Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Energy XXI Ltd | form8_k.htm |
| EX-3.1 - EXHIBIT 3.1 - Energy XXI Ltd | exhibit3_1.htm |
Exhibit 99.1
Energy
XXI Announces Effectiveness
of
1-for-5 Share Consolidation
HOUSTON –
Jan. 28, 2010 – Energy XXI (Bermuda) Limited (NASDAQ: EXXI) (AIM: EXXI)
today announced it will effect a share consolidation, on the basis of one share
of common stock for every five shares of the company’s current common stock,
which will become effective after normal trading hours today. Post-consolidation
shares of the company’s common stock will commence trading tomorrow, Jan. 29,
2010, on both NASDAQ and on AIM, a market of the London Stock
Exchange.
Energy
XXI shareholders approved the proposal for a reverse stock split at the Annual
General Meeting held on Dec. 11, 2009, and the Board of Directors approved the
implementation of the reverse stock split on Jan. 13, 2010. Upon the
exercise of any options or warrants, resulting shares issued will be issued on a
post-consolidation basis. No scrip or fractional certificates will be
issued in connection with the reverse stock split. Shareholders who
otherwise would be entitled to receive fractional shares because they hold a
number of shares of common stock not evenly divisible by five will receive an
amount in cash equal to today’s NASDAQ closing price per post-split share for
such fractional interests.
Registered
shareholders of Energy XXI who hold existing physical stock certificates will
receive a letter of transmittal from Energy XXI’s transfer agent, Continental
Stock Transfer & Trust Company, containing instructions on how to receive
new share certificates. Shareholders whose certificates are held in
“street name” or on deposit with their brokerage firm will need to take no
further action.
“While
this share consolidation does not fundamentally change our capitalization or
shareholder value, increasing the price per share is expected to make our stock
more attractive to a broader range of institutional and other investors,
including index fund investors,” Energy XXI Chairman and CEO John Schiller
said. “In addition, having fewer shares outstanding will reduce
share-based fees we pay for various services, such as exchange listing and proxy
solicitation.”
The table
below summarizes the changes to the company’s common stock.
Unrestricted
Shares (traded on both NASDAQ and AIM) Ticker: EXXI
Old
CUSIP: G10082
108 New
CUSIP: G10082
140
Old
ISIN: BMG100821088 New
ISIN: BMG100821401
Old Share
Count: 237,856,812 New
Share
Count: 47,571,362
Restricted
Shares (traded on AIM only) Ticker: EXXS
Old
CUSIP: G10082
124 New
CUSIP: G10082
157
Old
ISIN: BMG100821245 New
ISIN: BMG100821575
Old Share
Count: 16,239,808 New
Share
Count: 3,247,961
About
the Company
Energy XXI is an independent oil and
natural gas exploration and production company whose growth strategy emphasizes
acquisitions, enhanced by its value-added organic drilling program. The
company’s properties are located in the U.S. Gulf of Mexico waters and the Gulf
Coast onshore. Collins Stewart Europe Limited and Macquarie Capital
(Europe) Limited are Energy XXI listing brokers in the United
Kingdom. To learn more, visit the Energy XXI website at
www.energyXXI.com.
Enquiries
of the Company
Energy XXI (Bermuda)
Limited
Stewart
Lawrence
Vice
President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Collins Stewart Europe
Limited
Nominated
Adviser and Joint UK Broker
Piers
Coombs, Stewart Wallace
44 (0) 20
7523 8350
pcoombs@collinsstewart.com
Pelham
PR
James
Henderson
44 (0) 20
7337 1500
james.henderson@pelhampr.com
Mark
Antelme
44 (0) 20
7337 1500
mark.antelme@pelhampr.com
2