Gibson Energy Warrant

RNS Number : 7464F

Hunting PLC

03 May 2011

 



For Immediate Release

3 May 2011

Hunting PLC

("Hunting" or "the Company" or "the Group")

Gibson Energy Warrant

Hunting PLC notes the filing by Gibson Energy Inc of a preliminary prospectus with the securities and regulatory authorities of Canada in connection with a proposed initial public offering of common shares by Gibson Energy Inc. The preliminary prospectus provides guidance on the use of proceeds from the proposed initial public offering which includes purchasing the Warrant held by Hunting.

On the sale of Gibson Energy, which completed on 12 December 2008, the Company agreed to defer payment of C$100.0m of the consideration in return for receipt of a Warrant that was issued to the Company. Between 12 December 2008 and 12 December 2010, the Warrant carried a cumulative and compounding annual dividend entitlement at a rate of 12%. Following the announcement to extend the maturity date of the Warrant on 10 December 2010 the rate of dividend entitlement on the Warrant increased to 13% from 13 December 2010.

As at 31 December 2010, the Warrant was held on Hunting PLC's balance sheet at a fair value of C$70.0m (£44.9m). The Gross value of the Warrant at 31 December 2010 was C$127.1m (£81.5m) comprising principal of C$100.0m (£64.1m) and an accumulated dividend entitlement of C$27.1m (£17.4m).

A further announcement will be made as appropriate.

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone]
Buchanan Communications Richard Darby Jeremy Garcia	Tel: [phone]

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America.

 

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