OSL inviting subscribers to own new shares

OIL Search Ltd is offering its shareholders an opportunity to participate in its share purchase plan (SPP), to subscribe for additional ordinary shares in the company’s new shares without incurring brokerage or other transaction costs.
Oil Search recently raised A$895 million (K2,213 million) through a placement of shares to institutional investors.
Company group secretary Stephen Gardiner said the proceeds from the capital raising would be to provide certainty of Oil Search’s equity funding for the PNG liquefied natural gas (LNG) project.
The funds would also support a range of growth initiatives concentrating on gas expansion and other commercialisation opportunities and provide enhanced financial flexibility.
Under the SPP, eligible shareholders would have an opportunity to subscribe a minimum amount of A$500 (K1,236) and up to a maximum amount of A$15,000 (K37,092) worth of new shares at an offer price being the lesser of A$5.90 (K14.59) per new share and
Participation in the SPP is optional and is open to shareholders who, at 7pm (AEDST) on Wednesday, Oct 21, were holders of fully paid ordinary shares in Oil Search and whose registered address is in Australia, New Zealand or PNG.
The SPP opened yesterday and would remain until 5pm on Nov 27.