North Sea oil producer Premier Oil has a big enough majority to finalise its refinancing package, the company announced today.
Shareholders representing more than 75 per cent by value of its $245m (£191.3m) convertible bonds have entered a so-called lock-up agreement, committing themselves to vote in favour of the proposed refinancing agreement.
"This is a sufficient majority to pass the required resolution to implement the amended terms of the convertible bonds," said Premier Oil in a statement.
Shares in the company lifted 3.36 per cent at 64.34p in morning trading.
The firm has been inching towards completion of the long-awaited deal. In March it announced convertible bondholders had agreed to amended terms.