Santos today announced the successful completion of its A$500 million institutional placement.
Chief Executive Officer David Knox said that Santos is very pleased with the strong support shown by institutional shareholders for the placement which completes the equity funding for Santos’ share of the GLNG project.
The placement was heavily oversubscribed with strong demand from institutional shareholders.
Santos will issue approximately 39.8 million ordinary shares at a placement price of A$12.55 per share, which represents a 2.4% discount to the volume weighted average price (VWAP) on 16 December and a 1.2% discount to the 5-day VWAP.
New shares issued under the placement will rank equally with existing shares on issue and are expected to be settled on 23 December 2010. Allotment and commencement of trading of these shares is expected to occur on 24 December 2010.
J.P. Morgan acted as Sole Global Co-ordinator. J.P. Morgan and Morgan Stanley acted as Joint Lead Managers and Joint Underwriters.
The trading halt in Santos shares, which has been in place since Friday 17 December, will be lifted today.
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Source: Santos, December 20, 2010;