Australia’s Santos informed that it has closed the retail shortfall bookbuild selling approximately 152 million retail entitlements that brought in around A$585 million.
The LNG player said in a statement on Thursday the clearing price was at A$4.10 representing a 6.5 percent premium to the offer price.
The company, that saw an 82 percent drop in profit in the first half of this year, initiated a ‘strategic review’ following which it invited shareholders to participate in an A$3.5 billion cash raising to ease the effect the oil price drop had on the company.
Santos offered entitlements through the retail shortfall bookbuild that were not taken up in the retail entitlement offer when only 57 percent of available entitlements or 201 million new shares were taken up, bringing in A$775 million.
The earlier closed institutional entitlement offer brought in A$1.17 billion with approximately 86 percent of entitlements available to eligible institutional shareholders taken up.
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LNG World News Staff