Premier Oil rights issue boosted by share bounce, but legal hurdle remains

By Aidan Gregory
13 Mar 2020

Premier Oil’s stock surged by more than 65% on Friday after the company gave an update on its cash position following this week’s equity market slump, a positive for the banks working on its rights issue. However, the deal also hinges on a court case in Scotland.

RBC Capital Markets and Jefferies are underwriting the capital increase and the rights issue. Premier Oil has also secured a $300m bridge financing facility.

In a statement, Premier Oil said that it retains “significant liquidity” despite growing concern following the collapse in the price of oil this week following Saudi ...

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