RNS Number : 5781D
Energy XXI (Bermuda) Limited
24 March 2011
Energy XXI (Bermuda) Limited ("Energy XXI" or "the Company")
Exchange of 7.25% Perpetual Convertible Preferred Stock
Energy XXI announces that the Company has issued a total of 21,930 shares of US$0.005 common stock ("Shares") in exchange for US$250,000 face value of the Company's 7.25% perpetual convertible preferred stock, par value $0.001 per share ("Preferred Stock").
With regard to the Shares, 21,930 common shares were issued upon the conversion of 2,500 Preferred Shares at a ratio of 8.77192 common shares for each Preferred Share, and US$33,984 was paid as a premium to induce the holder to enter into this transaction and as payment for accrued but unpaid dividends on the Preferred Shares.
Following this Share issue, the Company has a total of 74,269,198 Shares in issue, excluding 653 treasury shares. The total number of voting rights in the Company is therefore 74,269,198. The Company will make application for the 21,930 Shares to be admitted to trading on AIM, which is expected to become effective on 31 March 2011.
24 March 2011
Vice President, Investor Relations and Communications
Seymour Pierce - UK AIM Adviser
Jeremy Porter - Corporate Finance
Richard Redmayne - Corporate Broking
Tel: +44 (0) 20 7107 8000
Pelham Bell Pottinger
+44 (0) 20 7861 3232
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