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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Oil plc    PMO   GB00B43G0577

PREMIER OIL PLC

(PMO)
  Report
Delayed Quote. Delayed London Stock Exchange - 02/19 11:35:16 am
107.75 GBp   +3.01%
02/13Premier Oil creditors vote in favour of deals, new debt structure
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02/12PREMIER OIL : Result of Scheme Meetings
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01/29EXCLUSIVE : Talos concerned that Pemex could delay first oil from Zama discovery
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Premier Oil creditors vote in favour of deals, new debt structure

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02/13/2020 | 04:20am EST

Creditors of Premier Oil gave the indebted oil and gas producer their approval for $800 million of North Sea acquisitions under a scheme that would allow it to delay debt repayments and issue new shares.

The vote supporting Premier's management is a blow to hedge fund ARCM, which holds 15% of Premier's debt and has had a growing short position in its shares since 2017, currently around 17% of its stock, some four times higher than the average for London-listed firms.

ARCM has fought a heavily publicised battle against Premier's plans, saying they were based on too-high commodity price assumptions, too-low decommissioning liability estimates and would make Premier too dependent on a weak gas market.

An investor with a short position makes a profit on a stock when its price declines. Premier's shares rose around 20% after it announced its plans on Jan. 7, but have since lost most of that ground to trade at 104.5 pence, up 6.4% year-to-date.

Shares in Premier Oil spiked higher following the announcement, and by 1317 GMT they were up 3.1% at session highs.

Premier needs investors representing at least 75% of its outstanding debt of around $2 billion to agree to its plans under an arrangement reached with its creditors in a debt restructuring in 2017.

Wednesday's vote still needs to be formally approved by a judge in a hearing expected on March 17.

Of the creditors subject to the schemes, 86% of Super Senior Commitments and 83.86% of Senior Commitments have voted in their favour at the creditor meetings, Premier said, referring to different classes of bondholders.

(This story corrects to clarify percentage of senior commitments and to show creditors have voted in favour of the schemes in paragraph eight)

(Reporting by Shadia Nasralla in London and Shanima A in Bengaluru; editing by Nick Macfie)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.78% 58.12 Delayed Quote.-13.27%
PREMIER OIL PLC 1.15% 105.8 Delayed Quote.6.52%
WTI 0.61% 52.48 Delayed Quote.-16.22%
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Latest news on PREMIER OIL PLC
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Financials (USD)
Sales 2019 1 597 M
EBIT 2019 541 M
Net income 2019 115 M
Debt 2019 1 987 M
Yield 2019 -
P/E ratio 2019 9,01x
P/E ratio 2020 8,70x
EV / Sales2019 1,96x
EV / Sales2020 1,92x
Capitalization 1 136 M
Chart PREMIER OIL PLC
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Technical analysis trends PREMIER OIL PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Average target price 1,82  $
Last Close Price 1,36  $
Spread / Highest target 64,0%
Spread / Average Target 33,6%
Spread / Lowest Target 1,12%
EPS Revisions
Managers
NameTitle
Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
Roy Alexander Franklin Non-Executive Chairman
Paul Williams Group Development & Operations Manager
Richard Andrew Rose Finance Director & Executive Director
Stuart Royston Wheaton Chief Technology Officer & UK Business Manager
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