Santos notes the ENN Group’s announcement in relation to the proposed acquisition of Hony Capital’s 11.7% shareholding in Santos, subject to certain conditions, including the ENN Group’s shareholder approval. As part of the transaction Hony Capital will become a strategic investor in the ENN Group through a private placement.
The ENN Group is a large private distributor of gas into the growing Chinese market and a known industry player in Australia.
Santos welcomes the ENN Group onto the register as a shareholder with obvious knowledge of the gas business across the region.
Following a request from Hony Capital, Santos has provided consent to the transfer to the ENN Group under the terms of the subscription agreement entered into at the time of Santos’ capital raising in 2015. If the transaction completes, those shares will continue to be escrowed until 9 November 2016 subject to certain exceptions.
A copy of the ENN Group’s announcement is attached, which includes details of the proposed transaction and the ENN Group.