Enwell Energy PLC Completion of Reduction of Capital (0917Q)
February 23 2021 - 10:08AM
UK Regulatory
TIDMRPT
RNS Number : 0917Q
Enwell Energy PLC
23 February 2021
23 February 2021
Enwell Energy plc
("Enwell" or the "Company")
Completion of Reduction of Capital
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas
exploration and production group, announces that, following a
hearing at the High Court of Justice of England and Wales (the
"Court") held earlier today, the reduction of capital by the
Company (the "Reduction of Capital") has been completed, subject to
the formal registration requirement of the Registrar of
Companies.
As set out in the announcements dated 7 January 2021 and 28
January 2021, and in the Circular for the General Meeting held on
28 January 2021, the Reduction of Capital will result in the
cancellation of the entire share premium account of the Company.
The Reduction of Capital creates distributable reserves of the
Company, which would enable the Company to make distributions to
its shareholders in the future, subject to the Company's financial
performance. However, the Company is not indicating any commitment,
and does not have any current intention, to make any distributions
to shareholders.
The procedure for the Reduction of Capital involved the approval
of shareholders at a General Meeting held on 28 January 2021, and
the confirmation of the Court, which was granted at a hearing held
earlier today.
Accordingly, the Reduction of Capital has been approved and will
take effect upon the registration of the Court's order and related
documents with the Registrar of Companies, which is expected to be
concluded within the next few days .
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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