Mubasher: Dana Gas has issued an update with regard to replacing its current unlawful and unenforceable sukuk, following a request from the Securities and Commodities Authority to keep the market appraised of developments related to its sukuk Al-Mudarabah.
Dana Gas outlined the broad terms of a commercial offer on 13 June 2017, reflecting the company’s vastly improved financial position and changes in the global fixed income market, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Monday.
Before and after this announcement, Dana actively sought a consensual agreement with sukuk holders and attempted to engage directly with the Ad Hoc Committee to pursue such offer, but these attempts were rejected.
Furthermore, the Ad Hoc Committee actively sought to prevent the company from pursuing any exchange offer through its actions during UK court proceedings, which the Company believes was not in the interests of the sukuk holders.
On 27 July 2017, Dana Gas met with representatives of the Ad Hoc Committee of the sukuk holders and advised them that its previously contemplated offer is now off the table, and that the company is pursuing litigation-driven outcomes.