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LONDON - Delek Energy Limited and Eni UK Limited announced Monday their intention to sell approximately 33 million ordinary shares in Ithaca Energy plc, representing about 2% of the company’s existing issued ordinary share capital.
The shares will be offered to eligible institutional investors through an accelerated bookbuilding process, according to a statement based on a press release. The price per share will be determined during this process, which has already commenced and may close at short notice.
Delek currently owns approximately 52.2% of Ithaca Energy with 863.5 million shares, while Eni UK holds about 37.2% with 614.7 million shares. The sellers have indicated they may offer additional shares depending on demand.
Any shares not sold in the placing will be subject to a 90-day lock-up period, with certain customary exceptions and potential waiver by the sole global coordinator.
Peel Hunt LLP has been appointed as sole global coordinator and joint bookrunner for the transaction, with Discount Capital serving as joint bookrunner.
Ithaca Energy is not participating in the transaction and will not receive any proceeds from the share sale.
Delek Energy is a wholly owned subsidiary of Delek Group Limited, while Eni UK is indirectly owned by Eni S.p.A.
The bookbuilding results will be announced after the process concludes, according to the statement.
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