Further to its recent announcement, Woodside has confirmed in a press release that it has been advised by Shell Energy Holdings Australia Ltd that Shell has sold 78.3 million shares (representing 9.5% of issued share capital) via an underwritten institutional sell-down at a price of AU$ 41.35/share.

Shell’s holding in Woodside now stands at 13.6% of Woodside's issued capital.

Woodside also confirmed its intention to buy-back 78.3 million shares currently held by Shell for US$ 2680 million, in accordance with the buy-back agreement between the parties. The selective buy-back is subject to approval by Woodside shareholders (excluding Shell and its associates) at an Extraordinary General Meeting that is scheduled to take place in August 2014, an independent expert providing an opinion that the transaction is fair and reasonable to all Woodside shareholders (other than Shell and its associates), and consent under a number of Woodside's facility agreements.

Subject to completion of the selective buy-back, Shell's holding would reduce to 4.5% of Woodside's issued capital.

Adapted from press release by

Image courtesy of Woodside Energy Ltd.

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