Enwell Energy PLC Reduction of Capital Circular and Notice of GM (8407K)
January 07 2021 - 01:00AM
UK Regulatory
TIDMRPT
RNS Number : 8407K
Enwell Energy PLC
07 January 2021
7 January 2021
Enwell Energy plc
("Enwell" or the "Company")
Reduction of Capital Circular and Notice of General Meeting
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas
exploration and production group, announces that a circular (the
"Circular") to shareholders in connection with a proposed reduction
of capital by the Company (the "Reduction of Capital"), including a
Notice of General Meeting, will be posted to shareholders later
today.
The General Meeting is to be held at 11.00 a.m. on 28 January
2021 at the Company's offices at 16 Old Queen Street, London SW1H
9HP. A copy of the Circular and Notice of General Meeting will
shortly be available on the Company's website at
www.enwell-energy.com .
The Circular sets out a proposal for the entire share premium
account of the Company to be cancelled. The effect of the proposed
Reduction of Capital, if approved by shareholders at the General
Meeting , will be to create distributable reserves of the Company.
This would permit the Company to make distributions to its
shareholders in the future, subject to the Company's financial
performance. However, in seeking approval of the proposed Reduction
of Capital, the Company is not indicating any commitment to, and
does not have any current intention to, make any distributions to
shareholders.
The proposed Reduction of Capital is conditional upon the
passing of the special resolution set out in the Notice of General
Meeting by the Company's shareholders, as well as approval being
obtained from the High Court of Justice of England and Wales (the "
Court ").
The anticipated timetable of the proposed Reduction of Capital
is as follows:-
Date of publication of the Circular 7 January 2021
Latest time and date for receipt 11.00 a.m. on 26 January
of completed Forms of Proxy 2021
General Meeting 11.00 a.m. on 28 January
2021
Expected Court Hearing to confirm 23 February 2021
Reduction of Capital
Expected registration of Court Order on or about 24 February
and effective date of Reduction of 2021
Capital
The proposed Reduction of Capital itself will 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. Following the implementation of the proposed Reduction of
Capital there will be no change to the number of ordinary shares of
the Company in issue or to the rights attaching to such ordinary
shares.
As a result of the ongoing COVID-19 pandemic and the measures
that the UK Government has put in place, it is not possible to hold
an open General Meeting with shareholders in attendance and
accordingly this General Meeting will be run as a closed meeting.
It will not be possible for shareholders to attend this General
Meeting and the Company will not be able to grant entry to anyone
seeking to attend this General Meeting in person.
The Company will convene this General Meeting with only the
minimum quorum under its Articles of Association of two
shareholders, and the General Meeting will comprise only the formal
vote for the resolution set out in the Notice of General Meeting.
Voting on this resolution shall be taken by way of a poll in order
to accurately reflect the views of shareholders.
Shareholders are strongly encouraged to vote via completion of a
Form of Proxy or by using the CREST electronic appointment service
(as applicable) to ensure that their votes are counted. Full
details are set out in the Notice of General Meeting, including
instructions on how to submit a Form of Proxy.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Enwell Energy plc Tel: 020 3427 3550
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Bruce Burrows, Finance Director
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Matthew Chandler
Arden Partners plc Tel: 020 7614 5900
Ruari McGirr / Dan Gee-Summons (Corporate
Finance)
Simon Johnson (Corporate Broking)
Citigate Dewe Rogerson Tel: 020 7638 9571
Elizabeth Kittle
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END
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