United Kingdom, 11 May 2015
RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced that as of the open of trading today 58 percent of all the Company's A Shares are freely tradable on the Oslo Børs following the expiration of the six month lock-up period effected at the time of its initial public offering. The holders of the remaining A Shares opted to retain their shares as Restricted Class A Shares with continuing restrictions on trading but with the voting rights of the associated Class B Shares. The Company's share capital and voting rights accordingly changed on 8 May 2015.
Previously, the Company had 34,058,067 Class A Shares, each with a par value of GBP 1.00; 293,756,638 Restricted Class A Shares, each with a par value of GBP 1.00; 293,756,638 Class B Shares, each with a par value of GBP 0.0000001; and 50,000 redeemable shares, each with a par value of GBP 1.00. The Company received Opt-In Notices with respect to 137,761,988 Restricted Class A and Class B Shares. Accordingly, 155,994,650 Restricted Class A Shares have been re-designated as Class A Shares and 155,994,650 Class B Shares have been cancelled or re-designated as non-voting Class C Shares.
Of the 155,994,650 Class B Shares not retained, the Company received share transfers for 68,505,957 Class B Shares, which were subsequently cancelled by the Company. The remaining 87,488,693 shares were re-designated as non-voting Class C Shares.
Following the re-designations and cancellations, the share capital of the Company consists of 190,052,717 Class A Shares, each with a par value of GBP 1.00; 137,761,988 Restricted Class A Shares, each with a par value of GBP 1.00; 137,761,988 Class B Shares, each with a par value of GBP 0.0000001; 50,000 redeemable shares, each with a par value of GBP 1.00; and 87,488,693 Class C Shares, each with a par value of GBP 0.0000001.
Each Class A Share and Restricted Class A Share provides the holder with one vote per share on any matters put to the shareholders at a general meeting. Each Class B Share provides the holder with two votes per share. Neither the redeemable shares nor the Class C Shares have any voting rights. Accordingly, there are now 603,338,681 votes eligible to vote on matters put to the shareholders.
Five of the seven largest RAK Petroleum shareholders each holding three percent or more of the Restricted Class A Shares and the associated Class B Shares at the time of the initial public offering elected to retain their Restricted Class A Shares and the associated Class B Shares.
For further queries, please contact:
Kevin Toner, Managing Director
RAK Petroleum plc
About RAK Petroleum plc
RAK Petroleum plc is an Oslo Børs listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 40.45 percent of DNO ASA and 33.33 percent of Foxtrot International LDC held through Mondoil Enterprises, LLC.
DNO ASA is a Norwegian oil and gas operator active in the Middle East and North Africa. Shares in the company have traded on the Oslo Børs since 1981. DNO ASA is headquartered in Oslo and holds stakes in 19 licenses in six countries. Foxtrot International LDC is a privately-held company active in West Africa whose principal asset is a 27.27 percent interest in and operatorship of Block CI-27 offshore Côte d'Ivoire. Block CI-27 contains the two largest producing gas fields in the country, meeting some three-quarters of Côte d'Ivoire's needs.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.