Mr. Graham Forbes reports
ITHACA ENERGY INC: BOND CONSENTS UPDATE
The conditions of the cash takeover offer for all the common shares of Ithaca Energy Inc. not owned by Delek Group Ltd. or any of its affiliates for $1.95 per share have been satisfied and the offer has been accepted by holders of approximately 70.3 per cent of the issued and outstanding common shares, not including the common shares already owned by Delek or any of its affiliates prior to announcement of the offer. Accordingly, the previously approved waiver and amendments to the change of control provisions included in the indenture governing the company's $300-million 8.125 per cent senior notes due July, 2019, as they relate to the offer and as further described in the consent solicitation statement dated March 15, 2017, are now operative and the consent payment as further described in the statement will now be paid on or before April 25, 2017.
The company has engaged UBS Securities LLC to act as the solicitation agent for the solicitation. Questions from holders of notes should be directed to UBS Securities LLC at 1-203-719-4210 or firstname.lastname@example.org.
About Ithaca Energy Inc.
Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower-risk growth through the appraisal and development of U.K. undeveloped discoveries and the exploitation of its existing U.K. producing asset portfolio. Ithaca's strategy is centred on generating sustainable long-term shareholder value by building a highly profitable 25,000-barrel-of-oil-equivalent-per-day North Sea oil and gas company.
We seek Safe Harbor.
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