This article is 18 years old. Images might not display.
The Sydney-based company today said under the issue of about 81 million shares, eligible shareholders would be offered three new shares for every eight existing shares held on November 10. Trading of rights will start on the Australian Stock Exchange on Friday and end on November 20.
Roc said the $2.70 issue price was a discount of about 24% to Roc’s closing share price of $3.55 yesterday.
“The primary purpose of the rights issue is to enable Roc to reduce debt incurred in relation to the recent acquisition of a 24.5% operated interest in the Zhao Dong Block in the Bohai Bay, offshore China,” the company said.
“The rights issue will also provide greater financial flexibility for the company to continue to build shareholder value.”
Roc said the issue will be fully underwritten by UBS AG, while Oriel Securities and CommSec will act as co-managers.
Roc bought its stake in the Zhao Dong Block in August from US major Apache for $US260 million ($A354 million) via the purchase of 100% of the shares of Apache China Corp (ACC), a wholly owned subsidiary of Apache.
