Sharjah, UAE: Dana Gas PJSC, (“Dana Gas” or the “Company”), the Middle East’s largest regional natural gas company, is today pleased to announce that following the launch of Tender Offer and Consent Solicitation / Exchange Offer on 22nd May 2018 to consider approval for the terms and conditions of an offer for the restructuring and refinancing of its Sukuk Al-Mudarabah, the Sukuk certificateholders have overwhelmingly approved the transaction.
 
As of 1st June 2018 (“early participation fee deadline”), the Company received consent from 90.93% of 9% Ordinary Sukuk certificateholders and 96.45% of 7% Exchangeable Sukuk certificateholders with none voting against.  The 75% threshold requirement for approval is therefore exceeded. This also means that an approval at the extra-ordinary general meeting of Sukuk certificateholders to be held on 13th June 2018 would be a formality.
 
The Company will continue to update the market with more details as to the Tender Offer and Consent Solicitation / Exchange Offer once the notice period expires.
 
Patrick Allman-Ward, CEO of Dana Gas, commented:
 
“We are extremely pleased to have received consent from an overwhelming majority of Sukuk certificateholders thus confirming the Company’s belief that the proposed terms of the deal was fair and in the best interests of all.
 
All Sukuk certificateholders had the opportunity to elect to continue as holders of Dana Gas new Sukuk Certificates or exit via the tender, with 96.7% electing to remain as Sukuk certificate holders of Dana Gas.”
 
-Ends-

About Dana Gas
Dana Gas is the Middle East's first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 67,600 boepd in 2017. With sizeable assets in Egypt, KRI and the UAE, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit:  www.danagas.com
 
For media enquiries please contact:
Jonathan Glass / Fiona Micallef Eynaud
Brunswick Group LLP
Tel: +442074045959
Email: danagas@brunswickgroup.com
 
Mohammed Mubaideen
Head of Investor Relations, Dana Gas PJSC
Mohammed.mubaideen@danagas.com
Tel +97165194401

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.