G3 Exploration Limited Strategy/Company/Ops Update
RNS Number : 0182E
G3 Exploration Limited
02 November 2020
2 November 2020
G3 EXPLORATION LIMITED
("G3 Exploration", "G3E" or the "Company")
On 13 October 2020, by order of the Grand Court of the Cayman
Islands (the "Court") the Company was moved from being in
provisional liquidation to full, official liquidation, although the
formal, signed and sealed Court order confirming this was not
received by the JOLs until Friday 16 October 2020.
Upon receipt of the Court order the Joint Official Liquidators
("JOLs") took all reasonable steps to make an announcement, which
was in any event after the Director of the Company had already
taken steps to file the Notice to suspend the listing on the London
Stock Exchange ("LSE").
Since appointment, the JOLs have been liaising with both the
Financial Conduct Authority ("FCA") and the LSE to confirm their
appointment and their role.
Determination of Solvency
In accordance with the Cayman Islands Companies Winding Up Rules
("CWR"), the official liquidators shall determine whether the
Company should be regarded as being -
(b) insolvent; or
(c) of doubtful solvency.
At this stage the JOLs determine that the Company is of doubtful
solvency and they will be filing the formal certificate with the
Court to confirm this determination. Due to the certification of
doubtful solvency the JOLs shall in accordance with the CWR, be
convening meetings of both creditors and shareholders.
The Company's role within the broader corporate group (the
"Group") was to act as a holding company and to raise financing for
the benefit of the Group, through issuing securities. The Company
is the sole shareholder of Greka Gas China Ltd., ("GGC") and the
indirect shareholder of a further 12 entities.
On 9 September 2019, Borrelli Walsh (the "Receivers") were
appointed receivers of GGC, such that GGC (and a number of its
subsidiaries) are now controlled by the Receivers.
At this time, the outcome and timeline of the joint official
liquidation of the Company, will be subject to the actions of, and
the realisation of assets by the Receivers of GGC.
Role of the JOLs
The JOLs are independent officers of the Grand Court of the
Cayman Islands. Upon appointment of the JOLs, all powers of
management of the assets, property and business of the Company vest
in the JOLs.
The JOLs have complied with their statutory duties upon
appointment, and are in the process of taking control of the books
and records of the Company. In the near future, the JOLs will be
writing to all known and potential creditors of the Company, as
well as confirming the status of the shareholders. As stated above,
the JOLs will, in due course, be convening meetings of the
creditors and shareholders to provide further information.
Should you have any queries, please do not hesitate to contact
my colleague, Rebecca Rohan, via email at
Joint Official Liquidator
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(END) Dow Jones Newswires
November 03, 2020 02:00 ET (07:00 GMT)