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United Kingdom, 11 May 2015: RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced that as of the open of trading today 58 percent of all the Company's A Shares are freely tradable on the Oslo Børs following the expiration of the six month lock-up period effected at the time of its initial public offering. The holders of the remaining A Shares opted to retain their shares as Restricted Class A Shares with continuing restrictions on trading but with the voting rights of the associated Class B Shares. The Company's share capital and voting rights accordingly changed on 8 May 2015.
Previously, the Company had 34,058,067 Class A Shares, each with a par value of GBP 1.00; 293,756,638 Restricted Class A Shares, each with a par value of GBP 1.00; 293,756,638 Class B Shares, each with a par value of GBP 0.0000001; and 50,000 redeemable shares, each with a par value of GBP 1.00. The Company received Opt-In Notices with respect to 137,761,988 Restricted Class A and Class B Shares. Accordingly, 155,994,650 Restricted Class A Shares have been re-designated as Class A Shares and 155,994,650 Class B Shares have been cancelled or re-designated as non-voting Class C Shares.
Of the 155,994,650 Class B Shares not retained, the Company received share transfers for 68,505,957 Class B Shares, which were subsequently cancelled by the Company. The remaining 87,488,693 shares were re-designated as non-voting Class C Shares.
Following the re-designations and cancellations, the share capital of the Company consists of 190,052,717 Class A Shares, each with a par value of GBP 1.00; 137,761,988 Restricted Class A Shares, each with a par value of GBP 1.00; 137,761,988 Class B Shares, each with a par value of GBP 0.0000001; 50,000 redeemable shares, each with a par value of GBP 1.00; and 87,488,693 Class C Shares, each with a par value of GBP 0.0000001.
Each Class A Share and Restricted Class A Share provides the holder with one vote per share on any matters put to the shareholders at a general meeting. Each Class B Share provides the holder with two votes per share. Neither the redeemable shares nor the Class C Shares have any voting rights. Accordingly, there are now 603,338,681 votes eligible to vote on matters put to the shareholders.
Five of the seven largest RAK Petroleum shareholders each holding three percent or more of the Restricted Class A Shares and the associated Class B Shares at the time of the initial public offering elected to retain their Restricted Class A Shares and the associated Class B Shares.
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