SINGAPORE, July 15, 2015 /CNW/ - Orchid Capital Investments Pte. Ltd. ("Orchid"), an indirect subsidiary of Chandler Corporation, announced today that it sold, on July 13, 2015, 3,000,000 common shares (the "Shares") in the capital of InterOil Corporation (the "Issuer"), representing approximately 6.06% of the issued and outstanding common shares of the Issuer. As a result of this disposition, Orchid's shareholding in the Issuer is now an aggregate of 4,895,535 common shares of the capital of the Issuer (the "Orchid IOC Shares"), representing approximately 9.88% of the issued and outstanding common shares of the Issuer. The Shares were sold through the facilities of the New York Stock Exchange at an average price of US$45.00 per common share.
Pursuant to applicable Canadian securities laws, each of Chandler Holdings Limited ("CHL"), CHL's sole shareholder, Chandler Corporation ("CC"), CC's sole shareholder, Athena Holdings Limited (in its capacity as trustee of The Clermont Trust, a discretionary trust f/k/a The Chandler Group Trust) and CHL's direct wholly-owned subsidiary, Chandler Capital Pte. Limited ("CCPL") (which owns all of the shares of Orchid), is deemed to beneficially own the Orchid IOC Shares. CHL exercises control and direction over the Orchid IOC Shares.
The Shares were sold in the ordinary course of business. Orchid, CCPL, CHL, CC and Athena Holdings Limited (in its capacity as trustee of The Clermont Trust, a discretionary trust /k/a The Chandler Group Trust) may, from time to time and at any time, subject to applicable securities laws, acquire additional common shares of the Issuer and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Issuer in the open market or otherwise may dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities, in each case subject to applicable securities laws.
A copy of the report prepared in connection with the matters disclosed herein in accordance with applicable Canadian securities laws will be available at www.sedar.com.
SOURCE Orchid Capital Investments Pte. Ltd.