Australia’s Santos on Wednesday completed the second phase of its A$3.5 billion equity raising aiming to cut debt caused by low oil prices.
However, only 57 percent of available entitlements or 201 million new shares were taken up under the offer worth A$775 million, the company said in a statement.
The company intends to offer approximately 152 million retail entitlements worth around A$585 million, which were not taken up by retail shareholders, for sale to shareholders in a retail shortfall bookbuild to be completed before the market opens on December 3.
“The settlement date for new shares to be issued under the retail entitlement offer and the retail shortfall bookbuild is expected to be December 9, “ Santos said in its statement, adding that new share will be issued on December 10 with trading on the Australian stock exchange to begin on December 11.
Earlier in November, Santos closed the institutional entitlement offer when approximately 86 percent of entitlements were taken up, however, it had expected to raise another A$1.35 billion through the retail entitlement offer.
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LNG World News Staff