Erin Energy Corporation - Fractional Share Payments In Terms Of The One-for-six- Reverse Stock SplitRelease Date: 28/04/2015 11:52:00 Code(s): ERN
Erin Energy Corporation
(Previously, CAMAC Energy Inc.)
(Incorporated and registered in Delaware, United States of America)
Share code on the NYSE MKT and the JSE: ERN
(?Erin Energy? or the ?Company?)
FRACTIONAL SHARE PAYMENTS IN TERMS OF THE ONE-FOR-SIX REVERSE STOCK
Shareholders are referred to the announcement published on the JSE Limited Stock
Exchange News Service (?SENS?) on 17 April 2015, in terms of which the Company advised
that it had resolved to effect a 1-for-6 reverse stock split of its common stock (?Reverse
Stock Split?) in terms of the approval obtained from shareholders at the Company?s annual
general meeting held on 29 May 2014.
The resultant shares after the Reverse Stock Split will be rounded down and any fractional
shares will be settled in cash at a value equal to the respective fractional portions of the
closing share price on Wednesday, 22 April 2015 on both the NYSE MKT, for shareholders
on the New York register, and the Main board of the exchange operated by the JSE Limited
(?JSE?), for shareholders on the South African register (?Fractional Share Payment?).
The closing share price on Wednesday, 22 April 2015 on the JSE was R10.00 and therefore
the value of the Fractional Share Payments will be determined by multiplying the respective
fractional shares by the post Reverse Stock Split adjusted share price of R60.00.
Fractional Share Payments arising from the Reverse Stock Split will be paid as follows:
- The accounts of dematerialised shareholders recorded on the South African register
will be credited with their respective Fractional Share Payment on Monday, 4 May
- Cheques will be posted to certificated shareholders recorded on the South African
register on or about Monday, 4 May 2015.
About Erin Energy
Erin Energy is an independent oil and gas exploration and production company focused on
energy resources in Africa. Its asset portfolio consists of nine licenses across four countries,
including current production and other exploration projects offshore Nigeria, as well as
exploration licenses offshore Ghana, Kenya, and Gambia and onshore Kenya. Erin Energy
is headquartered in Houston, Texas. For more information, visit www.erinenergy.com.
Source: Erin Energy Corporation
Chris du Toit
077 593 7301
Lionel C. McBee
28 April 2015
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 28/04/2015 11:52:00 Supplied by www.sharenet.co.za
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