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Antwort auf Beitrag Nr.: 49.459.235 von texas2 am 30.03.15 21:10:52Mikey Admin auf iii
Page 31
The conversion of the Bonds would result, subject to any adjustments, in the allotment and issue of 62,642,369 Common Shares, diluting existing Shareholders of Common Shares by 7.15 per cent., and if all outstanding warrants, options and bonus shares were allotted and issued, which would equal 52,612,371 Common Shares, the conversion of the Bonds would result in diluting existing Shareholders by 6.74 per cent of Common Shares.
Page 39
1 Form, Denomination, Title and Status
(a) Form and Denomination
The Bonds are in registered form in principal amounts of U.S.$200,000 each and integral multiples thereof (“authorised denominations”).
Shares in issue, 922,238,061
Bonds in Issue, 1,375,000 x $200,000
1st Issue raised, $275,000,000
2nd Issue raised, $50,000,000
Total . . . . . . . ., $325,000,000
When the following calculation is done you can see that the money in $'s the Bonds raised equates to an SP of 35.2p, which is where the price has been hovering round of late and appears to be the floor
325,000,000 ÷ 922,238,061 = 35.2p
922,238,061 x 35.2p = £325,000,000 Market Cap
And now we have a placing around a possible 35p
Coincidence ? ?
Page 31
The conversion of the Bonds would result, subject to any adjustments, in the allotment and issue of 62,642,369 Common Shares, diluting existing Shareholders of Common Shares by 7.15 per cent., and if all outstanding warrants, options and bonus shares were allotted and issued, which would equal 52,612,371 Common Shares, the conversion of the Bonds would result in diluting existing Shareholders by 6.74 per cent of Common Shares.
Page 39
1 Form, Denomination, Title and Status
(a) Form and Denomination
The Bonds are in registered form in principal amounts of U.S.$200,000 each and integral multiples thereof (“authorised denominations”).
Shares in issue, 922,238,061
Bonds in Issue, 1,375,000 x $200,000
1st Issue raised, $275,000,000
2nd Issue raised, $50,000,000
Total . . . . . . . ., $325,000,000
When the following calculation is done you can see that the money in $'s the Bonds raised equates to an SP of 35.2p, which is where the price has been hovering round of late and appears to be the floor
325,000,000 ÷ 922,238,061 = 35.2p
922,238,061 x 35.2p = £325,000,000 Market Cap
And now we have a placing around a possible 35p
Coincidence ? ?
Antwort auf Beitrag Nr.: 49.458.596 von texas2 am 30.03.15 20:06:0186 mio neue Aktien
a) finanzieller und damit mehr strategischer Spielraum
b) welcher Aufkäufer von GKP hätte diese Aktien wohl gerne ?
Langweilig wird es mit GKP eindeutig nicht
30 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Company continues to increase production to levels consistent with the installed capacity of 40,000 barrels of oil per day ("bopd"), currently producing approximately 35,000 gross bopd from the Shaikan production facilities.
The Placing
The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuilding process to qualified investors to be carried out by the Bookrunners with both new and existing institutional investors. The Placing is not being underwritten.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 3 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The book will open with immediate effect. The book is expected to close no later than 7.00 a.m. on 31 March 2015 but may be closed earlier or later at the sole discretion of the Company and the Bookrunners. The allocation, number of Placing Shares and the price at which the Placing Shares are to be placed will be agreed by the Company with the Bookrunners at the close of the accelerated bookbuilding process. Details of the above will be announced as soon as practicable after the close of the bookbuilding process.
The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares in the Company including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing. By choosing to participate in the Placing, Placees will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making an offer on the terms and conditions and providing the representations, warranties, acknowledgements and undertakings contained therein.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"Given the well documented macro geo-political challenges that today are affecting Gulf Keystone and the Kurdistan Region of Iraq, where all of the Company's assets are located, we are focused on ensuring the best course possible through this period for the benefit of all stakeholders. Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
Media Relations and Financial PR Adviser:
+44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.
· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
· GKPI is the operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.
· Having achieved 40,000 bopd of production capacity by the end of 2014, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.
APPENDIX
TERMS AND CONDITIONS OF THE PLACING
a) finanzieller und damit mehr strategischer Spielraum
b) welcher Aufkäufer von GKP hätte diese Aktien wohl gerne ?
