Tullow Oil goes ex-rights as investors back recap plan

By Aidan Gregory
06 Apr 2017

Shares in Tullow Oil, the Anglo-Irish oil and gas drilling company, closed 5.5% higher on Thursday on an adjusted basis, after they began trading ex-rights before its £607m rights issue.

The shares closed at 212.2p, 5.5% above the theoretical ex-rights price of 201.1p.

The company’s shareholders voted for the rights issue at a general meeting on Wednesday by a majority of 84%.

Barclays and JP Morgan are global coordinators of the fully underwritten deal, while Morgan Stanley, BNP ...

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