Kenon's Subsidiary OPC Announces Results of its Rights Offering

Rhea-AI Summary

On October 5, 2021, Kenon Holdings Ltd. (NYSE: KEN) announced that its subsidiary, OPC Energy Ltd., successfully completed its public offering of 13,174,419 ordinary shares. As of the October 4 exercise deadline, 13,141,040 shares were purchased, equating to approximately 99.7% of the total offering. The offering raised about NIS 328.5 million (US$101.8 million). Kenon exercised rights for 8,149,263 shares, investing approximately NIS 205.7 million (US$63.7 million), increasing its ownership in OPC to about 58.8%. This marks a slight increase from its prior holding of 58.4%.

Positive

• Successful rights offering with 99.7% participation.
• Raised approximately NIS 328.5 million (US$101.8 million) in proceeds.
• Kenon increased ownership stake in OPC from 58.4% to 58.8%.

Negative

• None.

SINGAPORE, Oct. 5, 2021 /PRNewswire/ -- Kenon Holdings Ltd.'s (NYSE: KEN) (TASE: KEN) ("Kenon") subsidiary OPC Energy Ltd. ("OPC") announced today the results of its offering to the public of 13,174,419 of its registered ordinary shares of NIS 0.01 par value each. As of the deadline for exercise on October 4, 2021, notice of exercise was received for the purchase of 13,141,040 shares (constituting approximately 99.7% of the total shares offered in the rights offering). The proceeds of the rights exercised amounted to approximately NIS 328.5 million (approximately US$101.8 million)

Kenon had previously informed OPC that it would exercise the rights to purchase the OPC shares it will be entitled to purchase in such rights offering for at least its pro rata share of the share capital of the Company.  Kenon exercised rights for the purchase of 8,149,263 shares for total consideration of approximately NIS205.7 million (approximately US$63.7 million), which included its pro rata share and additional rights it purchased during the rights trading period plus the cost to purchase these additional rights. As a result, as of October 10, 2021, Kenon expects to hold approximately 58.8% of the outstanding shares of OPC as compared to 58.4% as of the date hereof.

Caution Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Kenon's expected shareholding of OPC's shares and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include the risk that the rights issue is not completed as contemplated or at all, and other risks and uncertainties, including those risks set forth under the heading "Risk Factors" in Kenon's Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Info:

Kenon Holdings Ltd.
Mark Hasson
Chief Financial Officer
markh@kenon-holdings.com
Tel: +65 9726 8628

View original content:https://www.prnewswire.com/news-releases/kenons-subsidiary-opc-announces-results-of-its-rights-offering-301392743.html

SOURCE Kenon Holdings Ltd.

FAQ

What was the outcome of Kenon Holdings' rights offering for OPC Energy Ltd. on October 4, 2021?

The rights offering resulted in approximately 99.7% participation, with 13,141,040 shares purchased, raising about NIS 328.5 million (US$101.8 million).

How much did Kenon Holdings invest in OPC's rights offering?

Kenon exercised rights to purchase 8,149,263 shares, investing approximately NIS 205.7 million (US$63.7 million).

What is Kenon's new ownership percentage in OPC Energy after the rights offering?

After the rights offering, Kenon's ownership in OPC Energy increased to approximately 58.8%.

When was the press release about Kenon Holdings' rights offering published?

The press release was published on October 5, 2021.