Shell Completes Sale of 78.3M Shares in Woodside

Woodside Petroleum Ltd. reported Wednesday that further to the company’s announcement June 17, Woodside confirms that it has been advised by Shell Energy Holdings Australia Limited that Shell has sold 78.3 million shares (representing 9.5 percent of issued share capital) via an underwritten institutional sell-down at a price of $38.84 (AUD 41.35) per share.

Shell’s holding in Woodside is now 13.6 percent of Woodside’s issued capital.

In conjunction with this sell-down Woodside intends to buy-back 78.3 million shares currently held by Shell for $2,680 million in accordance with the buy-back agreement between the parties of June 17. The selective buy-back is  subject to approval by Woodside shareholders (excluding Shell and its associates) at an Extraordinary General Meeting that is scheduled to take place in August 2014, an independent expert providing an opinion that the transaction is fair and reasonable to all Woodside shareholders (other than Shell and its associates), and consent under a number of Woodside’s facility agreements.

Subject to completion of the selective buy-back, Shell’s holding would reduce to 4.5 percent of Woodside’s issued capital.

An overview of the selective buy-back is provided in Woodside’s ASX announcement June 17, with full details to be provided in the explanatory memorandum which will be released in late June/early July.


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