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    ENQ   GB00B635TG28

ENQUEST PLC

(ENQ)
  Report
Delayed Quote. Delayed London Stock Exchange - 09/24 11:35:01 am
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09/07Today on Wall Street: Back to business
09/07ENQUEST : Jefferies Drops Enquest Rating To Hold From Buy, Cuts PT
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EnQuest : Press release - Results of Capital Raising and General Meeting

07/23/2021 | 06:48am EDT

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

23 July 2021

EnQuest PLC

Results of Capital Raising and General Meeting

On 30 June 2021, EnQuest PLC ("EnQuest", or the "Company") announced details of a proposed underwritten Firm Placing and Placing and Open Offer (the "Capital Raising") to raise gross proceeds of approximately £36.1 million ($50.0 million), approximately £18.0 million by way of a Firm Placing of 94,852,612 New Ordinary Shares and approximately £18.1 million by way of a Placing and Open Offer of 95,269,772 New Ordinary Shares, in each case at an issue price of 19 pence per New Ordinary Share. The Open Offer Shares were conditionally placed with Conditional Placees, subject to clawback to satisfy Open Offer Entitlements taken up by Qualifying Shareholders, pursuant to the Placing.

The Firm Placing Shares were not subject to clawback and were not part of the Open Offer.

The Open Offer closed for acceptances at 11:00 a.m. on 22 July 2021. The Company has received valid acceptances from Qualifying Shareholders under their Open Offer Entitlements in respect of 56,380,309 New Ordinary Shares, representing approximately 59.18% of the Open Offer Shares.

The Company is also pleased to announce that, at the General Meeting of the Company held at 09:30 a.m. on 23 July 2021, the Resolutions (as set out in the Notice of General Meeting found at the end of the combined circular and prospectus of the Company published on 30 June 2021 (the "Prospectus")) were duly passed as ordinary resolutions (resolution 1, resolution 2 and resolution 4 below) and special resolutions (resolution 3 below) on a poll vote (in which every member present in person or by proxy and eligible to vote on the resolution had one vote for each share held).

The number of votes for and against the Resolutions, and the number of votes withheld, in the poll, on which Link Group (the Company's registrar) acted as scrutineer, were as follows:

RESOLUTION

FOR

AGAINST

TOTAL

WITHHELD

No. of

% of

No. of

% of

Votes cast

% of

No. of votes

votes

Votes

votes

Votes

Issued

cast

cast

share

capital

1. To authorise

794,420,309

99.997

24,492

0.003

794,444,801

46.85%

124,893

the approval of

the Acquisition

and to authorise

the Directors to:

(i) take all such

steps as may be

necessary or

desirable in

connection with

the Acquisition;

and (ii) to agree

such

modifications,

variations,

revisions,

waivers or

amendments to

the terms and

conditions of the

Acquisition

2. To authorise

794,062,252

99.970

239,117

0.030

794,301,369

46.84%

268,325

the Directors to

allot shares and

grant rights to

subscribe for, or

convert any

security into,

shares up to an

aggregate

nominal amount

of

£31,432,072.32

and to allot

ordinary shares

or rights to

subscribe for, or

to convert

securities into

ordinary shares

up to an

aggregate

nominal amount

of

£62,864,144.63

in connection

with a rights

issue.

This authority

will refresh the

existing authority

granted at the

2021 Annual

General Meeting

3. To authorise

793,822,284

99.940

477,758

0.060

794,300,042

46.84%

269,652

the Directors to

allot equity

securities

pursuant to

resolution 2

otherwise than

to the

Company's

existing

shareholders pro

rata to their

holdings up to

an aggregate

nominal amount

of

£4,714,810.85

(being 5 per

cent. of the

Company's

issued ordinary

share capital as

increased by the

minimum

number of New

Ordinary

Shares).

This authority

will refresh the

existing authority

granted at the

2021 Annual

General Meeting

and shall expire

at the conclusion

of the next

Annual General

Meeting of the

Company (or if

earlier on 30

June 2022)

4. To authorise,

612,047,638

99.979

128,713

0.021

612,176,351

36.10%

182,393,343

as a related

party

transaction, the

proposed

participation of

Double A

Limited, a

company

beneficially

owned by the

extended family

of Amjad Bseisu,

in the Capital

Raising

(including the

payment of the

Commission);

5. To authorise,

W/D

W/D

W/D

W/D

W/D

W/D

W/D

as a related

party

transaction, the

proposed

participation of

Double A

Limited, a

company

beneficially

owned by the

extended family

of Amjad Bseisu,

in the Second

Lien Financing

As announced by the company on 9 July 2021, resolution 5 was withdrawn as a result of the successful completion of the Bookbuild for the Firm Placing and Placing announced on 30 June 2021.

  1. Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
  2. A vote withheld is not a vote in law and is not included in the calculation of the votes 'For' or 'Against' the Resolutions, nor the total votes cast.
  3. Any proxy appointments which gave discretion to the Chairman of the meeting have been included in the 'For' totals.
  4. At the time of the General Meeting, the Company had 1,695,801,955 Ordinary Shares in issue, none of which were held in treasury. The total number of voting rights in the Company was therefore 1,695,801,955.

