Gibson Energy Warrant Redemption

RNS Number : 5066I

Hunting PLC

15 June 2011

 



For Immediate Release

15 June 2011

Hunting PLC

("Hunting" or "the Company" or "the Group")

Gibson Energy Warrant Redemption

Further to the announcement on 3 May 2011, Hunting PLC (LSE: HTG), the international energy services group, today announces that Gibson Energy Inc. has redeemed in full the warrant ("the Warrant") issued to Hunting on 12 December 2008, in connection with the sale of Gibson Energy.

The total amount paid to Hunting is C$134.6m (£84.5m), which comprises the Warrant value of C$100.0m (£62.9m) and the accrued dividend entitlement of C$34.6m (£21.6m).  As at 31 December 2010, the Warrant was held on Hunting PLC's balance sheet at a fair value of C$70.0m (£44.9 m).

On completion of the sale of Gibson Energy on 12 December 2008, the Company agreed to defer payment of C$100.0m of the consideration in return for receipt of a Warrant that was issued to the Company.  Between 12 December 2008 and 12 December 2010, the Warrant carried a cumulative and compounding annual dividend entitlement at a rate of 12%.  Following the announcement to extend the maturity date of the Warrant on 10 December 2010, the rate of dividend entitlement on the Warrant increased to 13% from 13 December 2010.

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone]
Buchanan Communications Richard Darby Jeremy Garcia	Tel: [phone]

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America.

 

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