All Legal Proceedings Withdrawn in Sukuk Litigation
Sharjah, UAE: Dana Gas PJSC, (“Dana Gas” or the “Company”), the Middle East’s largest regional private sector natural gas company, is pleased to announce today that the issue of its new Sukuk has been completed and is now listed on Euronext Dublin (previously known as “Irish Stock Exchange”).
All legal proceedings have now been completely brought to an end by the parties to the Sukuk litigation in all jurisdictions. The discontinuance in both the UK and UAE courts was agreed by all the parties following the consensual agreement to restructure the Sukuk reached in May 2018 which received overwhelming approval from both Sukukholders and Dana Gas Shareholders.
The Company has paid $235 million on redemptions, profit payments and early participation fees. The size of new Sukuk is reduced to $530 million. It will have a three-year life, maturing in October 2020 and a new profit rate of 4% per annum. The reduced size of the instrument, relaxed dividend covenants and a lower profit will reduce Company’s annual finance cost by $35 million per annum or 63% and provides a strong improvement to the Company’s financial position and support for the Company’s planned annual dividend policy.
Dr Patrick Allman-Ward, CEO Dana Gas, commented: “We are pleased to have completed the issuance and listing of our new Sukuk. The new sukuk represents a fair consensual deal for the benefit of all our stakeholders. It is a ringing endorsement that the overwhelming majority of Sukukholders chose to remain invested with the Company. The Company can now move forward with its exploration and development plans to evaluate and develop its world-class portfolio of assets, both in the Kurdistan Region of Iraq and Egypt.”
-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:
Jade Mamarbachi / Rupert Young
Brunswick Gulf
Tel: +971 4 560 9600
Email: danagas@brunswickgroup.com
Mohammed Mubaideen
Head of Investor Relations, Dana Gas PJSC
Mohammed.mubaideen@danagas.com
Tel +971 6519 4401
© Press Release 2018Disclaimer: 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.