Langweilig wird es mit GKP eindeutig nicht
30 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Company continues to increase production to levels consistent with the installed capacity of 40,000 barrels of oil per day ("bopd"), currently producing approximately 35,000 gross bopd from the Shaikan production facilities.
The Placing
The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuilding process to qualified investors to be carried out by the Bookrunners with both new and existing institutional investors. The Placing is not being underwritten.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 3 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The book will open with immediate effect. The book is expected to close no later than 7.00 a.m. on 31 March 2015 but may be closed earlier or later at the sole discretion of the Company and the Bookrunners. The allocation, number of Placing Shares and the price at which the Placing Shares are to be placed will be agreed by the Company with the Bookrunners at the close of the accelerated bookbuilding process. Details of the above will be announced as soon as practicable after the close of the bookbuilding process.
The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares in the Company including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing. By choosing to participate in the Placing, Placees will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making an offer on the terms and conditions and providing the representations, warranties, acknowledgements and undertakings contained therein.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"Given the well documented macro geo-political challenges that today are affecting Gulf Keystone and the Kurdistan Region of Iraq, where all of the Company's assets are located, we are focused on ensuring the best course possible through this period for the benefit of all stakeholders. Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
Media Relations and Financial PR Adviser:
+44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.
· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
· GKPI is the operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.
· Having achieved 40,000 bopd of production capacity by the end of 2014, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.
APPENDIX
TERMS AND CONDITIONS OF THE PLACING
Antwort auf Beitrag Nr.: 49.458.596 von texas2 am 30.03.15 20:06:01Simon Murray, eine sehr schillernde Person mit einem faszinierenden Lebenslauf von dem ich annehme, dass er weiß wie der Hase laufen könnte. Offensichtlich werden hier hochpolitische Spielchen getrieben.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
Antwort auf Beitrag Nr.: 49.422.527 von texas2 am 25.03.15 19:59:33
Diese guaranteed notes bleiben für mich rätselhaft:
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time and Expiration
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time and Expiration Date for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"), and amended the Expiration Time. The Early Consent Time has been extended to 3.00 p.m. London time on 2 April 2015, the Expiration Date has been extended to 2 April 2015 and the Expiration Time has been amended to 3.00 p.m. London time. The Early Consent Time is therefore extended to 3.00 p.m. London time on 2 April 2015 and the Expiration Time is extended to 3.00 p.m. London time on 2 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time. Holders who deliver their electronic voting instructions after the Expiration Time on the Expiration Date will not be eligible to receive a Consent Fee and will not be entitled to arrange for the appointment of the Information and Tabulation Agent or any other person as proxy to attend and vote at the Meeting.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Diese guaranteed notes bleiben für mich rätselhaft:
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time and Expiration
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time and Expiration Date for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"), and amended the Expiration Time. The Early Consent Time has been extended to 3.00 p.m. London time on 2 April 2015, the Expiration Date has been extended to 2 April 2015 and the Expiration Time has been amended to 3.00 p.m. London time. The Early Consent Time is therefore extended to 3.00 p.m. London time on 2 April 2015 and the Expiration Time is extended to 3.00 p.m. London time on 2 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time. Holders who deliver their electronic voting instructions after the Expiration Time on the Expiration Date will not be eligible to receive a Consent Fee and will not be entitled to arrange for the appointment of the Information and Tabulation Agent or any other person as proxy to attend and vote at the Meeting.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Antwort auf Beitrag Nr.: 49.413.812 von texas2 am 25.03.15 00:01:5024 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"). The Early Consent Time has been extended to 5.00 p.m. London time on 1 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplement dated 24 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Information
A complete description of the terms and conditions of the Consent Solicitation is set out in the Consent Solicitation Memorandum. Further details about the transaction can be obtained from:
The Solicitation Agents
Deutsche Bank AG, London Branch
Tel: +442075476153
Tel: +442075473693
Email: gkp.liability.management@list.db.com
Perella Weinberg Partners UK LLP
Tanguy Riviere
Tel: +44 20 7268 2874
Email: triviere@pwpartners.com
Yue Zhou
Tel: +44 20 7268 2844
Email: yzhou@pwpartners.com
Requests for assistance in completing and delivering the electronic voting instructions or requests for copies of the Consent Solicitation Memorandum and other related documents should be directed to the Information and Tabulation Agent:
Information and Tabulation Agent
D.F. King Limited
85 Gresham Street
London EC2V 7NQ
United Kingdom
Tel: +44-20-7920-9700
Email: gkp@dfkingltd.com
---------------------------------------------
Gulf Keystone bondholders need more time
By Lee Wild | Tue, 24th March 2015 - 10:47
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Gulf Keystone bondholders need more time Less than a fortnight after setting out a plan to tidy up its finances, Gulf Keystone (GKP) has had to give bondholders more time to decide whether to back the deal or not. There is no explanation given by the struggling oil company, but having to extend a deadline to qualify for incentives does imply that the number of potential backers unwilling to sign is significant enough.
