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Genel Energy PLC (GENL)
Genel Energy PLC: Summons to bondholder meeting
25-March-2019 / 10:04 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
25 March 2019
Genel Energy plc
Summons to bondholder meeting
With reference to communication on 20 March related to a potential amendment
of the terms of the GENEL01 $300 million senior unsecured bond, Genel Energy
plc ('Genel' or 'the Company') has today posted a summons to a bondholder
meeting to be held on 8 April 2019. For further information, please see
www.stamdata.no [1].
As previously announced, Genel has initiated a material and sustainable
dividend policy. Following a pre-sounding exercise towards larger
bondholders the Company is seeking a waiver of the dividend restriction in
2019.
The dividend policy provides a meaningful and competitive return to
shareholders, which is appropriately commensurate with the underlying value
of the business without compromising Genel's ability to invest in growth
through the progression of value realisation from the existing portfolio and
the acquisition of appropriate new assets, and service its debt.
As at 28 February 2019, the Company was in a net cash position of $81
million, with material free cash generation expected in the rest of 2019.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
DNB Markets +47 24 16 90 30
Fixed income sales
Pareto Securities +47 22 87 87 70
Fixed income sales
Notes to editors:
Genel Energy is an independent oil and gas exploration and production
company listed on the main market of the London Stock Exchange (LSE: GENL,
LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and
offices in Ankara and Erbil, is one of the largest London-listed independent
oil producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Through its Bina Bawi and Miran fields, the
Company is positioned to be a cornerstone provider of KRI gas to Turkey
under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue
further growth opportunities. For further information, please refer to
www.genelenergy.com [2].
ISIN: JE00B55Q3P39
Category Code: MSCU
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 7928
EQS News ID: 791107
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8456f99a1dc67e823d56c2df0802a893&application_id=791107&site_id=vwd_london&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=791107&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
March 25, 2019 06:05 ET (10:05 GMT)
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