retail investor STO packs, page-31

"or foreigners should also be entitled to STOR"

Ultimately, it makes very little difference if, as a foreign investor, you were to purchase shares on market or via the rights issue if you were eligible! Rights issue price A$3.85. Shares closed yesterday (last day of rights trading) at A$4.00. Rights closed trading yesterday at A$0.16.

"Santos has arranged for the entitlements of ineligible retail shareholders to be offered for sale by a nominee in a bookbuild process on Thursday, 3 December 2015 (“Retail Shortfall Bookbuild”). Your entitlements will be offered for sale on your behalf in the Retail Shortfall Bookbuild and any retail premium (being any amount paid in respect of those entitlements) will be paid to you, net of any applicable withholding tax (“Retail Premium”). It is expected that the proceeds will be paid to you on or around Monday, 14 December 2015, however, it is possible you will not receive any Retail Premium if there is insufficient demand in the Retail Shortfall Bookbuild."

Consequently, ineligible retail shareholders only exposure if they purchased their entitlement on the market yesterday is the difference between the value they will receive for these rights on the 3 December compared to what the value they were yesterday (or more specifically the value Santos shares traded above the A$3.85 rights price yesterday).

Regards

SP​