Gulf, which operates the Shaikan field in the Kurdistan region of Iraq, said on 12 March it wanted to amend the trust deed constituting the $250 million 13% Guaranteed Notes due 2017. Currently, it must offer to buy back the notes at 101% plus interest at the end of September.
Instead, Gulf offered noteholders who agreed to the changes by 5pm on 23 March $5 in cash for each $1,000 in principal amount of the notes outstanding. Those who consent by 1 April, the expiration date, get $1.50 for each $1,000.
Now, management has extended the so-called "Early Consent Time" to 5pm on 1 April.
There is no further detail, although we were told earlier this month that Gulf had "confidentially discussed the consent solicitation with a number of significant noteholders, and, based on the noteholders' responses during those discussions, expects them to be supportive." We'll see.
A meeting will be held in London on 7 April to either pass or reject the Extraordinary Resolution.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"). The Early Consent Time has been extended to 5.00 p.m. London time on 1 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplement dated 24 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Information
A complete description of the terms and conditions of the Consent Solicitation is set out in the Consent Solicitation Memorandum. Further details about the transaction can be obtained from:
The Solicitation Agents
Deutsche Bank AG, London Branch
Tel: +442075476153
Tel: +442075473693
Email: gkp.liability.management@list.db.com
Perella Weinberg Partners UK LLP
Tanguy Riviere
Tel: +44 20 7268 2874
Email: triviere@pwpartners.com
Yue Zhou
Tel: +44 20 7268 2844
Email: yzhou@pwpartners.com
Requests for assistance in completing and delivering the electronic voting instructions or requests for copies of the Consent Solicitation Memorandum and other related documents should be directed to the Information and Tabulation Agent:
Information and Tabulation Agent
D.F. King Limited
85 Gresham Street
London EC2V 7NQ
United Kingdom
Tel: +44-20-7920-9700
Email: gkp@dfkingltd.com
---------------------------------------------
Gulf Keystone bondholders need more time
By Lee Wild | Tue, 24th March 2015 - 10:47
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Gulf Keystone bondholders need more time Less than a fortnight after setting out a plan to tidy up its finances, Gulf Keystone (GKP) has had to give bondholders more time to decide whether to back the deal or not. There is no explanation given by the struggling oil company, but having to extend a deadline to qualify for incentives does imply that the number of potential backers unwilling to sign is significant enough.
Gulf, which operates the Shaikan field in the Kurdistan region of Iraq, said on 12 March it wanted to amend the trust deed constituting the $250 million 13% Guaranteed Notes due 2017. Currently, it must offer to buy back the notes at 101% plus interest at the end of September.
Instead, Gulf offered noteholders who agreed to the changes by 5pm on 23 March $5 in cash for each $1,000 in principal amount of the notes outstanding. Those who consent by 1 April, the expiration date, get $1.50 for each $1,000.
Now, management has extended the so-called "Early Consent Time" to 5pm on 1 April.
There is no further detail, although we were told earlier this month that Gulf had "confidentially discussed the consent solicitation with a number of significant noteholders, and, based on the noteholders' responses during those discussions, expects them to be supportive." We'll see.
A meeting will be held in London on 7 April to either pass or reject the Extraordinary Resolution.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Trading Spotlight
Antwort auf Beitrag Nr.: 49.385.960 von texas2 am 20.03.15 19:36:02Gulf Keystone Petroleum (LSE: GKP) officially put itself up for sale last month, revealing that it was in talks with a number of unnamed parties.
Two investment banks, Deutsche Bank and Perella Weinberg, were hired to advise the company on its options.
However, as of yet no offers have emerged for the company and it seems that, for the time being at least, that Gulf Keystone is planning a future alone.
