Announcement of Offer Price
Offer Price Set at 250 pence per Ordinary Share
Following the announcement made by Ithaca Energy on 25 October 2022 of its intention to float, Ithaca Energy today announces the successful pricing of its initial public offering (the “IPO” or the “Offer”) at 250 pence per Ordinary Share (the “Offer Price”). Based on the Offer Price, Ithaca Energy’s market capitalisation will be approximately £2.5 billion ($2.9 billion) at the commencement of conditional dealings on the main market of the London Stock Exchange.
Gilad Myerson, Executive Chairman of Ithaca Energy said:
“I am delighted with the outcome of our IPO. We have received great support from a high-quality selection of institutional investors and I am excited to welcome them on board as we continue to create value in the public markets.
Ithaca Energy has undergone a transformation over the past three years to become one of the UK’s leading independent oil and gas companies and I am very excited for what lies ahead as we continue our journey in the public markets.”
· The Offer Price has been set at 250 pence per Ordinary Share.
· Ithaca Energy’s total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange will be approximately £2.5 billion ($2.9 billion) based on the Offer Price.
· The Offer comprises 105,000,000 new Ordinary Shares being sold by the Company. This equates to a total offer size of £262.5 million ($303.6 million) and represents approximately 10.4 per cent of Ithaca Energy’s issued share capital on Admission. The Company will retain no net proceeds from the Offer, with all net proceeds ultimately being received by Delek Group Ltd (“Delek”).
· In addition, a further 15,000,000 Ordinary Shares in the Company are being made available by DKL Energy Limited (“DKL Energy”), the Company’s immediate shareholder and an entity ultimately owned by Delek, pursuant to the over-allotment option, which, if exercised in full, would increase the number of shares in public hands to 120,000,000 Ordinary Shares in total and approximately 11.9 per cent of Ithaca Energy’s issued share capital.
· Immediately following Admission, the Company’s issued share capital will be 1,005,162,217 Ordinary Shares.
· The Prospectus, including full details of the Offer, will be submitted for approval with the FCA and is expected to be published later today. A copy of the Prospectus, following publication, will be available on the Company’s website at ( www.ithacaenergy.com ), subject to certain access restrictions.
Admission and Dealings
· Conditional dealings in the Ordinary Shares are expected to commence on the London Stock Exchange at 8:00 a.m. (London time) on 9 November 2022 under the ticker “ITH”. Investors should note that only those who applied for and were allocated Ordinary Shares in the Offer will be able to deal in the Ordinary Shares on a conditional basis.
· Admission to the premium listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings is expected to take place at 8.00 a.m. (London time) on 14 November 2022.
· The Company, its Directors and DKL Energy have agreed to lock-up arrangements restricting the disposal of Ordinary Shares for a period of time following Admission. The Company and DKL Energy will be subject to a 180 day lock-up from the date of Admission. The Directors will be subject to a 360 day lock-up from the date of Admission. The lock-up restrictions are subject to certain customary exceptions and may otherwise only be waived with the prior written consent of the Joint Global Coordinators.
· It is expected that, subject to Admission and other conditions being met, the Company will in due course be considered eligible for inclusion in the FTSE UK Index Series.
Capitalised terms used in this announcement have the meaning given to them in the Company’s announcements dated 18 October and 25 October 2022, unless the context requires otherwise.
Kathryn Reid – Head of Corporate Affairs & Communications
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