Highlands Natural Resources PLC Reduction of Capital Approved (9064B)
September 25 2018 - 9:50AM
UK Regulatory
TIDMHNR
RNS Number : 9064B
Highlands Natural Resources PLC
25 September 2018
25 September 2018
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Reduction of Capital Approved
Highlands, the London-listed natural resources company,
announces that further to the announcement on 24 July 2018 and the
passing of the requisite resolution at the Company's Annual General
Meeting ("AGM") last month, the Court has confirmed the reduction
of capital of the Company at a hearing earlier today, and the Court
order and statement of capital have been delivered to and
registered by Companies House. The reduction of capital is
therefore effective with the nominal value of each Ordinary Share
in the Company reduced from five pence to one penny per share and
the Company's Share Premium Account has been cancelled. Trading in
the shares with a nominal value of one penny will commence at 8.00
a.m. on 26 September 2018.
Details of the reduction of capital were set out in the AGM
notice published by the Company on 24 July 2018. In summary, the
effect of the reduction of capital is to create distributable
profits on the balance sheet of the Company. The Directors believe
that, subject to the future performance of the Company, this should
give Highlands the ability to make distributions to shareholders in
the future, as and when the Directors may consider that it is
appropriate to do so. However, the Directors cannot give any
guarantee that the Company will make any distributions, or provide
guidance as to the size of the distributions if any are made.
The reduction of capital does not involve any distribution or
repayment of capital or share premium by the Company and will not
reduce the underlying net assets of the Company. Accordingly,
pursuant to the reduction of capital becoming effective, the
Company's issued share capital now comprises 118,164,367 ordinary
shares with a nominal value of one penny each. This is the same
number of issued shares as before the reduction of capital,
although the nominal value has changed. Existing share certificates
remain valid.
**ENDS**
For further information, please visit www.highlandsnr.com, or
contact:
Highlands Natural Resources
plc
Robert Price +1 (0) 303 322 1066
Cantor Fitzgerald Europe
Nick Tulloch +44 (0) 20 7894 7000
David Porter
Redleaf Communications
Elisabeth Cowell +44 (0) 20 3757 6880
Fiona Norman
Notes to Editors
Highlands Natural Resources (LSE: HNR.L) is a London-listed
natural resources company with a portfolio of high-potential oil,
gas and helium assets and technologies. The company's core projects
include:
-- Colorado Shale: having developed a horizontal oil and gas
project targeting the East Denver Niobrara shale formation,
Highlands retains a 7.5% carried interest in the project, which is
fully funded and operated by Highlands' partners. East Denver is
currently producing from two wells, with six additional wells
drilled and currently being completed, with the potential for up to
24 wells in total. Highlands is now developing plans to advance its
4,477-acre shale project in the Denver Julesburg Basin west of
Denver. Highlands is preparing to file drilling permit and drilling
and spacing units to cover wells in West Denver project.
-- Well Performance Enhancement Portfolio: A collection of
inter-supporting technological and natural resource assets,
consisting of DT Ultravert, a re-fracking and parent well
protection technology with four patents allowed and additional
patents pending in the United States and internationally,
1,100-acre Kansas low-cost highly-pure nitrogen resources and
46,000-acre prospective carbon dioxide resource leases in Arizona.
Highlands in advanced commercial discussions with various parties
for full scale commercialization of its technological and natural
resource assets.
-- Kansas Nitrogen Resources: 1,100-acre low-cost nitrogen
resources with 99.59% purity and initial flow rate of 2,581 Mcfpd.
Highlands is in discussions with end-users of nitrogen for the
commercialization of its resources. Highland is in advanced
discussions with third parties to sell Nitrogen.
-- Montana Helios Two: a 220,000+ acre helium and natural gas
prospect in SE Montana with drilling and assessment operations
ongoing.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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