In accordance with Listing Rule 9.6.2R, a copy of the Resolutions will be submitted to the National

Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, a copy of the Resolutions will also be filed with Companies House. A copy of this announcement will available to view on the Company's website at www.enquest.com.

The passing of the Resolutions will enable the Company to proceed with the Capital Raising. The Capital Raising remains conditional upon:

  1. Admission becoming effective by not later than 8:00 a.m. on 26 July 2021 (or such later time and/or date as the Company and J.P. Morgan Cazenove may agree); and
  2. the Placing Agreement becoming unconditional in all respects (save for the condition relating to Admission) and not having been rescinded or terminated in accordance with its terms prior to Admission.

Applications have been made for the admission of 190,122,384 Ordinary Shares to the premium listing segment of the Official List of the Financial Conduct Authority ("FCA") and to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence at 8:00 a.m. on 26 July 2021. Application has also been made to NASDAQ Stockholm for the New Ordinary Shares to be admitted to trading on NASDAQ Stockholm and it is expected that admission will become effective and dealings in the New Ordinary Shares on NASDAQ Stockholm will commence at 9.00 a.m. (Stockholm time) on 26 July 2021.

The New Ordinary Shares when issued will rank, from Admission, pari passu in all respects with the Existing Ordinary Shares and will have the right to receive all dividends and distributions declared in respect of issued Ordinary Share capital of the Company after Admission.

The total issued share capital of the Company following Admission will be 1,885,924,339 Ordinary Shares and the total number of voting rights of the Company will be 1,885,924,339 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

All capitalised terms in this announcement but not defined herein have the meaning given to them in the Prospectus, which is available on the Company's website (www.enquest.com).

For more information, please contact:

EnQuest PLC

Tel: +44 (0)20 7925 4900

Amjad Bseisu (Chief Executive)

Jonathan Swinney (Chief Financial Officer)

Ian Wood (Head of Communications & Investor Relations)

Jonathan Edwards (Senior Investor Relations & Communications Manager)

J.P. Morgan Cazenove

Tel: +44 (0)20

7742 4000

Jamie Riddell

Barry Meyers

Fraser Jamieson

Tulchan Communications

Tel: +44 (0)20 7353 4200

Martin Robinson

Martin Pengelley

Harry Cameron

Link Group

Tel: +44 (0)371

664 0321

IMPORTANT INFORMATION

This announcement has been issued by and is the sole responsibility of the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. This announcement is not a prospectus or prospectus equivalent but an advertisement and investors should not subscribe for, or otherwise purchase, acquire, sell or dispose of any of the securities referred to in this announcement except on the basis of the information contained in the Prospectus published by the Company in connection with the Capital Raising.

No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this announcement or on its accuracy or completeness. The information in this announcement is subject to change. Neither this announcement nor anything contained in it shall form the basis of, or be relied upon in conjunction with, any offer or commitment whatsoever in any jurisdiction. Investors should not acquire any New Ordinary Shares referred to in this announcement except on the basis of the information contained in the Prospectus published by the Company in connection with the Capital Raising.

This announcement is for information purposes only and is not intended and does not constitute or form part of any offer or invitation to purchase or subscribe for, or any solicitation to purchase or subscribe for, any securities of the Company in any jurisdiction. No offer or invitation to purchase or subscribe for, or any solicitation to purchase or subscribe for the New Ordinary Shares will be made in any jurisdiction in which such an offer or solicitation is unlawful. The information contained in this announcement is not for release, publication or distribution to persons in the United States or any Excluded Territory, and should not be distributed, forwarded to or transmitted in or into any jurisdiction, where to do so might constitute a violation of local securities laws or regulations.

This announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or any Excluded Territory. No public offering of securities is being made in any such jurisdiction.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws or with any securities regulatory authority of any state or other jurisdiction of the United States, and accordingly may not be offered, sold, pledged or transferred, directly or indirectly, in, into or within the United States. There is no intention to register any portion of any offering in the United States or to conduct a public offering of securities in the United States.

The distribution of this announcement in and the offering of the New Ordinary Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, J.P Morgan Cazenove or any of their respective affiliates that would permit an offer of the New Ordinary Shares or possession

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

EnQuest plc published this content on 23 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2021 10:47:06 UTC.


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Financials (USD)
Sales 2021 1 162 M - -
Net income 2021 182 M - -
Net Debt 2021 1 140 M - -
P/E ratio 2021 3,36x
Yield 2021 -
Capitalization 582 M 582 M -
EV / Sales 2021 1,48x
EV / Sales 2022 1,40x
Nbr of Employees 885
Free-Float 78,6%
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Technical analysis trends ENQUEST PLC
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 4
Last Close Price 0,32 $
Average target price 0,47 $
Spread / Average Target 46,9%
EPS Revisions
Managers and Directors
Amjad Bseisu Chief Executive Officer & Executive Director
Jonathan Swinney Chief Financial Officer & Executive Director
Martin Joseph Houston Non-Executive Chairman
Philip Malcolm Holland Independent Non-Executive Director
Carl D. Hughes Independent Non-Executive Director
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