EnQuest raises £82m in placing

EnQuest confirmed the success of its placing and open offer on Thursday, raising a fresh £82m in the process.

The firm had announced its intention to raise gross proceeds of approximately £82m from the issuance of equity on 13 October, by way of a placing and open offer of 356,738,114 new ordinary shares at an issue price of 23p per share.

It said the open offer closed on 16 November in accordance with the terms, and the company has received valid acceptances under the offer for 233,858,061 shares, or 65.6% of the new ordinary shares available under the offer.

“The remaining 122,880,053 new ordinary shares were taken up pursuant to the placing, which represents a 60.9% clawback of the shares under the placing,” EnQuest’s board said in a statement.

“Double A Limited, a company beneficially owned by the extended family of Amjad Bseisu, took up 31,735,702 new ordinary shares pursuant to the open offer as per the irrevocable commitment.”

Additionally, the board said Double A together with friends, family and associates were allocated 35,673,054 shares pursuant to the placing - which represents a 60.9% clawback.

Following admission, Double A will hold 103,141,033 new ordinary shares, representing approximately 8.9% of the enlarged issued share capital of the company.

“Applications have been made to (the FCA for the new ordinary shares to be admitted to listing on the premium listing segment of the Official List and to the London Stock Exchange for … trading on the Main Market, and NASDAQ Stockholm AB for the shares to be admitted to trading on NASDAQ Stockholm.”