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Woodside Petroleum Ltd announces selective buy-back of 78.3 mln shares from Shell Energy Holdings Australia Ltd and sell-down to institutional investors by Shell Energy Holdings Australia Ltd

Monday, 16 Jun 2014 07:41pm EDT 

Woodside Petroleum Ltd:Signs binding buy-back agreement with Shell Energy Holdings Australia Limited to purchase 78.3 mln Woodside shares from Shell via a selective buy-back at a price of $2.680 bln.This represents about 9.5 pct. of Woodside's issued share capital.Proposed buy-back price of $2.680 bln payable by Woodside is based on a share price of A$36.49, representing a 14 pct. discount to volume weighted average price of Woodside shares over five trading days up to and including June 16.In conjunction with buy-back, Shell has also entered into an agreement to sell another 78.3 mln shares, representing 9.5 pct. of Woodside's issued capital, via an underwritten sell-down to institutional investors at A$41.35 per share.It is expected that sell-down will complete by June 18, at which time Woodside shares will resume trading.Shell's holding in Woodside would reduce from its current 23.1 pct. of Woodside's issued capital to a maximum of 4.5 pct. following completion of selective buy-back and sell-down. 

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27 Nov 2015