North Sea oil and gas producer Ithaca Energy said on Tuesday it was going ahead with its plans to list in London and was seeking admission of its ordinary to the premium listing segment of the official list of the Financial Conduct Authority.
said on Tuesday it was going ahead with its plans to list in London and was seeking admission of its ordinary to the premium listing segment of the official list of the Financial Conduct Authority.
Ithaca, which produced about 66,700 barrels of oil equivalent per day in the first half of the year, is targeting a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.said it expected that up to a further 15% of the total number of ordinary shares being sold in the offer would be made available as part of an over-allotment option.
Proceeds of the share sale will be deployed to pay down the company's debt, with owner Delek looking to cut its stake based on the overall amount of the gross proceeds raised while remaining a controlling shareholder.
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