Magellan Petroleum (MPET) Announces 17% Common Buyback
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Magellan Petroleum Corp (NASDAQ: MPET) announced that on January 14, 2013, the Company entered into a Collateral Purchase Agreement with Sopak AG ("Sopak"), a Swiss subsidiary of Glencore International plc. Under the terms of this agreement, Magellan agreed to purchase from Sopak 9,264,637 shares of Magellan's common stock and a warrant granting Sopak the right to purchase from the Company an additional 4,347,826 shares of common stock. In exchange for the shares and the warrant, Magellan paid to Sopak $10 million in cash consideration, which the Company funded from its own balance sheet resources.
Excluding the warrant, the shares repurchased from Sopak represent approximately 17% of the Company's shares outstanding immediately prior to the transaction. As of today, the Company's outstanding shares total 44,642,983.
Excluding the warrant, the shares repurchased from Sopak represent approximately 17% of the Company's shares outstanding immediately prior to the transaction. As of today, the Company's outstanding shares total 44,642,983.
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