Woodside closes retail rights offer

Woodside Petroleum has today reported that 68 per cent of its shareholders participated in the retail component of a $2.5 billion rights offer, prompting the company to bring forward a retail bookbuild.

The announcement is below:

On 14 December 2009, Woodside announced an accelerated renounceable entitlement offer ("Entitlement Offer") to raise approximately A$2.5 billion, comprising an Institutional Entitlement Offer and a Retail Entitlement Offer, both fully underwritten. The Institutional Entitlement Offer was successfully completed on 17 December 2009, raising A$1.7 billion (including Shell's total investment).

The Retail Entitlement Offer closed on 29 January 2010. Woodside has today announced that retail shareholders subscribed for approximately 12,928,281 new shares (A$544.3 million) under the Retail Entitlement Offer, reflecting a participation rate of approximately 68% by existing retail shareholders.

Entitlements attributable to renouncing eligible retail shareholders and ineligible retail shareholders, approximately 6,062,649 new shares or A$255.2 million at the underwritten issue price, will be offered under a Retail Bookbuild.

Woodside advises that the timing of the Retail Bookbuild has been brought forward from 4 February and will now commence after market close on 3 February 2010.

The settlement date for new shares issued under the Retail Entitlement Offer and the Retail Bookbuild is 10 February 2010. Allotment of these shares will occur on 11 February 2010 and trading on ASX will commence on 12 February 2010.