The plan provided retail shareholders with the chance to take part in the company’s turnaround strategy following the successful completion of the institutional placement in December 2016.
The SPP officially closed at 5.00 pm (AEDT) on 31 January 2017. Applications for approximately AUS$201 million of new fully paid ordinary shares (new shares) were received.
Overall, approximately AUS$1241 million was raised under both the institutional placement and the SPP.
Santos claims that successful eligible SPP applicants will be issued new shares at AUS$3.94 per share. This is a 2% discount to the volume weighted average price of ordinary shares traded on the ASX over the five trading days up to and including 31 January 2017, rounded to the nearest cent. No scaleback of applications will occur and participating shareholders will be issued the full amount of new shares for which they applied, up to a maximum of AUS$15 000.
The company claims that these new shares are expected to be issued on 7 February 2017, with holding statements expected to be despatched to the shareholders taking part on 10 February 2017.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06022017/santos-announces-completion-of-share-purchase-plan/