A future alone
Reports now suggest that Gulf Keystone could reveal a rights issue as early as this week, as the company tries to get to grips with its £384m debt pile. City analysts believe that the company will ask shareholders for £30m -- around $44m -- from a rights issue, which should help bolster cash balances.
In addition to the rights issue, the company has already asked its bondholders to approve a proposal to change the details of the Trust Deed governing some of its debt. This proposal is related to the group's $250m, 13% guaranteed notes due 2017, which the company is required to repay in full if its ratio of book equity to total assets falls below the key level of 0.4.
It's expected that due to the writedown of some asset values, Gulf Keystone's ratio of book equity to total assets will fall below the key threshold of 0.4 within the next month.
Gulf Keystone's management originally stated that the company had received confirmation from multiple bondholders that they were willing to change the rules governing the notes. However, since this statement was issued, the deadline for the restructuring has been extended. This could be an indication that the bondholders' stance has hardened.
Analysts believe that Gulf Keystone's cash balance is around $90m, so clearly it cannot afford to repay the $250m notes any time soon. And, according to analysts, changes to the conditions attached to the bonds will also make the company more appealing to potential buyers.
Restarting production
Gulf Keystone also recently restarted oil production at its Shaikan oil field after receiving a one-off payment of $26m from an unnamed party. But the company is yet to receive a firm commitment from the Kurdistan government regarding regular payments for oil exports. Until such time as Gulf Keystone receives a commitment for regular payments, the company is going to struggle.
That said, it seems as if the company has the support of both bondholders and shareholders. So Gulf Keystone is not on the rocks just yet. The group has the support of key stakeholders who appear willing to help the company through its troubles.
Far from clear
Unfortunately, as Gulf Keystone tries to work its way out of a sticky situation, the company's future is far from clear.
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Rupert Hargreaves has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.
Two investment banks, Deutsche Bank and Perella Weinberg, were hired to advise the company on its options.
However, as of yet no offers have emerged for the company and it seems that, for the time being at least, that Gulf Keystone is planning a future alone.
A future alone
Reports now suggest that Gulf Keystone could reveal a rights issue as early as this week, as the company tries to get to grips with its £384m debt pile. City analysts believe that the company will ask shareholders for £30m -- around $44m -- from a rights issue, which should help bolster cash balances.
In addition to the rights issue, the company has already asked its bondholders to approve a proposal to change the details of the Trust Deed governing some of its debt. This proposal is related to the group's $250m, 13% guaranteed notes due 2017, which the company is required to repay in full if its ratio of book equity to total assets falls below the key level of 0.4.
It's expected that due to the writedown of some asset values, Gulf Keystone's ratio of book equity to total assets will fall below the key threshold of 0.4 within the next month.
Gulf Keystone's management originally stated that the company had received confirmation from multiple bondholders that they were willing to change the rules governing the notes. However, since this statement was issued, the deadline for the restructuring has been extended. This could be an indication that the bondholders' stance has hardened.
Analysts believe that Gulf Keystone's cash balance is around $90m, so clearly it cannot afford to repay the $250m notes any time soon. And, according to analysts, changes to the conditions attached to the bonds will also make the company more appealing to potential buyers.
Restarting production
Gulf Keystone also recently restarted oil production at its Shaikan oil field after receiving a one-off payment of $26m from an unnamed party. But the company is yet to receive a firm commitment from the Kurdistan government regarding regular payments for oil exports. Until such time as Gulf Keystone receives a commitment for regular payments, the company is going to struggle.
That said, it seems as if the company has the support of both bondholders and shareholders. So Gulf Keystone is not on the rocks just yet. The group has the support of key stakeholders who appear willing to help the company through its troubles.
Far from clear
Unfortunately, as Gulf Keystone tries to work its way out of a sticky situation, the company's future is far from clear.
If you're tired of waiting for Gulf Keystone's turnaround, here at the Motley Fool we're always on the lookout for the market's best hidden gems and business visionaries.
To that end, our team of top analysts has put together this FREE report,"3 Hidden Factors Behind This Daring E-commerce Play". The company our analysts have recently uncovered is already profitable and has a proven advantage over its peers.
This is something you do not want to miss and we're offering you the chance to find out more for free right now -- just click here.
Rupert Hargreaves has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.
Angst vor ISIS
Antwort auf Beitrag Nr.: 49.378.646 von Eulenfoerster am 20.03.15 01:15:38Moin
kann mir hier jemand die Rolle der Bond Holder erklären?
