Dana Gas Sukuk restructuring approved

United Arab Emirates, June 6, 2018

Dana Gas announced today that, following the launch on 22nd May of a Tender Offer and Consent Solicitation / Exchange Offer to consider approval for the terms and conditions of an offer for the restructuring and refinancing of its US$700 million Sukuk Al-Mudarabah, the Sukuk certificate holders have overwhelmingly approved the transaction.

As of 1st June, the ‘early fee participation deadline’ for the offers, the Company had received consent from 90.93 percent of nine percent Ordinary Sukuk certificate holders and 96.45 per cent of seven percent Exchangeable Sukuk certificate holders, a statement said. None voted against.

The 75 percent threshold requirement for approval being met, the statement said, approval at an extraordinary general meeting of Sukuk certificate holders on 13th June will be a formality.

Further information will be provided once the notice period for the two offers expires.

The results of the offers have been welcomed by the company, whose CEO, Patrick Allman-Ward said, 'We are extremely pleased to have received consent from an overwhelming majority of Sukuk certificate holders, thus confirming the company’s belief that the proposed terms of the deal was fair and in the best interests of all.'

'All Sukuk certificate holders had the opportunity to elect to continue as holders of Dana Gas new Sukuk certificates or exist via the tender,' he noted. 96.7 percent opted to remain as Dana Gas Sukuk certificate holders.

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