Bisher habe ich Geologie, Lagerstätte, Förderkosten Markt etc recherchiert. Hier stehen aus meiner Sicht alle Lichter auf grün. Außer vielleicht das politische Risiko, wenn man nicht an die neu gewonnene Stärke der Kurden glaubt. Oder befürchtet, dass der Ölpreis abstürzt. Hier hätte ich weniger Befürchtungen, weil Kurdistan bei diesen Lagerstätten mit den Förderkosten der Saudis lange wird mithalten können.
kann mir hier jemand die Rolle der Bond Holder erklären?
Bisher habe ich Geologie, Lagerstätte, Förderkosten Markt etc recherchiert. Hier stehen aus meiner Sicht alle Lichter auf grün. Außer vielleicht das politische Risiko, wenn man nicht an die neu gewonnene Stärke der Kurden glaubt. Oder befürchtet, dass der Ölpreis abstürzt. Hier hätte ich weniger Befürchtungen, weil Kurdistan bei diesen Lagerstätten mit den Förderkosten der Saudis lange wird mithalten können.
Antwort auf Beitrag Nr.: 49.361.531 von BaronOppenSAL am 18.03.15 13:59:26Warum fällt der Kurs bei diesen guten Nachrichten ???
Hinzu kommt, dass man ja bereits öffentlich bekannt gegeben hat, dass man bereit ist, Ölfelder zu veräussern oder eine Übernahme nicht abgeneigt ist. Hier ist ein vielfaches an Potenzial drin. Mir unbegreiflich warum der Kurs fällt und fällt.
Der Ölpreis kann nicht schuld alleine sein.
Hinzu kommt, dass man ja bereits öffentlich bekannt gegeben hat, dass man bereit ist, Ölfelder zu veräussern oder eine Übernahme nicht abgeneigt ist. Hier ist ein vielfaches an Potenzial drin. Mir unbegreiflich warum der Kurs fällt und fällt.
Der Ölpreis kann nicht schuld alleine sein.
Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has resumed production and truck loading operations at both its production facilities (PF-1 and -2), in line with the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for future Shaikan crude oil sales on 25 February. Gulf Keystone will now ramp up production to levels consistent with the installed capacity of 40,000 barrels of oil per day. The Company anticipates that a further payment of a similar nature will be received, which is expected to stabilise a payment cycle for current and future Shaikan production.
Shaikan-10, the Company's first development well and ninth producer, has demonstrated excellent productivity from the limited flow data gained to date. Drilled from the same surface location as Shaikan-10, but 2km away subsurface, Shaikan-11, an additional production well has now been completed. Shaikan-11, which will provide PF-2 with additional production capacity, was drilled nine days ahead of time and under budget. The losses observed during drilling point to Shaikan-11 being a potentially prolific producer. Furthermore, Shaikan-8 is now fully connected and able to produce into PF-1.
Commenting on today's news, John Gerstenlauer, Chief Executive Officer of Gulf Keystone, said:
"We are pleased to have resumed production and truck loading operations at Shaikan. Over recent weeks we have maintained a flexible and prudent approach, ensuring that we can maximise revenues from Shaikan. We remain confident of a regular payment cycle for Shaikan crude being established in the near term.
"From an operational perspective, Shaikan is performing well and we are encouraged by the initial results from Shaikan-10 and the recently completed Shaikan-11 we
Shaikan-10, the Company's first development well and ninth producer, has demonstrated excellent productivity from the limited flow data gained to date. Drilled from the same surface location as Shaikan-10, but 2km away subsurface, Shaikan-11, an additional production well has now been completed. Shaikan-11, which will provide PF-2 with additional production capacity, was drilled nine days ahead of time and under budget. The losses observed during drilling point to Shaikan-11 being a potentially prolific producer. Furthermore, Shaikan-8 is now fully connected and able to produce into PF-1.
Commenting on today's news, John Gerstenlauer, Chief Executive Officer of Gulf Keystone, said:
"We are pleased to have resumed production and truck loading operations at Shaikan. Over recent weeks we have maintained a flexible and prudent approach, ensuring that we can maximise revenues from Shaikan. We remain confident of a regular payment cycle for Shaikan crude being established in the near term.
"From an operational perspective, Shaikan is performing well and we are encouraged by the initial results from Shaikan-10 and the recently completed Shaikan-11 we
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